Mt Oxide’s growing silver potential

True North Copper has delivered an updated mineral resource for its Vero deposit at the Mt Oxide project in Queensland, with a 20 per cent increase in silver resources.

Vero now contains 15.03 million tonnes at 1.46 per cent copper and 10.59 grams per tonne silver for a contained 220,000 tonnes of copper and 5.13 million ounces of silver (both in indicated and inferred categories).

“We are pleased to deliver an update to Vero’s contained resources, particularly an increase in silver, a metal which is currently seeing a supply-demand imbalance though demand in solar and other technology applications,” True North chief executive officer and managing director Bevan Jones said.

“This updated resource also provides greater confidence in the deposit, following True North’s first program of confirmatory drilling and a substantially updated geological model, which incorporates historic resource depletion by previous mining.”

This is True North’s first mineral resource estimate (MRE) completed for Vero, with Perilya conducting the last Vero copper-silver MRE in 2011.

True North completed 12 infill and diamond drill holes in October 2023 to inform the update.

“We see exploration upside within reach of shallow drilling at Ivena, north of the (Vero) resource, and along a 10km section of the Dorman fault where we are actively exploring for satellite zones of mineralisation with the MIMDAS crew onsite completing the line at Camp Gossans,” Jones said.

“The survey team are now moving to the north to acquire the line over the Vero deposits with the aim to identify drill targets at depth below the current resource.”

In April, True North was awarded a $300,000 grant from the Queensland Government’s Collaborate Exploration Initiative to deliver MIMDAS, an advanced geophysical technique, across three of four highly prospective targets along the Dorman Fault.

Vero also boasts a 9.15Mt at 0.23 per cent cobalt MRE.