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Brought to you by BULLS N’ BEARS
Michael Busbridge
True North Copper has secured a $400,000 Queensland Government grant under the Collaborative Development Program (CDP) to probe old mine waste at its Mt Oxide copper project in Queensland.
The company believes the historical bonanza-grade ore ripped out of the historic mine highlights the potential for significant untapped value in Mt Oxide’s waste and stockpiled material.
After walking away from the mine, the old timers left behind stockpiles, leach heaps and overburden dumps that are now managed by Queensland’s Abandoned Mine Lands Program.
Rather than seeing those remnants as a liability, True North is now eyeing them as a possible bonus prize to add to its already hefty resource at site.
‘The award of this CDP grant is an important milestone for Mt Oxide.’
True North Copper managing director Andrew Mooney
In partnership with asset revitalisation specialist Regeneration Enterprises, the duo will investigate ways to reprocess the ore, restore land at Mt Oxide and reduce environmental risk.
The CDP-funded program will involve targeted drill sampling, laboratory assays, mineralogical analysis and metallurgical testwork to see whether any of the old waste still carries recoverable copper or other payable metals.
True North Copper managing director Andrew Mooney: ‘The award of this CDP grant is an important milestone for Mt Oxide and reinforces the quality of the opportunity we see across the broader system. It provides non-dilutive funding to evaluate whether legacy materials can represent an additional source of value alongside our resource growth strategy.’
Since picking up Mt Oxide in 2023, the company has focused on making discoveries to build a district-scale copper play. Sitting 140 kilometres north of Glencore’s Mt Isa copper concentrator and smelter, the project has enviable infrastructure leverage.
Its underground Vero deposit resource weighs in at 15.03 million tonnes grading 1.46 per cent copper, with a healthy 10.59 grams per tonne (g/t) silver kicker and a 9.15-million-tonne cobalt inventory at 0.23 per cent cobalt, adding up to 220,000 tonnes of copper, five million ounces of silver and 20,000 tonnes of cobalt.
According to True North, there is significant potential to expand the resource down dip and along strike of the controlling and extensive Mt Gordon Fault Zone.
A second prospect, Aquila, was discovered in 2025, just 5 kilometres from the Mt Oxide pit. Initial drilling late last year revealed significant, high-grade mineralisation, including a 30-metre hit grading 2.45 per cent copper.
Another standout hole pulled in 59m at 1.77 per cent copper, 0.04 per cent cobalt and 5.2g/t silver, featuring 7m at a whopping 8 per cent copper.
Delineated over a strike length of more than 900m and open in all directions, the company believes Aquila is a game-changer, with the potential to host a significant, high-grade copper-cobalt-silver system.
With the grant paperwork nearing completion, True North and Regeneration are poised to roll straight into the waste assessment alongside the company’s broader exploration push.
If the old workings cough up even a fraction of their former glory, Mt Oxide could soon be serving up fresh copper upside from yesterday’s leftovers, giving punters yet another reason to keep a close eye on this growing Queensland copper hub.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
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