True North Copper (ASX: TNC) Hits 11m at 4.23% CuEq at Cloncurry

True North Copper has reported another high-grade copper-gold intersection from Wallace North in northwest Queensland, adding technical support for a pre-feasibility study and potential initial Ore Reserve targeted for late 2026.

Diamond hole WND26_001 returned 32 metres at 0.86% copper and 0.82 grams per tonne gold from 140 metres, equivalent to 1.69% copper. That interval included 11 metres at 2.18% copper and 2.07 grams per tonne gold from 161 metres, for 4.23% copper equivalent.

A second hole, WND26_007, intersected 3.97 metres at 6.6% copper and 0.29 grams per tonne gold from 88.03 metres. The interval graded 6.9% copper equivalent and included individual assays as high as 15.5% copper over 0.8 metres.

High grades within an established resource

The reported intervals are downhole widths. True North estimated true widths of 24.7 metres for the broader WND26_001 intersection and 2.9 metres for the WND26_007 result. Additional samples from both holes are awaiting assay results.

Copper-equivalent grades were calculated using copper and gold prices of US$10,000 per tonne and US$3,500 per ounce respectively, with assumed metallurgical recoveries of 90% for both metals. These assumptions allow the copper and gold content to be expressed as a single grade.

Wallace North already has a combined indicated and inferred Mineral Resource of 2 million tonnes grading 1.28% copper and 0.77 grams per tonne gold. It contains an estimated 25,000 tonnes of copper and 50,000 ounces of gold.

The broader Cloncurry Copper Project has an estimated Mineral Resource of approximately 152,000 tonnes of contained copper and 171,000 ounces of gold. True North announced that expanded estimate earlier in September, following an 18% increase in contained copper.

Development study remains on schedule

The latest drilling was designed to provide metallurgical and geotechnical information for the Cloncurry pre-feasibility study, as well as test mineralisation within and adjacent to the existing Wallace North resource.

A third hole, WND26_015, was used entirely for metallurgical testing and therefore produced no assay results. True North expects to release metallurgical and geotechnical test-work results in stages during October, with the pre-feasibility study and potential initial Ore Reserve still targeted for late 2026.

Updated geological interpretation has identified possible extensions in the hanging wall and footwall, together with additional parallel mineralised structures. The company said mineralisation remains open along strike and at depth, leaving scope for further drilling to test whether the resource can be enlarged.

Follow-up work is planned from late 2026 into 2027. It will include infill and extension drilling at Wallace North, followed by additional near-mine exploration across Mongoose-Taipan, Wynberg and the wider Cloncurry project area.