Exploration Growth at Mt Oxide Raises Questions on Resource Scale and Development

• Phase 2 drilling extends Aquila Trend strike by 400m north
• Over 500m of continuous copper-silver-cobalt mineralisation defined
• Notable intercepts include 103m at 0.53% Cu and 72m at 0.55% Cu
• Further assay results pending to potentially extend strike to 700-900m
• Exploration focused on growth with district-scale potential highlighted

Exploration Progress at Mt Oxide

True North Copper Limited (ASX – TNC) has reported encouraging results from its ongoing Phase 2 drilling program at the Mt Oxide Project in Northwest Queensland. The company’s recent efforts have successfully extended the strike length of the Aquila Trend copper-silver-cobalt mineralisation by 400 metres to the north, now defining a continuous mineralised system exceeding 500 metres in length. This discovery builds on the initial Aquila discovery earlier this year and confirms Mt Oxide as a significant new copper system with strong continuity and growth potential.

Significant Drill Intercepts

The first four holes of the Phase 2 program have delivered robust assay results. Notably, hole MOX251 intercepted 103 metres grading 0.53% copper, 0.1% cobalt, and 2.6 grams per tonne silver starting from just 19 metres downhole. Similarly, hole MOX252, drilled 400 metres north along strike, returned 72 metres at 0.55% copper, 0.16% cobalt, and 5.6 grams per tonne silver from 124 metres depth. These broad zones of shallow mineralisation include higher-grade cores, such as 10 metres at 1.76% copper and 0.3% cobalt in MOX251, underscoring the potential for economically attractive mineralisation within the system.

District-Scale Potential and Exploration Strategy

True North’s Managing Director Andrew Mooney emphasised the significance of these results, highlighting the scale and grade of the discovery. The company is prioritising exploration growth to fully delineate the mineralised corridor, which remains open along strike and at depth. Pending assay results from additional holes are expected to extend the defined mineralisation to approximately 700 metres northwards and up to 900 metres from north to south. The broader Mt Oxide Project area, including the Acanthis and Apollo trends, is also under active exploration, with further drilling planned to test these prospective zones.

Technical and Geological Context

The Aquila Trend is situated within the Mt Gordon Fault Zone, a major structural corridor known to host significant copper deposits in the region. The mineralisation style is characterised by copper sulphides associated with silicified sediments and breccias, with cobalt and silver credits enhancing the project’s value proposition. The recent drilling has been guided by induced polarisation geophysical surveys, which have delineated chargeability and conductivity anomalies indicative of sulphide mineralisation. True North’s geological team, led by competent persons with extensive experience, continues to refine the targeting framework to identify high-grade shoots within the broader mineralised halo.

Next Steps and Outlook

Drilling remains ongoing, with results from northern and southern extents of the Aquila corridor awaited. The company aims to complete the Phase 2 drilling campaign by mid-November 2025, weather permitting. True North’s three-stage growth strategy includes advancing the Cloncurry Copper Project, expanding the Mt Oxide resource base, and exploring regional Tier 1 targets. While the current focus is on exploration success, the company acknowledges the potential for future project development as the resource base grows.

Bottom Line?

With the Aquila Trend now extended beyond 500 metres and further results pending, True North Copper’s Mt Oxide Project is shaping up as a significant copper discovery with promising upside.

Questions in the middle?

• How will upcoming assay results impact the overall resource estimate at Mt Oxide?
• What is the potential for high-grade shoots at depth within the Aquila Trend?
• How might True North balance exploration growth with advancing project development?