True North Copper gives green light to Cloncurry restart

True North Copper (ASX:TNC) has combined the Great Australia Mine Reserve (GAM) and the Wallace North Resource to create the Cloncurry copper project (CCP).

This decision comes after recent positive exploration and development across both projects with the finalised CCP mine plans to be announced early 2024 following the completion of the updated GAM and the maiden Wallace North Reserve.

Advanced grade control drilling at Wallace North included multiple high-grade gold and copper zones with up to 14.05% copper and 25.7g/t gold intersected.

True North managing director Marty Costello commented on the mining restart.

“Over the past six months, thanks to the tremendous efforts of our operational and technical teams, we have reached a point where the TNC board can confidently commit to mining at our Cloncurry Copper Project,” he said.

“As shown in the initial GAM Reserve announcement, the fully permitted project presents an opportunity for a low capital expenditure and cash-generative opportunity.

“TNC will release an update on project economics for the expanded CCP on completion of the updated Great Australia Mine Reserve and the maiden Wallace North Reserve in early 2024.”

With the complete refurbishment of the GAM SX plant, copper sulphate production is currently underway with initial mining scheduled for early next year.

Also scheduled for next year is the execution of the Cloncurry sulphide ore processing and offtake agreement, securing project finance and environmental bond facility, and engaging mining contractors.