The company’s Cloncurry project sits around the historic Queensland mining town of Cloncurry. Mt Oxide is 140km north of town, within the Mt Isa terrain.
Mt Oxide already possesses scale but offers mammoth upside potential. Its Vero prospect carries a substantial 15 million tonnes at 1.46 per cent copper with a separate cobalt inventory grading at 0.23 per cent copper.
Wallace North’s growing resource contains a current 1.79Mt resource grading a handy 1.31 per cent copper and 0.78g/t gold for a formidable second feather in its exploration cap.
The company’s $53 million recapitalisation earlier this year marked a turning point for the previously delisted producer. Notably, its revitalisation was backed by heavyweights, such as Tembo Capital, Regal Funds and Glencore, leaving True North debt-free with $13 million in cash in a humming copper market.
First cab of the company’s rank is 15,000m of RC drilling across both hubs. The Cloncurry hub also has an impressive list of copper production infrastructure, including an SX plant, crusher, heap-leach pad and tailings facilities, which are ready to be cranked up if the oxide inventory grows. Nearby tolling options keep its higher-grade sulphide resources in play.
The company’s dual-project strategy affords it the best of both worlds for exploration, as near-term resources grow at Cloncurry with its impressive extension, there is blue sky at Mt Oxide and its mammoth targets.
As the rigs keep turning and assays roll in, True North is shaping up as a rare Australian copper play in a red-hot copper market.
Backed by a $53 million recapitalisation that has swept away the ghosts of failed administrations past, True North is rapidly expanding its Cloncurry and Mt Oxide hubs in the world-renowned Mt Isa region and has plenty of results still to come.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
