Salebury’s New IOCG Targets Could Reshape True North’s Copper Growth Prospects

Strategic Exploration Advances at Salebury

True North Copper Limited (ASX – TNC) has announced a significant step forward in its exploration efforts at the Salebury Mineral System, part of its Cloncurry Copper Project in Northwest Queensland. Leveraging a newly completed 5.9-line kilometre induced polarisation (IP) survey, integrated with extensive geological and geophysical data, the company has delineated multiple large-scale, high-confidence drill targets characteristic of Iron Oxide Copper-Gold (IOCG) mineralisation.

This marks the first major exploration advancement at Salebury since 2012, highlighting True North’s commitment to applying advanced geological tools to unlock the potential of this underexplored asset. The identified targets exhibit strong geological and geophysical similarities to well-known IOCG deposits in the Mount Isa Inlier region, a globally recognised copper-gold province.

Key Targets and Geological Insights

The standout targets include the Salebury Main Zone, featuring a large unexplored intrusive-driven breccia system with coincident gravity lows and high chargeability anomalies indicative of disseminated sulphide mineralisation. Raleigh’s Prospect, previously undrilled, reveals a large sulphide halo surrounding a gravity high anomaly, interpreted as a zoned IOCG system. The Gully Prospect displays extensive magnetite alteration alongside coincident IP, gravity, and magnetic anomalies, representing a textbook IOCG-style target.

True North’s detailed geological mapping and re-logging of historic drill core have identified mineralisation associated with multiple phases of hydrothermal brecciation and alteration, including magnetite and hematite, sericite-kaolinite, and potassic signatures. These findings support the interpretation of a robust and dynamic mineral system driven by regionally significant intrusive events.

Preparations and Next Steps

Environmental approvals are in place, and cultural heritage surveys are underway, positioning True North to commence a Reverse Circulation (RC) drilling campaign aimed at systematically testing these priority targets. The drilling will seek to validate geological models, delineate mineralisation extents, and potentially expand the existing resource base, reinforcing Salebury’s role within True North’s broader 'hub and spoke' strategy for the Cloncurry Copper Project.

Meanwhile, the company continues to process assay results from its initial drilling at the Great Australia Mine and is progressing an RC drilling program at the Mount Oxide Project, with results anticipated by late 2025. These parallel efforts underscore True North’s strategic focus on expanding its copper inventory across multiple high-potential assets in the Mt Isa Inlier.

Regional Significance and Growth Potential

The integrated targeting exercise at Salebury suggests a mineralised system that may extend well beyond currently defined zones, with extensive alteration and geophysical anomalies pointing to a district-scale IOCG system. Confirmation through drilling could elevate True North’s standing as a significant copper-gold explorer in the Cloncurry region, unlocking long-term growth opportunities in one of Australia’s premier mining provinces.