PEAK ASSET: MORNING WRAP 29 January: ASX 200 futures are pointing to a loss of 4 points to 8893 | Iluka flags $565m hit, Microsoft dives 8pc on earnings | True North Copper grows Cloncurry resource with Wallace North update |

True North Copper grows Cloncurry resource with Wallace North update

• Updated Wallace North mineral resource of 2 million tonnes for 25,000 tonnes of copper and 50,000 ounces of gold
• MRE boosted by 12%, upgrading contained copper 9% and gold 11%
• Updated MRE supports technical baseline for ongoing pre-feasibility study work

Special Report: An updated mineral resource estimate for Wallace North prospect has provided a strong technical foundation for ongoing pre-feasibility study work at the Cloncurry copper project in Northwest Queensland.

True North Copper (ASX:TNC) expanded the Wallace North MRE by 12%, growing contained copper by 9% to 25,000 tonnes and contained gold 11% to 50,000 ounces.

The company achieved the upgraded result with just two additional drill holes, despite some resource depletion reflecting minor mining activities in 2024.

TNC managing director Andrew Mooney said the update was a point of technical validation for the Cloncurry project.

“With the addition of only two drillholes, and after allowing for mining depletion, the resource has grown modestly while grades and geometry have remained consistent,” he said.

“That outcome reinforces our confidence in the geological model and the quality of the historical drilling.

“Importantly, this gives us a current and reliable technical baseline as we continue pre-feasibility study work across the Cloncurry copper project.”

Building PFS

The fresh MRE provides a robust foundation for technical work within the Cloncurry project, which is focusing on key technical inputs and selective testing for resource growth.

Looking ahead, True North Copper expects to produce:

• An updated resource estimate for the Great Australian Mine, further strengthening its technical foundation and overall development framework for the wider project;
• Targeted extensional and infill drilling results at Wallace North, integrating updated interpretations to test high-grade mineralisation at depth and along strike while improving drill density near priority resource areas;
• Metallurgical and geotechnical drilling and testwork results, which will refine recovery models and strengthen pit design and mine planning inputs for future study work.

TNC intends to develop the Cloncurry project initially as a near-term cashflow opportunity, before drilling out and growing the resource at the Mt Oxide project nearby and continuing discovery efforts within the regional targets such as Chumvale, Marimo and the Salebury IOCG system.

To read more, click here

​​​​​​​Source: Stockhead​​​​​​​