True North Copper Unveils Major New Copper-Cobalt-Silver Discovery at Mt Oxide

Exploration Breakthrough at Mt Oxide

True North Copper Limited (ASX – TNC) has delivered a compelling update for the June 2025 quarter, revealing a new high-grade copper-cobalt-silver mineralised system at the Aquila Prospect within its wholly owned Mt Oxide Project in Northwest Queensland. The discovery follows the commencement of an extensive drilling campaign, with initial assay results highlighting thick zones of copper mineralisation starting near surface, including standout intercepts such as 145 metres at 0.75% copper and 0.12% cobalt, and high-grade sub-zones exceeding 5% copper.

This new mineralised system is interpreted to be part of the same corridor that hosts the nearby Vero and Capricorn copper deposits, suggesting significant potential for resource growth. Drilling is ongoing, with further assay results expected to provide a clearer picture of the deposit’s scale and grade.

Advancing the Cloncurry Copper Project

Alongside Mt Oxide, True North has reported encouraging results from its Cloncurry Copper Project, centred on the Great Australia Mine (GAM). Recent reverse circulation drilling has uncovered new zones of copper-gold-cobalt mineralisation beyond existing resources, including notable intercepts such as 14 metres at 0.81% copper and 749 ppm cobalt. These discoveries enhance the project’s economic potential by extending mine life and offering opportunities to optimise the mine plan.

Further exploration at Wallace North and Salebury has defined multiple high-priority drill targets through geophysical surveys, including Fixed Loop Electromagnetic and induced polarisation techniques. These targets are set to be tested imminently, with drilling programs already underway or planned.

Financial Strength and Leadership Confidence

True North’s exploration activities were supported by a solid financial position, with A$12.8 million in cash at the end of the quarter and A$2.7 million spent on exploration. Notably, the company’s board and management have increased their shareholdings through on-market purchases, signaling strong internal confidence in the company’s strategic direction and the long-term value of its copper assets.

Looking ahead, True North plans to continue its aggressive exploration and resource expansion programs. This includes extending geophysical surveys and drilling at Aquila, further resource definition at GAM, and systematic testing of targets at Wallace North and Salebury. The company’s infrastructure at Cloncurry, including a refurbished solvent extraction plant and heap leach facilities, positions it well to capitalise on discoveries as they mature.

Strategic Outlook

True North Copper’s latest quarterly report underscores its commitment to unlocking value from its diverse portfolio of copper projects in a globally significant mining region. The combination of new discoveries, resource extensions, and a strong balance sheet provides a solid foundation for growth. However, as with all exploration companies, the full commercial potential will depend on continued drilling success and the eventual conversion of resources into economically viable reserves.