True North hits deep high-grade copper at Mt Oxide

Brought to you by BULLS N’ BEARSDoug BrightAugust 11, 2026 — 4:46pmTrue North Copper’s Aquila discovery in North Queensland has thrown up another broad copper hit at its Mt Oxide project with the company drilling through a massive 130-metre-long intersection extending known high-grade mineralisation to about 300m depth, with the system remaining open. The intercept graded 0.67 per cent copper and included a stunning high-grade core of 6m going 5.70 per cent copper.The result comes at a time when the global copper market remains structurally tight, with high demand from increasing electrification and new technologies such as hyper-giant AI data centres putting a serious squeeze on future supply.True North Copper’s drilling at its Mt Oxide project in Queensland is extending broad, high-grade mineralisation.The headline 130m hit came from 180m down-hole and was one of three new reverse-circulation holes drilled to test the northern high-grade shoot at Aquila. The intercept also contained an impressive 16m at 3.67 per cent copper, which included the high grade 6m core going 5.70 per cent copper, in addition to other cobalt and silver credits, up to peak grades of 0.07 per cent cobalt and 8.2 grams per tonne (g/t) silver.Other notable results from the latest campaign include a 74m section at 0.73 per cent copper from 159m, with an 11m internal zone grading 1.64 per cent copper and 2.8g/t silver, while a third hole bored through 31m assaying 0.90 per cent copper and 4.6g/t silver from a shallower depth of 68m, including 7m at 1.39 per cent copper and 7.3g/t silver.‘Each drill hole is improving our understanding of the system and helping define the continuity and geometry of the higher-grade shoots.’True North Copper managing director Andrew MooneyManagement says the latest results extend the known high-grade mineralisation by about 100m vertically, from around 200m to 300m below surface, strengthening confidence in the continuity and scale of the Aquila discovery.The Aquila discovery is part of a broader mineralised system at the Mt Oxide project that drilling and geophysics have defined over a 1.8-kilometre strike length. The company is chasing a prize of some significance, using 29Metals’ 64-million-tonne Capricorn Copper mine, only 20km to the south, as its geological and development analogue.The copper mineralisation at Mt Oxide’s Vero and Aquila discoveries is hosted in steep, structurally controlled zones featuring copper-silver-cobalt sulphides. This mirrors the mineral assemblage found at Capricorn’s Mammoth and Esperanza orebodies, consisting of the copper sulphide minerals chalcopyrite, bornite, covellite and chalcocite.True North’s exploration logic relies on the fact that outcropping gossans and induced polarisation (IP) chargeability trends at Mt Oxide match the geophysical signatures associated with the massive orebodies at Capricorn Copper.The company’s Mt Oxide project already hosts the impressive Vero resource of 15 million tonnes grading 1.46 per cent copper for 220,000 tonnes of contained copper, 5 million ounces of silver and 21,000 tonnes of cobalt.True North Copper managing director Andrew Mooney said: “These latest results continue to strengthen confidence in the Aquila discovery and reinforce our belief that we’re building a significant new copper system at Mt Oxide. The 130m intersection, including 6m @ 5.70% Cu at depth, is particularly encouraging and extends the northern high-grade shoot to approximately 300 metres below surface, where it remains open.”While the drill rods are turning at Mt Oxide, the company is also advancing its Cloncurry copper project, about 120km east of Mt Isa. A prefeasibility study, or “PFS”, and a potential ore reserve for Cloncurry are on track for completion by the end of the year.True North’s Cloncurry tenure includes the Wynberg copper-gold project, where a 2022 mineral resource estimate outlined a measured resource of 280,000 tonnes at 2.7 grams per tonne gold, an indicated resource of 320,000 tonnes at 2.8g/t gold and an inferred resource of 40,000 tonnes at 2.2g/t gold.A scoping study for Wynberg has identified multiple development paths, targeting 0.87 million tonnes for 53,000 ounces of gold equivalent, based on the deposit’s measured and indicated resources. Further metallurgical and engineering studies are planned through 2026 and 2027 to refine the development pathway.With drilling continuing to expand Aquila at depth and along strike, True North has a pretty full dance card. The company is waiting on further assays from Aquila, in addition to regional prospects including its nearby Apollo, Acanthis, Ivena North and Rhea targets, all while progressing technical studies for its twin-track development strategy for its Cloncurry and Mt Oxide projects.Hitting thick copper with a high grade core is one thing. Hitting it deep and showing the system has legs is another thing entirely. With the world waking up to a looming copper deficit, proving up scale and grade in one of Australia’s premier copper provinces could be a potent combination.Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.auFrom our partners