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True North Copper Announces Promising Drilling Hits at Wallace North Project

7 November 2023 10:10

True North Copper (ASX:TNC) announces its advanced grade control drilling program at the Copper-Gold Wallace North Project, located in Cloncurry, has yielded high grade zones of up to 14.05% copper and 25.70g/t gold mineralisation, which exceeds the current resource model of the Project, expecting to have an influential impact on future resource estimates and open-pit designs.

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Figure 1: Location of the Wallace North Project (Wallace Complex) in relation to TNC’s and other projects in the area.

The Drilling Highlights

WNR0088

  • 17.0m (true width 13.60m) @ 2.64% Cu, 2.70g/t Au from 47.00m
  • Including 3.0m (true width2.40m) @ 10.31% Cu, 13.48g/t Au from 48.00m

WNR0019

  • 2.0m (true width 1.60m) @ 8.24% Cu, 13.24g/t Au from 29.00m
  • Including 1.0m (true width 0.80m) @ 14.05% Cu, 25.70g/t Au from 29.00m

WNR0118

  • 14.0m (true width 11.20m) @ 3.57% Cu, 1.41g/t Au from 46.00m

WNR0116

  • 10.0m (true width 8.00m) @ 4.01% Cu, 2.43g/t Au from 19.00m

WNR0121

  • 12.0m (true width 9.60m) @ 1.99% Cu, 0.42g/t Au from 16.00m
  • Including 2.0m (true width 1.60m) @ 9.17% Cu, 1.98g/t Au from 20.00m

WNR0068

  • 6.0m (true width 4.80m) @ 5.26% Cu, 3.26g/t Au from 30.00m
  • Including 3.0m (true width 2.40m) @ 8.36% Cu, 5.69g/t Au from 32.00m

WNR0017

  • 7.0m (true width 5.60m) @ 3.58% Cu, 3.96g/t Au from 29.00m
  • Including 2.0m (true width 1.60m) @ 10.23% Cu, 13.62g/t Au from 34.00m

 

Table 1: Drilling highlights at the Wallace North Project. True widths are estimated.

The Drilling Program

The Wallace North Advanced Grade control drilling was completed in September this year, and consisted of 142 Reverse Circulation (RC) holes for a total of 7,594 metres drilled.

The Project’s Indicated and Inferred Resource stands at 1.59Mt @ 1.29% Cu and 0.93 g/t Au. The drilling in this campaign significantly exceeded this estimation, reporting grades as high as 14.05% copper and 25.70g/t gold.

This significantly improves the prospectivity of the Project, as True North hopes the results have a positive influence on future resource estimates and open pit designs.

All meters of drilling conducted were pulverised, with 4,577 samples selected for assay analysis. The Company reports all assay results have been received with the results still in the process of being interpreted.

Promisingly, initial assessment highlights multiple zones of higher grade than anticipated, with many of the RC chips returning >500ppm Cu.

Its additionally reported that multiple drill holes also intercepted new mineralisation in the hanging wall and footwall of the resource, as well extensions above and along strike of the resource.

The drilling has identified copper-gold shoots remain open at depth. True North plans to further test this, making it a target for the next drilling campaign.

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Figure 2: Wallace North Cu% and Au g/t long sections of resource estimate showing advanced grade control drillholes drilled to an average depth of 55m. Open shoots are highlighted. Block model displayed at > 0.3% Cu. Resource Cutoff at Wallace North 0.3% Cu.

Future Outlook

After the promising results, True North Copper plans to continue the QAQC resampling and assaying program and obtain receipts of assays for open intercepts and non-sampled intervals.

Following completion of this work, it plans to commence investigation on the feasibility of the Wallace North Project to support copper-gold mining through conducting; geological modelling, resource domain definition, geostatistics for re-estimation, metallurgical testwork and mining studies.

Company Comments

True North Copper’s Managing Director Marty Costello said the results from the advanced grade control program further confirms the Company’s assumption Wallace North has the potential to deliver significant near-term value in an early production scenario.

“These initial results confirm and, in some cases, exceed expected grades from comparisons to the current resource model,” he said.

“Not only do they indicate the potential to increase grade within the existing block model but also the potential to increase the overall resource.”

“With the return of all assays by the end of November 2023, mine optimisation and metallurgical studies will commence. These studies will assess the possibility of producing a copper-gold concentrate and will be finalised Q1 2024.”

“Wallace North is on a fully permitted Mining Lease, which allows near term development options to be assessed during the optimisation study phase. The Wallace North resource is an important part of our Cloncurry Project mining plans, with its near-term value reinforced through recent infill drilling and resource upgrade work completed across the resource.”

TNC’s Australian Stock Exchange-listed share price has risen 21.428% and is currently trading at $0.17 (10.10am UTC+ 8 hours).

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