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True North Copper (ASX:TNC) has kicked off a growth drilling campaign at the Wallace North copper-gold deposit early this month as part of its Cloncurry Copper Project (CCP) development plans in Queensland.
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Activities at the Wallace North deposit consist of diamond and RC drilling to gather material for geotechnical and metallurgical programs and to follow up on successful exploration from CY25 and test new near-mine targets.
The program consists of six diamond holes for ~1,000 metres and eight RC holes for ~1,500 metres of drilling to be conducted on the Wallace leases.
It’s designed to expand the near-mine resource, follow up high-grade results, and generate key tech inputs to support future development studies, positioning Wallace North as a potential near-term copper-gold opportunity.
True Copper’s managing director, Andrew Mooney, said the program forms part of the company’s strategy to move the Cloncurry copper project toward near-term development while growing the broader resource base.
“The commencement of drilling at Wallace North marks an important step in advancing the Cloncurry copper project along a clear development pathway,” he said.
“This program is designed to both strengthen and grow our high-grade resource base, with a focus on near-mine extensions at Wallace North, while also generating the key metallurgical and geotechnical inputs required to support future development studies.
“Importantly, we see significant exploration upside across the broader Cloncurry system, with multiple near- infrastructure targets providing the potential to expand the scale of the project and enhance its long-term economics.
“Together, this work underpins our strategy to build a larger, higher-quality copper inventory and position Cloncurry as a compelling, development-ready copper project.”
The drilling will build on the upgraded resource of two million tonnes at 1.28% copper and 0.77 grams per tonne (g/t) gold. It is a follow-up of high-grade CY25 intercepts, including nine metres at 4.33% copper and 3.64 g/t gold from 108 metres.
The program will also collect metallurgical and geotechnical data to support the CY26 prefeasibility study, while also testing near-mine extensions and high- priority targets to expand the open pit footprint.
True North plans to test other Wallace system targets at Wallace East and Buenavista, building on results including 5m at 0.51% copper and 2.44 g/t gold from 51m.
Mr Mooney told shareholders that Wallace North is a high-grade, near-surface copper-gold resource within the Cloncurry copper project (CCP), located adjacent to existing infrastructure at the Cloncurry operations hub.
“Following the company’s strategic reset, the asset represents a key opportunity to build a near-term, production-ready inventory through targeted resource growth and technical de-risking,” he explained today.
TNC is steady at 35.5¢. Mkt cap $54.09M.
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