Source : THE AGE NEWS
A scoping study just delivered over its Wynberg gold-copper project by True North Copper has highlighted a low capital development that could generate between $53 million and $87 million in pre-tax cash flow and add a high-value resource to its Cloncurry Copper Project, or “CCP”.
The Wynberg deposit is a shallow gold-copper play located just 25 kilometres east of Cloncurry, right in the heart of the company’s broader CCP and about 150km east of the major mining hub of Mount Isa.
It’s a timely development for True North with Cloncurry-Mount Isa being positioned as a priority region by the Queensland and Federal governments following a recently announced $600 million support package for the Mount Isa copper smelter and Townsville refinery, alongside fast-tracking the $2.3 billion Eva Copper Mine near Cloncurry.
The company’s study included a recently updated mineral resource estimate for Wynberg of a tidy 1.019 million tonnes grading 1.86 grams per tonne gold and 0.25 per cent copper. This contains a total of 61,000 ounces of gold and 3000 tonnes of copper.
‘Wynberg Gold-Copper adds another low-capital development opportunity with multiple pathways to unlock value.’
True North Copper managing director Andrew Mooney
The resource is broken down into 416,000 tonnes in the higher-confidence Measured category, running at a solid 2.12 g/t gold and 0.41 per cent copper.
A further 568,000 tonnes at 1.69 g/t gold and 0.14 per cent copper sits in the Indicated category, with a minor 34,000 tonnes at 1.42 g/t gold and 0.09 per cent copper classified as Inferred.
Impressively, the scoping study’s production target is based entirely on the Measured and Indicated portions of the resource.
The target outlines a plan to mine 870,000 tonnes of ore to produce 53,000 gold-equivalent ounces, containing 47,000 ounces of gold and 2100 tonnes of copper from a simple open pit operation over a two-year mining campaign.
One of the key strengths highlighted in the study is the project’s strategic optionality. Wynberg sits on a granted mining lease with key environmental approvals already in place. The study also identifies multiple development pathways, including a standalone operation, regional toll treatment or full integration with the larger CCP.
This flexibility is a significant advantage in a district where processing capacity is becoming a strategic asset. With renewed interest in restarting and refurbishing copper infrastructure in the region, having a deposit that can leverage existing plants rather than building a new mill from scratch could seriously turbocharge the economics.
True North Copper managing director Andrew Mooney said: “Our strategy is clear: grow the district-scale potential of Mt Oxide while advancing the Cloncurry Copper Project towards development through disciplined focus on optimising development options and maximising project value. Wynberg Gold-Copper adds another low-capital development opportunity with multiple pathways to unlock value, including standalone development, regional processing and integration with the Cloncurry Copper Project.”
The company says its Cloncurry Copper Project prefeasibility study and a potential ore reserve remain on track for completion in late 2026, establishing a clear timeline on its development ambitions.
In the interim, further metallurgical, engineering and optimisation studies will continue at Wynberg through 2026 and 2027 to refine the preferred development path. With government finance for critical minerals projects very much open for business, the timing looks opportune.
With its Cloncurry plans firming up and a promising, low-capital development option now clearly defined at Wynberg, True North appears to have the cards in place to play a significant role in a high-potential region now squarely in the spotlight.
In a district heating up with government support, having a flexible, near-term asset on a granted mining lease could be a winning hand.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
