Queensland-based mineral explorer True North Copper has substantially enhanced its copper-gold inventory at the Wallace North deposit, following the integration of results from two reverse-circulation drillholes completed last year. The company's latest resource update reveals significant growth in both tonnage and contained metals, positioning the project strongly amid surging commodity prices.
Impressive Resource Expansion at Wallace North
The Wallace North deposit, which forms part of True North Copper's broader Cloncurry copper project in northwest Queensland, now boasts an estimated resource of two million tonnes. This material grades at an impressive 1.28 per cent copper and 0.77 grams per tonne gold, containing approximately 25,000 tonnes of copper and 50,000 ounces of gold.
This expansion comes at an opportune moment, with both metals experiencing remarkable price rallies. Gold has recently smashed through the US$5,000 per ounce barrier, reaching as high as US$5,189, while copper has breached the US$6 per pound mark earlier this month, creating favorable market conditions for resource development.
Standout Drilling Intercepts Reveal High-Grade Mineralisation
The resource upgrade stems from just two reverse circulation holes drilled in September last year, totaling 400 metres. One hole delivered particularly exceptional results, with multiple high-grade intercepts that have significantly boosted the deposit's potential.
The first notable intersection measured 17 metres grading 1.08 per cent copper and 0.24 grams per tonne gold, equivalent to 1.32 per cent copper. Within this interval, a 2-metre section returned an impressive 6.38 per cent copper from 80 metres depth.
Further down the same hole, a 19-metre stretch assayed at 2.18 per cent copper and 1.76 grams per tonne gold, equivalent to 3.97 per cent copper. This included a remarkable 9-metre block grading 4.33 per cent copper and 3.64 grams per tonne gold, representing more than 8 per cent copper equivalent from 108 metres.
The drilling also revealed additional mineralisation, including 3 metres at 0.69 per cent copper with a solid 4.95 grams per tonne gold from 135 metres depth. A final 11-metre interval at 1.82 per cent copper and 0.51 grams per tonne gold from 191 metres demonstrated continuity of mineralisation at depth, suggesting potential for further discoveries with deeper drilling.
Strategic Location and Broader Project Context
The Cloncurry project is strategically located near the township of Cloncurry, approximately 120 kilometres from the renowned mining centre of Mount Isa. The site is accessible via the fully sealed double-lane Barkly Highway, providing excellent infrastructure for potential development.
True North Copper's broader Cloncurry project now contains a combined mineral resource of 12.9 million tonnes, grading 0.8 per cent copper for 102,760 tonnes of contained copper. The resource also includes 0.2 grams per tonne gold for 81,820 ounces of gold, 1,860 tonnes of cobalt, and 50,000 ounces of silver.
The company's ground holdings consist of six separate deposits, with the Great Australia Mine deposit contributing the largest copper and cobalt resource at 41,100 tonnes of copper and 1,130 tonnes of cobalt. The Taipan prospect holds the second-largest inventory with 29,150 tonnes of contained copper and 20,170 ounces of gold, while the Wallace North prospect now represents the site's most significant gold portfolio.
Management Perspective and Future Plans
True North Copper managing director Andrew Mooney commented on the results, noting that despite minor mining activities in 2024 causing slight resource depletion, the recent reverse-circulation drilling has increased resource tonnes by 12 per cent. This has contributed to a 9 per cent increase in contained copper and an 11 per cent boost to gold ounces.
"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," Mooney stated. "That outcome reinforces our confidence in the geological model and the quality of the historic drilling."
The company indicates that the Wallace North resource update will support ongoing technical studies for a future pre-feasibility study and aid drill planning for a resource extension program planned for later this year. True North Copper also remains on track to deliver a resource update at its Great Australia Mine in the first quarter of this year.
Additional Exploration Success at Aquila Deposit
The Cloncurry resource update follows closely on news of further mineralised intersections at the company's Aquila deposit, part of its Mt Oxide project in northwest Queensland. A phase-two drilling program intersected 74 metres at 0.49 per cent copper with minor cobalt and silver from 136 metres depth, including an 18-metre stretch grading 0.88 per cent copper.
Within this interval, a particularly strong 3-metre section returned 3.44 per cent copper and 5 grams per tonne silver from 144 metres, demonstrating the potential for additional high-grade zones across True North Copper's portfolio.
The company finds itself in an enviable position, expanding its copper and gold inventory during a period of unprecedented price strength and rising global demand. This combination of resource growth and favorable market conditions represents a significant positive development for the junior explorer as it advances its Queensland projects toward potential development.
