True North Copper Limited (ASX:TNC) has identified high grade zones of copper and gold mineralisation in its advanced grade control drilling program at its copper-gold Wallace North project in Queensland.
Drilling identified high-grade zones of copper and gold mineralisation, which exceed the current updated resource model. Results are anticipated to have a positive impact on future resource estimates and open-pit designs.
The Wallace North Resource (Indicated and Inferred of 1.59Mt @ 1.29% Cu and 0.93 g/t Au) is on a fully permitted Mining Lease and is part of TNC’s Cloncurry Project. It is a target for near-term production.
Managing Director, Marty Costello, said results from the advanced grade control program further confirm our position Wallace North has the potential to deliver significant near-term value to the company, in an early production scenario.
“These initial results confirm and, in some cases, exceed expected grades from comparisons to the current resource model. 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.”