Copper, Exploration/Development, Gold, News

Queensland copper miner gets $5 million stamp of approval

West Musgrave, copper

True North Copper has secured a $5 million cash injection as it gears up for a big year of exploration and maiden mining.

Millinium Capital Managers as trustee for MP Materials and Mining Group Fund has signed binding documentation for a placement of 41,666,667 fully paid ordinary shares in True North at an issue price of $0.12 per share.

The issue price represents a 66.67 per cent premium to the last closing price, which True North says demonstrates strong investor confidence in the company’s future prospects and growth potential.

True North said the funds will go towards working capital, including exploration programs.

The cash injection comes at a great time for True North, which is gearing up for a big 2024.

True North is aiming to commence mining at the Wallace North area of its Cloncurry copper project in Queensland later this year.

Cloncurry hosts a known 4.7 million tonnes of ore grading at 0.8 per cent copper and 0.13 per cent gold. However, True North is targeting seven exploration zones which offer the potential to add significant tonnes to the project’s mine life.

There is also potential for discoveries at multiple advanced exploration targets in a 30km surrounding zone to the Cloncurry project.

True North also owns the Mt Oxide project in Queensland where it has set similarly ambitious exploration targets.

The Mt Oxide Vero resource hosts a large-scale copper-cobalt-silver system. Throughout the year, the company aims to further unlock Mt Oxide’s underexplored, high-quality targets and potential beyond the Vero resource, including the more than 10km trend along the Dorman fault zone with intermittently outcropping gossanous/silica breccias.

To-date, there has been no previous systematic drilling, surface sampling or effective geophysics undertaken in this area.

“By the second half of 2024 we will be able to aggressively drill test a series of high-quality, priority exploration targets across the prospective, underexplored and phenomenally mineralised Mt Oxide project tenements,” True North Copper managing director Marty Costello said.

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