True North wins state support to probe old Qld copper mine waste
Brought to you by BULLS AND BEARS
Michael Busbridge
True North Copper has been awarded a $400,000 grant from the Queensland Government under the Cooperative Development Program (CDP) to explore old mine tailings at the Mt Oxide copper project in Queensland.
The company believes that the historic, good-grade ore recovered from the historic mine demonstrates potential significant untapped value in Mt Oxide’s tailings and stockpiled material.
After moving away from the mine, the old-timers left behind stockpiles, seepage piles and overburden dumps now managed by Queensland’s Abandoned Mine Lands Programme.
Rather than viewing these artifacts as a liability, True North now sees them as a possible bonus reward to add to its already large resource in the field.
‘The award of this CDP grant is a significant milestone for Mt Oxide.’
True North Copper general manager Andrew Mooney
In partnership with asset recovery specialist Regeneration Enterprises, the duo will explore ways to reprocess the ore, rehabilitate the land at Mt Oxide and reduce environmental risk.
The CDP-funded program will include targeted drilling sampling, laboratory analyses, mineralogical analysis and metallurgical testing to see if any of the legacy tailings still carry recoverable copper or other recoverable metals.
True North Copper managing director Andrew Mooney said: ‘The award of this CDP grant is a significant milestone for Mt Oxide and reinforces the quality of opportunity we see in the wider system. It provides non-dilutive financing to assess whether legacy materials could represent an additional source of value alongside our resource growth strategy.’
Since acquiring Mt Oxide in 2023, the company has focused on making discoveries to build a district-scale copper mine. Located 140 kilometers north of Glencore’s Mt Isa copper concentrator and smelter, the project has an enviable infrastructure strength.
The underground Vero deposit resource weighs 15.03 million tonnes grading 1.46 percent copper, with a cobalt inventory of 9.15 million tonnes containing 10.59 grams per tonne (g/t) silver and 0.23 percent cobalt, as well as an inventory of 220,000 tonnes of copper, five million ounces of silver and 20,000 tonnes of cobalt. tons of cobalt.
According to True North, there is significant potential to extend downstream and along strike of the extensive Mt Gordon Fault Zone, which controls the resource.
A second possibility, Aquila, was discovered in 2025 just 5 kilometers from the Mt Oxide pit. Initial drilling late last year revealed significant, high-grade mineralisation, including a 30-metre hit with a copper grade of 2.45 per cent.
Another standout hole was drilled to 59 meters at 1.77 per cent copper, 0.04 per cent cobalt and 5.2 g/t silver, with a whopping 8 per cent copper over 7 metres.
With a span of more than 900 m and open in all directions, the company believes Aquila will be a game-changer with its potential to host a significant, high-grade copper-cobalt-silver system.
As grant paperwork nears completion, True North and Regeneration are preparing to move directly into waste assessment alongside the company’s larger exploratory work.
If the old mills can restore even a fraction of their former glory, Mt Oxide could soon be offering fresh copper from the leftovers of yesterday, giving punters yet another reason to keep a close eye on this growing Queensland copper hub.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
