Mt Oxide’s Aquila Discovery Opens Door to District-Scale Copper-Cobalt Growth Risks

Aquila Discovery Validates Mt Oxide's Potential

True North Copper Limited (ASX, TNC) has announced compelling final assay results from its Aquila prospect within the Mt Oxide Project in Queensland’s Mt Isa region. The latest drilling confirms the continuity of high-grade copper-cobalt-silver mineralisation along a strike length of at least 900 metres and to a depth of 250 metres, with a true width of approximately 60 metres. Importantly, the mineralisation remains open both along strike and at depth, suggesting significant potential for resource growth.

The Phase 2 drilling program, comprising 21 reverse circulation holes totaling over 5,000 metres, has successfully delineated a robust and steeply dipping orebody. Notable intercepts include 33 metres at 1.67% copper and 0.08% cobalt from 120 metres depth, including a high-grade 4-metre section grading 7.09% copper. These results reinforce the geological model underpinning the Mt Oxide system and demonstrate the scale and continuity of mineralisation that True North is targeting.

Strategic Growth and Exploration Outlook

Managing Director Andrew Mooney highlighted that Aquila is more than a single discovery; it is a strong validation of the district-scale potential of Mt Oxide. The mineralisation shares structural and grade characteristics with Capricorn Copper, a nearby major deposit with proven depth extents exceeding 1.2 kilometres. With Aquila drilling to date only testing to around 250 metres depth and 900 metres strike, the company sees substantial upside in extending the mineralised footprint.

Looking ahead, True North plans an extensive 2026 drilling campaign aimed at both infilling and extending the Aquila discovery, as well as systematically testing multiple high-quality, analogous targets along a 10-plus kilometre prospective trend. This includes priority zones such as the Apollo and Acanthis trends, which remain largely untested. Complementary geophysical surveys, including induced polarisation and airborne magnetic surveys, are scheduled to refine targeting and support discovery efforts.

Emerging Copper District in a Proven Structural Corridor

The Mt Oxide Project is situated along the Mt Gordon Fault Zone, a recognized structural corridor known to host significant copper-cobalt-silver mineralisation. True North’s exploration has identified multiple priority targets beyond Aquila, including Ivena North, Camp Gossan, Cave Creek, and Rhea, each showing promising geological and geophysical signatures. The company’s systematic approach, combining modern geophysical techniques with targeted drilling, is uncovering a district-scale system with the potential to evolve into a multi-deposit copper district.

True North’s strategy is underpinned by a disciplined, three-stage growth plan, developing near-term cash flow from the Cloncurry Copper Project, expanding resources at Mt Oxide, and pursuing Tier 1 regional targets. The recent results at Aquila provide tangible momentum towards establishing Mt Oxide as a cornerstone asset within this strategy.

Pending Results and Environmental Considerations

While the Phase 2 drilling at Aquila is complete, assay results from an additional five holes testing the Acanthis, Apollo, and Aquila North trends are pending, expected by mid-January 2026. Environmental land access and cultural heritage surveys are ongoing to support the upcoming exploration activities. These factors will be critical in maintaining the project’s development timeline and ensuring sustainable progress.