Overview
True North Copper (ASX:TNC) is entering a transformative and exciting phase as we become Australia’s next copper producer. It’s 2024 and we’re ready to mine our Cloncurry copper project – low-cost, low-risk, fully funded and permitted.
Our next mine is the Vero resource at our Mt Oxide project. We are committed to developing and understanding this phenomenally mineralised project. Exploration and mining studies are underway.
Copper demand is rising, in a market of diminishing supply. The global surge in artificial intelligence, electric vehicles, decarbonisation initiatives, and broader macro trends is intensifying the demand for copper.
True North Copper is ready.
Company Highlights
True North Copper is preparing to become Australia’s next copper producer.
True North Copper’s two principal assets are located in northwest Queensland, Australia – a Tier 1 Jurisdiction:
- Cloncurry Copper Project (CCP) – IOCG and ISCG copper-gold deposits proposed for open pit mining operations, with extensive surrounding exploration tenure.
- Mt Oxide Project (Mt Oxide) – IOCG high-grade, globally significant, copper-cobalt-silver deposit subject to re- optimisation studies, and exploration in surrounding tenure.
Cloncurry Copper Project (CCP)
- Mining restart study confirms positive CCP project economics – AU$367 million with free cash flow of AU$111 million, and a pre-tax NPV10 of AU$88 million over a 4.6 year mine life, at US$8,500 per ton copper price and US$1,850 per ounce gold price (0.7 AU$:USD exchange rate).
- Wallace North Mine preparation and mobilisation. Wallace North is scheduled as the first open pit (one of four – Wallace North, Great Australia Mine [GAM], Taipan and Orphan Shear) to be mined as part of the mining restart at the CCP.
- Mining ramp-up will initially build ore stockpiles, with mining expected to start Q4 FY24(AUS). Oxide copper-gold ore will be transported by road train to the Cloncurry Operations heap leach. Sulphide ore will be transported to a nearby concentrator for toll treatment under TNC’s toll-milling agreement with Glencore.
- CCP’s total reserves increased. TNC’s Cloncurry Copper Project (CCP) total reserves currently include 4.7Mt probable ore reserves grading 0.80 percent copper and 0.13g/t gold, containing 37.5 kiloton of copper and 20.0koz of gold.
Figure: Cloncurry copper project and Cloncurry operations hub
Mt Oxide Project
- Highly prospective and underexplored. Phenomenally mineralised system.
- Exploration results from True North Copper’s maiden diamond drill program across MT Oxide’s Vero Resource not only returned outstanding and globally significant grades but also showcase the expanding nature of the Vero high-grade ore body including:
- 66.50 metres @ 4.95 percent copper, 32.7g/t silver and 685 ppm cobalt from 234.00 metres
- [inc.] 20.60 metres @ 10.51percent copper, 63. g/t silver…
- 66.50 metres @ 4.95 percent copper, 32.7g/t silver and 685 ppm cobalt from 234.00 metres