True North Copper (ASX: TNC), which currently has administrators appointed, has obtained promising results from the Rhea and Black Marlin geophysical survey at TNC’s Mt Oxide Project, 140km north of Mt Isa in Queensland.
The survey is supported by a $300,000 Queensland Government Collaborate Exploration Initiative (CEI) Grant.
Highlights:
• Multiple new geophysical targets with similar signatures to the Vero Deposit have been revealed in the final five MIMDAS Induced Polarisation (IP) lines at the Rhea, Camp Gossans and Black Marlin prospects.
• Rhea – A new, shallow, 140m long chargeability anomaly is identified coincident with the Rhea hematite structural breccia. The anomaly remains open to the south and has had no previous drilling.
• Black Marlin – is now defined as an open +200m long chargeability target with a new 130m wide strong (+30mV.V) chargeability zone on its northwestern end, untested by drilling.
• Camp Gossans – A new shallow 110m wide high order chargeability/conductivity anomaly, has been identified where the previously identified Camp Gossan geophysical anomalies are interpreted to intersect the Dorman fault.
These five lines represent the culmination of TNC’s exploration MIMDAS survey that identified six geophysical target zones in the 10km long Dorman Fault corridor, host to four high priority areas at Camp Gossans, Black Marlin, Aquila and Rhea. An additional five secondary target zones have been identified near Vero and the historic Mt Gordon mine.
Following the completion of the geophysical survey, True North’s exploration team initiated a rock chip sampling program targeting the new geophysical targets. The sampling aims to identify anomalous copper and pathfinder element trends on the structures and further refine and prioritise drill targeting.
Reporting of results to the Department of Natural Resources & Mines, Manufacturing and Regional and Rural Development is now in progress for the refund of the $300,000 funding. True North is grateful for the department’s support of the geophysical programme which has successfully identified 11 targets. Heritage clearance and access earthworks planning have been initiated in preparation for drilling.
“The final results of our CEI grant funded MIMDAS geophysical survey have revealed multiple new anomalies with similar signatures to the Vero deposit that are coincident with prospective geology at surface,” Managing Director, Bevan Jones, said.
“These anomalies form within a 10km section of the Dorman fault that hosts the Vero Resource, are shallow, and could represent mineralisation that, if discoveries are made, may be able to be mined by open pit methods. True North would like to thank the Queensland Government for supporting this innovative exploration program through the CEI grant process.”