True North Copper Targets 50Mt Resource at Mt Oxide Following Aquila Discovery

Aquila Discovery Extends Mt Oxide’s Potential

True North Copper (ASX:TNC) is ramping up exploration at its Mt Oxide Project in northwest Queensland, spotlighting the Aquila discovery as a game-changer for the district-scale copper system. The Aquila copper-cobalt-silver mineralisation now extends over 1.8 kilometres, with geophysical surveys and drilling confirming multiple open targets along strike and at depth. Ground-based induced polarisation (IP) geophysics has proven effective in predicting mineralisation extensions, guiding a 2026 drilling campaign aimed at defining a maiden mineral resource.

The company’s exploration strategy hinges on a geological model that identified key structural corridors along the Mt Gordon Fault Zone, where copper mineralisation is hosted in Proterozoic sedimentary rocks. This model successfully predicted Aquila and is now being tested across other priority targets including Apollo, Acanthis, Ivena North, and Big Oxide.

Vero Resource: A High-Grade Development Anchor

The Mt Oxide Project’s cornerstone remains the Vero resource, a legacy high-grade copper deposit with 15.03 million tonnes at 1.46% copper, 10.59 grams per tonne silver, and 0.23% cobalt. Vero’s mineralisation is open at depth and along strike, supported by extensive historic drilling and a Definitive Feasibility Study completed in 2011 by Perilya. This technical foundation, including metallurgy, mine design, and environmental permitting, significantly de-risks future development.

True North is advancing multiple mining options for Vero, including an open pit concept designed to leverage existing disturbance areas and avoid culturally significant heritage sites, alongside an underground mining plan to access higher-grade zones and extend mine life. These staged development pathways aim to generate early cash flow while supporting long-term resource growth.

Building Toward a Capricorn-Scale Copper District

True North is targeting a Mt Oxide resource of 50 to 60 million tonnes, inspired by the nearby Capricorn Copper operation, which has grown into a 64 million tonne copper district through systematic exploration. Capricorn lies about 25 kilometres south along the same Mt Gordon Fault, sharing similar geological characteristics including copper mineralogy and structural controls. While the comparison provides a compelling analogue, True North emphasises that further exploration is needed to confirm whether Mt Oxide can replicate Capricorn’s scale and grade.

With over 10 kilometres of prospective strike remaining at Mt Oxide, the company’s regional growth strategy focuses on systematically testing multiple targets validated by the Aquila discovery. This approach aims to transition the project from resource definition to development readiness.

Cloncurry Project Progress and Resource Consolidation

Alongside Mt Oxide, True North is advancing its Cloncurry Copper Project, where a prefeasibility study is underway and expected in the fourth quarter of 2026. Recent consolidation moves include acquiring the Mongoose resource from Renegade Exploration, integrating it with the Taipan deposit to enhance development scenarios. However, the company has retracted previous ore reserve estimates and production targets for Cloncurry pending further technical studies and optimisation work, underscoring the early stage of mine planning.

Experienced Leadership and Strategic Vision

True North’s management team brings deep expertise in copper project development, with backgrounds at OZ Minerals, BHP, Evolution Mining, and Sandfire. CEO Andrew Mooney leads a disciplined approach focused on culture, execution, and value delivery. The company’s strategy balances developing existing resources like Vero with aggressive exploration at Aquila and regional targets, supported by strong institutional backing.

As True North Copper moves through 2026, key milestones will include further drilling results at Aquila, resource updates, and the outcome of the Cloncurry prefeasibility study. These developments will be critical in defining the company’s pathway from discovery to production in one of Australia’s most active copper districts.