True North bags neighbouring deposit to supercharge QLD copper play

The West Australian

Jun 18

True North Copper has consolidated the groundholding at its flagship Cloncurry copper project in northwest Queensland, securing the adjacent Mongoose resource after Glencore opted not to exercise its ...

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By removing the boundary between Mongoose and Taipan, True North can now investigate a single, larger development that may prove greater than the sum of its parts.The company says the timing is critical, with the new footprint set to be incorporated into the Cloncurry copper project’s prefeasibility study (PFS), slated for release in the final quarter of this year.The Mongoose deposit holds an inferred resource of 3.1 million tonnes grading 0.55 per cent copper and 0.07 grams per tonne (g/t) gold. It sits immediately adjacent to True North’s existing Taipan resource, which boasts 5.2 million tonnes at 0.57 per cent copper and 0.13g/t gold.True North now controls a contiguous mineralised corridor that it believes can be optimised into a wider, deeper and more efficient open-pit mining operation, effectively creating a one plus one equals three scenario.The acquisition also delivers immediate resource growth potential, giving True North access to recent drilling that was completed after the last Mongoose resource estimate in 2023. That drilling campaign hit significant mineralisation, including a hefty 107-metre intercept grading 0.51 per cent copper and 0.09g/t gold from just 55m downhole.Another shallow hole lit up 89m at 0.45 per cent copper and 0.08g/t gold from 16m, highlighting the sort of wide, near-surface mineralisation that can often underpin robust open-pit economics, even without headline-grabbing grades.Beyond the main deposits, the deal also hands True North a portfolio of advanced copper-gold exploration targets including the Magazine, Mongoose West and Cloncurry Queen prospects, adding a pipeline of discovery opportunities to the company’s exploration portfolio.The deal has been structured to minimise upfront cash outlay, with a total of $2.88 million in value heading to Renegade for its 22 per cent interest in the CJV.The acquisition strengthens the Cloncurry copper project PFS by allowing us to evaluate the combined Mongoose and Taipan deposits as part of a broader development framework while also securing a pipeline of future resource growth opportunities.True North Copper managing director Andrew MooneyThe growing copper inventories land as the red metal continues to trade at historic highs, buoyed by its critical role in the global AI revolution and a widening supply crunch driven by major mine closures.The upcoming PFS will now provide the first real look at what this combined asset could deliver. And with a fresh swag of exploration targets to test, the company appears to be methodically getting its ducks in a row.Beyond Cloncurry, True North’s north-west Queensland portfolio is bristling with growth opportunities. At Mt Oxide, recent exploration success at its Vero and Aquila discoveries has opened the door to a staged development concept, as part of an evolving pipeline of growth strategies.The Mongoose acquisition may have only cost a few million dollars, but it could end up delivering a much bigger payoff. By knocking down the fence between two neighbouring deposits, True North has created the opportunity to unlock a development scenario that simply wasn’t available before.With copper demand surging, exploration upside in every direction and a pivotal PFS just months away, the company is beginning to look like it has plenty of shots on goal.Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}