True North Copper has announced “exceptional” assays from its first drill hole at the Vero resource in Queensland, just two months after the company debuted on the ASX.
The first drill hole returned favourable results, including:
- 65.5m at 4.95 per cent Cu (copper), 32.7 g/t Ag (silver) and 685 ppm Co (cobalt) from 234m
- 11m at 3.06 per cent Cu, 34.2 g/t Ag and 682 ppm Co from 357.5m
- 8.55m at 6.16 per cent Cu, 45.9 g/t Ag and 140 ppm Co from 172.5m.
“This is a tremendous outcome from the first hole of our initial diamond drilling program at Vero,” True North Copper managing director Marty Costello said.
“These drill results are simply stunning, not only returning superb grades but also showcasing the ever-expanding nature of the Vero high grade ore body.”
The Vero prospect is located at True North Copper’s 100 per cent owned Mt Oxide project, consisting of three exploration tenements. The company also owns the Cloncurry Hub, which is centred around the Great Australian mine.
True North Copper commenced ASX trading in June under the ticker ‘TNC’.
It came after True North raised $37.3 million at $0.25 per share in a recent capital raising, with the company commencing trading with a market capitalisation of $115.4 million.
In another milestone, the company commenced copper sulphate production at Cloncurry at the end of July.
True North Copper signed an exclusive offtake agreement with Kanins International, and will produce copper sulphate at an initial capacity of 12,000 tonnes per annum.
Following the discovery, the company’s share price leapt from $0.22 on Wednesday to a high of $0.28 on Thursday.