Resource Growth at Cloncurry Raises Stakes for True North Copper’s Next Steps
True North Copper has increased its Cloncurry Copper Project mineral resources by 7% in copper and 9% in gold, underpinning ongoing feasibility studies and future drilling plans.
- 7% increase in contained copper to ~109 kt
- 9% increase in contained gold to 84 koz
- Great Australia Mine resource up 13.5% in tonnage
- Taipan resource confidence improved with 95% indicated classification
- Supports 2026 Pre-Feasibility Study and targeted drilling
Resource Growth at Cloncurry
True North Copper Limited (ASX – TNC) has announced a significant update to its mineral resource estimates for its flagship Cloncurry Copper Project (CCP) in Northwest Queensland. The updated figures reflect a 7% increase in contained copper to approximately 109,000 tonnes and a 9% rise in contained gold to 84,000 ounces. This uplift is driven by new drilling data, refined geological modelling, and enhanced confidence in resource classification.
Highlights from Great Australia and Taipan
The Great Australia Mine, a core asset within the CCP, saw its resource tonnage increase by around 13.5% to 5.29 million tonnes grading 0.86% copper and 0.07 grams per tonne gold. Meanwhile, the Taipan deposit maintained a steady resource size but improved its confidence level, with the proportion of indicated resources rising from 90% to 95%. This higher confidence classification is critical for advancing technical studies and potential development.
Technical Foundations and Future Plans
The resource update incorporates extensive grade control drilling completed in 2023, exploration drilling in 2025, and improved geological interpretations. These efforts have provided a robust technical baseline to support ongoing Pre-Feasibility Study (PFS) activities scheduled for 2026. The company plans to undertake further metallurgical and geotechnical drilling to refine recovery assumptions and mine planning inputs, alongside targeted extension and infill drilling to test for additional mineralisation.
Strategic Position and Growth Outlook
Situated in the prolific Mount Isa Inlier copper province, the CCP benefits from established infrastructure and proximity to historical mining operations. True North Copper is executing a three-stage growth strategy – developing the Cloncurry Copper Project for near-term cash flow, expanding resources at Mt Oxide, and exploring regional Tier 1 targets. The recent resource increases strengthen the project's economic fundamentals and support the company’s ambition to progress towards a Final Investment Decision by late 2026 or 2027.
Management Commentary
Managing Director Andrew Mooney emphasised the importance of the updated resource base, stating that the increased tonnes and contained metal, combined with a higher proportion of indicated material, reinforce confidence in the geological model. He highlighted that ongoing PFS work and planned drilling programs will focus on resource growth and advancing development options in the short to medium term.
Bottom Line?
With resource growth confirmed and feasibility studies underway, True North Copper is poised for a pivotal year in advancing Cloncurry towards production.
Questions in the middle?
- How will metallurgical test results impact recovery assumptions and project economics?
- What are the timelines and risks associated with mining lease renewals and regulatory approvals?
- To what extent can further drilling expand the resource base beyond current estimates?
