True North Copper reports high-grade copper-gold zones at Wallace North target
Drilling at the Wallace North target owned by True North Copper (ASX: TNC) has identified high-grade zones of copper-gold mineralisation which exceed the current resource model.
The advanced grade-control program comprised 142 reverse circulation drill holes for a total 7594 metres and was completed in September.
The company reported hits of up to 14.05% copper and 25.7 grams per tonne gold at the project.
Best results were 17m at 2.64% copper and 2.7g/t gold from 47m including 3m at 10.31% and 13.48g/t from 48m; 2m at 8.24% copper and 13.24g/t gold from 29m including 1m at 14.05% and 25.70g/t from 29m; and 14m at 3.57% copper and 1.41g/t gold from 46m.
Other intercepts were 6m at 5.26% copper and 3.26g/t gold from 30m including 3m at 8.36% and 5.69g/t from 32m; 12m at 1.99% copper and 0.42g/t gold from 16m including 2m at 9.17% and 1.98g/t from 20m; and 10m at 4.01% copper and 2.43g/t gold from 19m.
Initial assessments indicated multiple zones of higher-than-predicted grades.
All assays are expected by month end and could have a positive impact on future resource estimates and open-pit designs.
The copper-gold shoots remain open at depth and will be targeted for future drilling.
Early production scenario
True North managing director Marty Costello said drilling confirmed that Wallace North has the potential to deliver near-term value in an early production scenario.
“These initial results confirm – and in some cases exceed — expected grades from comparisons to the current resource model… they indicate the potential to increase grade within the existing block model and to increase the overall resource,” he said.
“Wallace North is on a fully permitted mining lease, which allows us to assess near-term development options during the optimisation study phase, which will commence once all assays have been received.”
Current resource
Wallace North has a current indicated and inferred resource of 1.59 million tonnes at 1.29% copper and 0.93 grams per tonne gold and is part of True North’s Cloncurry project in north-west Queensland.
Mr Costello said the resource is an important part of the Cloncurry mining plans and its near-term value had been reinforced through recent infill drilling and resource upgrade work.