Source : THE AGE NEWS
True North Copper has struck a rich new copper-gold structure at its Cloncurry copper project in Northwest Queensland after diamond drilling returned a stunning 24.5-metre interval grading 2.17 per cent copper and 2.01 grams per tonne (g/t) gold, for a 4.2 per cent copper equivalent hit.
The standout result was intercepted in drilling at the company’s Wallace North prospect and included a blistering high-grade core of 3.3m at a whopping 10.11 per cent copper and 7.93 g/t gold from 127m.
As if that wasn’t enough, the same drillhole also tagged a second mineralised structure in the footwall, returning an 11m hit grading 2.45 per cent copper and 0.43g/t gold from 226m downhole.
The results confirm strong down-dip continuity of a newly defined high-grade shoot and, notably, appear to demonstrate a clear increase in both grade and thickness with depth.
Management says the new high-grade structure remains open along strike and at depth, presenting a compelling opportunity for future resource growth.
‘This gives us greater confidence to grow the resource through targeted follow-up drilling.’
True North Copper managing director Andrew Mooney
True North’s high-grade intercepts are expected to feed into a future resource upgrade for Wallace North, which currently stands at two million tonnes grading a solid 1.28 per cent copper and 0.77g/t gold.
The drill core will also provide important geological and technical information for its prefeasibility study, which True North is targeting for the final quarter of this year. The company will now plan a targeted follow-up drilling blitz to infill and extend the newly identified high-grade structures.
True North Copper managing director Andrew Mooney said: “Diamond drilling at Wallace North has confirmed a new high-grade copper-gold structure and significantly improves our understanding of the geometry and continuity of the mineralised system. Together with the strong 2025 drilling results, this gives us greater confidence to grow the resource through targeted follow-up drilling and highlights the longer-term underground potential of the system.”
The high-grade discovery lands as the red metal continues to trade at historic highs, buoyed by its critical role in the global AI revolution and a widening supply crunch driven by major mine closures.
Major disruptions at giant mines, including the shutdown of First Quantum’s Cobre Panamá mine and the slow recovery at Indonesia’s Grasberg, have taken significant tonnage out of the market.
At the same time, major producers in Chile and Peru are grappling with natural grade declines, water constraints and labour strikes, further tightening the supply screws.
With copper prices red hot and demand showing no signs of easing, a high-grade discovery in the world-class Mt Isa mineral province is difficult to overstate.
True North’s exceptional grades, open mineralisation in all directions and a prefeasibility study just around the corner make for a delectable line-up of news flow. If follow-up drilling can extend this impressive new shoot, the sky may be the limit for the promising Wallace discovery.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
