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True North Copper (ASX:TNC) has been awarded a significant $400,000 grant by the Queensland government to evaluate re-commercialising historic mine waste materials.
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The approximately $400K grant was awarded under the government’s collaborative development program (CDP). It will help fund an assessment of legacy mine waste streams at the Mt Oxide project in northwest Queensland.
The program is targeting the creation of mineral products while supporting improved environmental and rehabilitation outcomes. As part of its now-expanding strategy, True North has executed a letter of intent with Regeneration Enterprises to collaborate on the delivery of the program.
True North’s MD, Andrew Mooney, said the award of the collaborative development program grant is a very important milestone for Mt Oxide.
“It provides non-dilutive funding to evaluate whether legacy materials can represent an additional source of value alongside our resource growth strategy,” he said.
“Our focus remains firmly on growing Mt Oxide through exploration and development. This program runs in parallel, assessing whether incremental revenue and rehabilitation benefits can be unlocked in a disciplined and capital- efficient manner.”
Mt Oxide hosts historical workings and legacy materials from prior operations centred on the pit, with environmental monitoring and remediation of these areas managed by the government’s abandoned mines department.
The Mt Oxide CDP program includes drill sampling, assay, metallurgical testing and technical pathway assessment of legacy materials.
Under the executed LoI, Regeneration will contribute specialist expertise in legacy asset revitalisation and waste re-commercialisation to support delivery of the program.
Subject to positive technical outcomes, the parties will evaluate the establishment of a commercialisation pathway.
TNC ended -2.04% down, to 48c yesterday.
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