Wallace North Drilling Yields 9m at 4.33% Cu, Mt Oxide Aquila System Confirmed Beyond 420m Depth

Wallace North – A New Chapter in Copper-Gold Exploration

True North Copper Limited (ASX – TNC) has delivered a compelling update from its Cloncurry Copper Project, with recent drilling at Wallace North uncovering a new high-grade copper-gold shoot. This discovery, located approximately 60 metres along strike from the existing resource, features intercepts such as 19 metres at 2.18% copper and 1.76 grams per tonne gold, including a standout 9 metres at 4.33% copper and 3.64 grams per tonne gold. These results not only surpass previous best intercepts but also suggest a substantially larger mineralised system than previously defined.

The drilling program, guided by a detailed fixed loop electromagnetic survey, identified three conductive trends, Central, Southern, and Northern, spanning over 8 kilometres. The Central Trend, where the new shoot was found, shows promising continuity of mineralisation both along strike and at depth, with additional hanging wall and footwall zones intercepted. Meanwhile, the Southern Trend extends the gold-rich Buena Vista zone, and the Northern Trend reveals fertile quartz-sulphide structures, all pointing to a district-scale potential for resource growth.

Mt Oxide – Validating a Large-Scale Copper-Cobalt-Silver System

Concurrently, True North’s Mt Oxide project has confirmed the significance of its Aquila discovery through Phase 1 reverse circulation drilling. The results demonstrate a mineralised system extending over 420 metres in depth and approximately 100 metres in width, with copper, cobalt, and silver mineralisation persisting at depth. Notable intercepts include 10 metres at 0.10% copper and 0.3 grams per tonne silver near surface, and 10 metres at 0.14% copper from 411 metres depth, underscoring the vertical continuity of the system.

Additional drilling at the Vero resource extensions has revealed near-surface mineralisation open along strike, while the Rhea target has been upgraded following the identification of a 50-metre-wide alteration halo beneath coincident geophysical anomalies. These findings validate the company’s geophysical targeting and provide a robust platform for the ongoing Phase 2 drilling program, which is actively testing high-priority targets along strike from Aquila ahead of the wet season.

Strategic Outlook and Next Steps

True North Copper’s Managing Director, Bevan Jones, emphasised the transformative nature of these results, highlighting the company’s dual-track strategy. At Cloncurry, the focus is on expanding the resource base and developing the Wallace Complex into a significant copper-gold production hub, leveraging existing infrastructure and recent pre-strip work. Systematic drilling is planned to explore the conductive trends further, complemented by downhole electromagnetic surveys to identify deeper high-grade targets.

At Mt Oxide, the company is capitalising on the first greenfield exploration in over four decades, with Phase 2 drilling designed to extend the Aquila discovery and evaluate other promising targets such as Rhea and Black Marlin. The combination of these programs aims to unlock substantial value for shareholders by balancing near-term resource growth with district-scale exploration upside.

While the current results are promising, full resource re-estimations and mining studies are underway to better define the economic potential of these discoveries. The company’s rigorous quality control measures and detailed geological logging underpin confidence in the data, although some historic assay data carry limitations that are being addressed.