True North Copper Updates Vero Copper-Silver Resource

True North Copper Limited (ASX: TNC) (TNC or the Company) is pleased to announce an update to the copper- silver Mineral Resource at Vero, part of its Mt Oxide Project in Queensland.

HIGHLIGHTS

• True North’s updated Copper-Silver Mineral Resource Estimate (MRE) for its 100%-owned Vero deposit, reported in accordance with the JORC 2012, contains 15.03Mt at 1.46% Cu & 10.59g/t Ag for a contained 220kt Cu & 5.13Moz Ag (Indicated and Inferred, refer to Table 1).
• Vero’s updated Resource delivers a 20% increase in silver ounces, demonstrating the potential for Vero to deliver a significant sliver co-product in addition to copper.
• Reassessing underground mine voids and introduction of improved geological deposit model has resulted in a minimal 3% decrease in copper metal tonnes, delivering further confidence in the resource integrity following 2023 confirmatory drilling.
• TNC used revised geotechnical and metallurgical studies in the updated geological analysis for the MRE and will also inform possible mining options for the Vero deposit.
• MIMDAS IP program at Mt Oxide is progressing well with the line at Camp Gossans complete. MIMDAS is now being acquired over the Vero deposit aiming to identify drill target for resource expansion at depth.

Table 1. Summary of July 2024 Vero Copper-Silver Mineral Resource Estimate (JORC 2012)

COMMENT

True North Copper’s CEO and MD Bevan Jones, said:

“We are pleased to deliver an update to Vero’s contained resources, particularly an increase in silver, a metal which is currently seeing a supply-demand imbalance though demand in solar and other technology applications. This updated Resource also provides greater confidence in the deposit, following TNC’s first program of confirmatory drilling and a substantially updated geological model, which incorporates historic resource depletion by previous mining.

“We see exploration upside within reach of shallow drilling at Ivena, north of the Resource, and along a 10km section of the Dorman fault where we are actively exploring for satellite zones of mineralisation with the MIMDAS crew onsite completing the line at Camp Gossans. The survey team are now moving to the north to acquire the line over the Vero Deposits with the aim to identify drill targets at depth below the current resource.

We look forward to providing an update on our progress on these Mt Oxide exploration activities over the coming months.”

Figure 1. Location of the Mt Oxide Project, within context of Mt Isa Inlier

True North Copper is pleased to announce an updated JORC 2012 MRE for the Vero high-grade copper-silver deposit, prepared by Encompass Mining Pty Ltd (Encompass). This is the first MRE for Vero completed by TNC and follows the completion of 12 infill and extensional diamond drill holes completed by TNC in October 2023 and a geological model update^1,2.

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