Discovery at Aquila Opens New Frontier but Raises Questions on Resource Scale and Development

A Breakthrough Discovery in Northwest Queensland

True North Copper Limited (ASX, TNC) has revealed a major new mineral discovery at its 100%-owned Mt Oxide Project, located 140 kilometres north of Mt Isa. The Aquila Prospect, one of six priority targets within the project, has yielded a large-scale, high-grade copper-cobalt-silver system through initial reverse circulation drilling.

The first three drillholes at Aquila have intersected significant mineralisation, with copper grades reaching up to 5.31% and cobalt and silver also present in noteworthy quantities. Importantly, mineralisation begins close to surface and extends over broad intervals, highlighting the prospect’s potential as a substantial new resource.

Encouraging Assay Results and Geological Context

Highlights include a 30-metre zone averaging 2.45% copper starting from 20 metres depth, and a deeper 98-metre zone averaging 0.61% copper with cobalt and silver credits. These zones contain higher-grade cores, such as a 10-metre interval at 5.31% copper. The mineralised system shares geological characteristics with the nearby Vero Resource, located just over 4 kilometres away, which already hosts a significant copper-cobalt-silver deposit.

The discovery is situated within a well-known mineralised corridor controlled by major fault structures, with geophysical surveys guiding the drilling. The presence of cobalt alongside copper is particularly valuable given cobalt’s critical role in battery technologies, potentially enhancing the economic appeal of the deposit.

Strategic Implications and Next Steps

True North’s Managing Director, Bevan Jones, described the discovery as “game-changing,” emphasizing the system’s width, continuity, and open-ended nature along strike and at depth. The company plans to extend induced polarisation geophysical surveys along approximately 3 kilometres of strike to better define the system’s boundaries and to deploy high-resolution drone magnetics to refine structural understanding.

Exploration drilling at Aquila is temporarily paused to accommodate these geophysical programs, with the rig redirected to other prospects within the Mt Oxide district. Pending assay results from two additional holes will further inform the scale and grade continuity of the system. True North is also progressing environmental and cultural heritage approvals to support expanded drilling activities.

Broader Significance for True North Copper

This discovery validates True North’s integrated exploration approach, combining structural mapping, geochemical sampling, and advanced geophysical modelling. It suggests the Mt Oxide district may host multiple large-scale copper deposits beyond the known Vero resource, potentially establishing a new regional copper camp.

With a strong financial position, True North is well placed to accelerate exploration and development efforts, aiming to significantly grow its mineral inventory in a globally strategic mining region.