True North Copper Targets High-Grade IOCG Mineralisation in Drill Programme

True North Copper Identifies Premium IOCG Drill Targets at Salebury

True North Copper (ASX: TNC) has uncovered multiple high-quality, large-scale Iron Oxide Copper-Gold (IOCG) drill targets at its Salebury Mineral System within the company's Cloncurry Copper Project in Northwest Queensland. These compelling targets were identified through an integrated exploration approach utilising recent induced polarisation (IP) survey results.

New Geophysical Survey Reveals Premium IOCG Targets

True North has completed 5.9 line-kilometres of new induced polarisation survey at Salebury, representing the first major advancement in exploration at the site since 2012. The company's systematic approach combines multiple geological and geophysical datasets to identify three high-confidence IOCG drill targets with similarities to major deposits in the region:

• Salebury Main Zone Target: Features a large unexplored intrusive-driven breccia system with coincident gravity and high-order chargeability anomalies
• Raleigh's Prospect Target: Displays a large sulphide halo developed around a gravity high anomaly, interpreted as a zoned IOCG system
• The Gully Prospect Target: Exhibits extensive surface magnetite alteration with coincident IP, gravity, and magnetic anomalies

"The integrated geological exploration work at Salebury showcases True North's strategic exploration philosophy – leveraging advanced geological tools to systematically define high-confidence drill targets. We are particularly excited by Salebury's strong geological similarities to regionally significant IOCG deposits, which gives us increasing confidence about Salebury's broader mineral system potential," said True North's Managing Director Bevan Jones.

Understanding IOCG Deposits

What Are Iron Oxide Copper-Gold Deposits?

Iron Oxide Copper-Gold (IOCG) deposits represent some of the world's most valuable mineral systems due to their potential for large size, multi-commodity production, and long mine life. These deposits were first recognised as a distinct deposit type following the discovery of the massive Olympic Dam deposit in South Australia in the 1970s.

IOCG deposits are characterised by:

• Extensive alteration halos: Making them detectable through geophysical methods
• Structural controls: Often located along major fault systems
• Multiple commodity potential: Beyond copper and gold, they can contain significant uranium, silver, and rare earth elements
• Significant size potential: Many IOCG deposits exceed 100 million tonnes of ore

For investors, True North Copper IOCG drill targets offer compelling upside due to their typically large scale and potential for high-grade zones within broader mineralised systems. Notable examples include Olympic Dam (BHP) and Prominent Hill (OZ Minerals) in South Australia.

Geological Setting of the Salebury Targets

The Salebury Mineral System is strategically positioned within the Eastern Fold Belt of the Mount Isa Inlier, internationally recognised for world-class IOCG deposits. TNC's detailed work has identified mineralisation associated with multiple phases of hydrothermal and phreatomagmatic brecciation, indicating a robust mineral system driven by regionally significant intrusive events.

The integration of geological mapping, 3D modelling of historic gravity surveys, and recent IP surveys has created a comprehensive exploration framework that substantially enhances understanding of mineralising processes at Salebury. This approach is similar to the strategic exploration review methodology used by other successful companies in the region.

Target Details Show Systematic Exploration Approach

True North's exploration methodology follows a systematic, multi-disciplinary approach to target definition:

Salebury Main Zone Target

Geological mapping and relogging of historical drilling core have identified mineralisation associated with structurally hosted quartz carbonate veining within a series of multiphase hydrothermal and intrusion-related phreatomagmatic breccias. The target features a ~200m diameter gravity low interpreted to represent areas of intrusion-related hydrothermal alteration and intense brecciation, coincident with a prominent IP chargeability anomaly (+40mv/v) extending +300m below current drilling depth.

Raleigh's Prospect Target

Surface mapping identified mineralised hydrothermal breccias and key structural controls, while 3D inversion of gravity and magnetic surveys outlined a 250-300m diameter gravity high anomaly zone. A zone of chargeability (+20 mv/v) forms a halo around the gravity anomaly, indicating potentially a sulphide alteration zone around a mineralised intrusion or hematite altered core.

The Gully Prospect Target

Geological mapping identified a magnetite breccia zone over 500m in diameter with an interpreted magnetite-rich, finger-like zone approximately 150m in diameter. IP surveys highlighted a prominent 400m diameter chargeability anomaly coincident with a 250-300m diameter gravity high, modelled to a depth exceeding 500m.

The Gully Prospect represents what geologists describe as a "textbook IOCG target" with its coincident geophysical anomalies and surface expressions of appropriate alteration minerals.

Next Steps and Future Catalysts

True North is fully prepared to commence planning of a Reverse Circulation (RC) drilling campaign, with all required environmental and regulatory approvals secured and cultural heritage surveys underway. The programme will systematically test priority targets to validate geological and geophysical models, delineate mineralisation extents, and potentially expand the current resource base.

Meanwhile, investors can anticipate several near-term catalysts:

1. Great Australia Mine: Assay results from the first exploration drilling programme expected imminently
2. Mount Oxide: RC drilling programme underway, expected to be completed by end of July 2025
3. Further Results: Additional findings expected by Q3/Q4 2025, contingent on sample turnaround time

True North's Strategic Position in a World-Class Copper Province

True North Copper holds a strategic portfolio in the highly prospective Mt Isa Inlier, internationally recognised through initiatives like the Leffler gold geological survey. The company's assets include:

1. Mt Oxide Project: A high-grade advanced copper-silver-cobalt exploration asset located 1.5 hours from Mount Isa
2. Cloncurry Copper Project (CCP): Centred around the Great Australia Mine Complex with extensive existing infrastructure including a 100% owned refurbished Solvent Extraction plant, crusher, heap leach and tailing facilities

The company's mineral resources currently stand at:

• Cloncurry Copper-Gold Total: 12.69Mt at 0.80% Cu, 0.19 g/t Au
• Mt Oxide – Vero Copper-Silver: 15.03Mt at 1.46% Cu, 10.59 g/t Ag
• Mt Oxide – Vero Cobalt: 9.15Mt at 0.23% Co

Why Investors Should Follow True North Copper

True North presents a compelling investment opportunity based on several key factors:

1. Strategic Asset Base: Multiple advanced copper projects in a tier-1 jurisdiction with established infrastructure
2. Exploration Upside: Systematic, science-driven exploration approach identifying high-confidence targets
3. Development Pathway: "Hub and spoke" strategy leverages existing operational infrastructure
4. Copper Market Fundamentals: Positioned in a key metal for the energy transition and electrification
5. Near-term Catalysts: Multiple drilling programmes and results expected in the coming months

"The proposed drilling programme is a critical step in validating our geological interpretations and is pivotal for potentially enhancing our resource base across the broader Cloncurry Copper Project. We anticipate the drilling results will provide essential insights, adding Salebury as a key asset in our 'hub and spoke' strategy for the Cloncurry Copper Project," noted Bevan Jones, True North's Managing Director.

The identification of these new True North Copper IOCG drill targets at Salebury demonstrates the company's ability to apply sophisticated exploration techniques to generate high-quality targets in a world-class copper province. With drilling preparations already complete and multiple catalysts on the horizon, True North Copper is strategically positioned to build significant value through resource expansion and new discoveries.

Furthermore, the company's approach resembles successful strategies seen in other regional projects like Great Boulder's gold targets and recent high-grade gold discoveries elsewhere in Australia. In fact, the methodology shows parallels to Sunstone's high-grade gold exploration success, though True North's focus remains firmly on IOCG deposits.

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