True North Copper's recent Fixed Loop Electromagnetic survey at Wallace North has identified multiple promising copper-gold drill targets, signaling potential resource expansion and extended mine life within its Cloncurry Copper Project.
- Completion of 22 line-kilometre Fixed Loop Electromagnetic (FLEM) survey at Wallace North
- Identification of multiple high-priority copper-gold drill targets
- Potential for significant resource growth and mine life extension
- Planned reverse circulation drilling program to commence in Q3 2025
- Survey confirms Wallace North as part of an extensive mineralised system
Survey Success at Wallace North
True North Copper Limited (ASX, TNC) has announced the successful completion of a Fixed Loop Electromagnetic (FLEM) survey at its Wallace North mining lease, a key component of the Cloncurry Copper Project (CCP) in Northwest Queensland. The survey, spanning 22 line-kilometres, has delivered high-confidence geophysical data that delineates multiple new copper-gold targets, many of which remain untested. This breakthrough sets the stage for a reverse circulation drilling campaign scheduled for the third quarter of 2025.
Unlocking an Extensive Mineralised System
The FLEM survey data reveals that Wallace North is part of a far more extensive mineralised system than previously understood. The survey identified three major conductive trends extending over eight kilometres, while the current open-pit resource occupies only a fraction of one trend. These conductive bodies extend to depths exceeding 500 metres, suggesting both shallow oxide mineralisation suitable for open-pit extraction and deeper, higher-grade sulphide zones that could support underground mining operations.
Such geological characteristics align Wallace North with regional analogues like the Eloise and Jericho deposits, known for their district-scale copper-gold mineralisation. This reinforces the potential for Wallace North to evolve beyond its initial resource estimates into a scalable, long-life mining operation.
Strategic Drilling Plans and Environmental Preparations
True North Copper has identified multiple high-priority drill holes targeting the newly defined conductors. These targets are supported by historical drilling intersections, geochemical anomalies, and induced polarisation chargeability highs, enhancing confidence in their prospectivity. The company is progressing environmental approvals and drill pad construction, aiming to commence the reverse circulation drilling program in Q3 2025, following the completion of drilling activities at the Mt Oxide Project.
Implications for Cloncurry Copper Project
The survey's findings offer a clear pathway to potentially expand the Wallace North resource and extend the overall mine life of the Cloncurry Copper Project. This is particularly significant given the operational pause at Wallace North since October 2024, which has allowed for this detailed exploration work. Managing Director Bevan Jones highlighted the survey's role in confirming the district-level upside potential and the company's confidence in unlocking substantial untapped value within the CCP.
True North Copper’s broader strategy focuses on expanding its mineral inventory across its portfolio, including the Mt Oxide and Cloncurry projects, leveraging existing infrastructure such as the refurbished Solvent Extraction plant and heap leach facilities at the Cloncurry Operations Hub.
Bottom Line?
As True North Copper prepares to drill its high-priority targets, the market awaits confirmation of Wallace North’s potential to reshape the Cloncurry project’s future.
Questions in the middle?
- Will the upcoming drilling confirm the scale and grade suggested by the FLEM survey?
- How will environmental approvals and infrastructure development impact the drilling timeline?
- What are the implications of historical data contamination on resource confidence and valuation?