Our next mine is the Vero resource at our Mt Oxide project. We are committed to developing and understanding this phenomenally mineralised project. Exploration and mining studies are underway.
Copper demand is rising, in a market of diminishing supply. The global surge in artificial intelligence, electric vehicles, decarbonisation initiatives, and broader macro trends is intensifying the demand for copper.
TNC is ready.
TNC is preparing to become Australia’s next copper producer.
TNC’s two principal assets are located in northwest Queensland, Australia – a Tier 1 Jurisdiction:
Cloncurry Copper Project (CCP)
Mt Oxide Project
Funding and Strategic Partnerships
Figure: Visual representation of Vero Resource within surrounding Mt Isa Inlier.
TNC 2024 Exploration Program
Figure: Summary of exploration and development pipeline across all TNC projects.
Our Cloncurry copper project (CCP) hosts iron oxide copper-gold (IOCG) and iron-sulphide-copper-gold (ISCG) deposits with extensive surrounding exploration tenure. It is built on a strong economic basis and low-risk cost structure.
The CCP currently incorporates two reserves where mining will commence including – the Wallace North maiden resource and the Great Australia mine reserve (GAM):
TNC’s CCP expansion is ongoing with exploration progressing and advanced projects in strategic locations surrounding the existing CCP operation, promising long-term growth prospects.
Our strategic partnerships, including a binding offtake and toll-milling agreements with Glencore International AG, supported by debt funding secured with Nebari, underscore our operational readiness and position TNC to capitalise on an extremely favourable copper market.
Mining operations will kick-off at the Wallace North open cut pit, targeting higher-grade ores (~1 percent copper) from surface mining. Ore will undergo primary crushing at the Cloncurry operations hub and the toll treatment facility, located within a 40km radius, with a predominant focus on sulphide ores.
All necessary permits for mining are secured across the CCP, bolstered by an established environmental monitoring network with a robust historical database.
TNC’s operational strategy involves a phased approach to mine development, with plans to commence mining operations in 2024 and manage capacity ramp-up throughout 2025.
The Cloncurry operations hub is strategically located to the CCP’s four open pit deposits including: Great Australia, Orphan Shear, Taipan and Wallace North.
The COH is located 2 kilometres from the township of Cloncurry and provides essential infrastructure, technical systems and support to all of TNC’s project operations. An active oxide heap leach and solvent extraction (SX) processing plant, mine buildings, site administration facilities, workshops, open pit mine facilities, onsite explosive magazines, site storage, water management systems and existing site power supply are located at the COH.
The Mt Oxide project hosts the Vero resource of 15.98 Mt @ 1.43 percent copper(measured, indicated and inferred) a Mt Isa style sediment-hosted copper-silver-cobalt system. Analogues include Capricorn copper and Mt Isa copper.
The Vero resource at our Mt Oxide project is our next mine. We are focused on understanding this phenomenally mineralised system.
Mt Oxide’s Vero Resource 2023 exploration program returned outstanding and globally significant grades. The program included our 2023 maiden drilling program across the Vero resource and results showcased the expanding nature of the Vero high-grade ore body.
During 2024, TNC will be exploring multiple, exciting high-priority exploration targets along a 10 kilometres mineralised trend that hosts Vero.
We will also be delivering during 2024 the Vero Resource re-estimation and mining optimisation and feasibility studies.
Vero Resource maiden drilling program
In 2023, TNC completed an initial 12-hole diamond drilling program at Mt Oxide designed to confirm historical high-grade intersections and test the depth and strike extensions to the existing Vero Resource.
2023 Vero resource drilling highlights included (* = Estimated True Width):
MOXD217 returned phenomenal results that placed the drill hole in the top globally ranked copper drill holes of 2023 including :
MOXD221 intercepted a wide interval of high-grade shallow dipping mineralisation as well as a second deeper intercept, providing indications of rapidly increasing grade and widths of mineralisation to the south including:
MOXD226A returned three key zones of strong mineralisation including a broad interval of 69.95 metres and further intervals of up to 11.19 percent copper.
Highlights include:
Figure: Location of geological and grade composites as well as the updated interpretation of copper grade domains based on the results from MOXD226A
TNC is committed to unlocking Mt Oxide’s underexplored high-quality targets.
Multiple exciting future exploration programs and high-priority potential targets along 10km long mineralised trend that hosts Vero including:
Figure: Multiple exciting future exploration programs and high-priority potential targets along the 10-kilometre long mineralised trend that hosts Vero resource’s Mt Oxide project.
Ian McAleese worked as a mine geologist at Mt Isa, Jabiluka and Bougainville for 15 years before moving into copper concentrate marketing on Bougainville. On returning to Australia in 1987, he worked initially as a mining analyst and subsequently as a portfolio manager specialising on investment in mining companies for a number of large investment institutions. McAleese then returned to the mining industry in business development and investor relations roles for a number of coal mining companies, including Macarthur Coal and Whitehaven Coal. After retiring from Whitehaven Coal in late 2020, he joined Duke Exploration as a non-executive director just prior to the Duke Exploration IPO. In December 2022 he became the non-executive chair of True North Copper.
Craig Gouws, a chartered accountant, has extensive Australian and international experience as a CFO and board of director with a demonstrated history of successfully leading financial operations across diverse industries and international markets. Gouws holds a Bachelor of Commerce and a Post Graduate Diploma in Accounting from the University of Cape Town and is a fellow of the Institute of Chartered Accountants in England and Wales and a member in South Africa.
Marty Costello is recognised as one of Australia’s leading project development and sustainability strategists across the resource sector, with more than 20 years of professional experience.
After working for several companies and government departments (domestic and international) managing, developing and implementing environment, sustainability and risk (ESR) programs and policies he established his own environmental consultancy – Northern Resource Consultants (NRC).
In the space of nine years, Costello developed NRC into an industry specialist with more than 25 employees focusing on environmental management and sustainability solutions for the resource sector. NRC delivered agile, best practice ESR strategies and multi-disciplinary environmental and sustainability services for clients like Evolution Mining, Futura, Sojitz, Adani, Red River Resources, CU River Mining, and others.
In 2018, NRC was acquired by SLR, a global leader in environmental and sustainability solutions. The acquisition facilitated considerable additional capability and geographic coverage to SLR’s existing mining and minerals in Asia Pacific business. During his consulting life, Costello was retained by Evolution Mining over an eight-year period to provide strategic project development, ESG advice to the board and executive management team.
Costello holds a Bachelor of Applied Science (environmental management) and Diploma of Applied Science.
Peter Brown has held senior management roles in the resources sector, both domestically and internationally, including recent positions at Round Oak Minerals and Diatreme Resources where he oversaw project development and operations. Brown has diverse experience and an impressive track record that demonstrates his ability to successfully deliver projects and foster positive relationships with all project stakeholders.
He has managed discovery programs for gold, copper and chromite in South America, Japan, Vietnam and Indonesia, including government and community relations. He also drove improvements and provided training in mine geology, resource evaluation and mine technical services at prominent mines such as Mt Muro Gold Mine, George Fisher Mine and Peak Gold Mines. Additionally, Brown played a significant role in reviving abandoned satellite projects at Peak Gold Mines.
Other achievements include successfully re-permitting and constructing the 1-Moz Toka Tindung Gold Mine in Indonesia as director of Indonesian companies and general manager at Archipelago Resources; leading the permitting, engineering redesign and construction of the 0.8-Moz Mt Carlton Gold Mine in Queensland; the successful development of Mt Carlton and Pajingo projects, which contributed to the establishment of Evolution Mining; and recommissioning and developing several mining projects in the Mount Isa and Cloncurry region.
Sven Sewell has over 25 years’ experience working in a range of environmental fields, including environmental consulting, environmental regulation and within the industry.
For the 15 years prior to joining TNC, Sewell held senior environmental positions at several operating mines across northern Australia. At those operations, he was generally the most senior environment, responsible for all aspects of permitting, compliance, rehabilitation and general environmental management. Sewell’s experience in northern Australian mines includes several new and established gold, uranium and bauxite operations.
Sewell holds a BSc (with honours) in environmental science.
With more than 30 years of domestic and international mining industry experience, Mark Brown offers a comprehensive skill set grounded in practical resource sector execution and invaluable leadership experience. His career journey has been marked by a commitment to safety, operational excellence, and fostering positive work cultures.
Brown has held a variety of senior leadership operational roles throughout his career, overseeing various aspects of mining operations. He has extensive experience across all mining regulatory and compliance aspects and has expertise in health and safety management including emergency response, crisis management, contractor management, and comprehensive incident investigations.
Michelle Ellis retains over 15 years’ mineral exploration, resource and mining experience predominantly in iron-oxide-copper-gold deposits and terrains across South Australia and Northwest Queensland.
Over the past 11 years, she has actively explored a range of commodities and deposit styles throughout the Mount Isa Inlier.
Ellis has an MSc in economic geology, MSc in environmental management and BSc in applied science – geoscience, and is a member of the Australasian Institute of Mining and Metallurgy.
Rhonda Freeman has more than 18 years’ experience attracting top talent, fostering employee development and helping organisations develop safe and supportive work environments. She has worked extensively across the resource sector, including for large national-wide drilling companies.
Freeman has worked for mining companies across a variety of geological settings including brown coal, black coal, uranium, mineral sands and oil & gas. She brings a diverse skill set specific to the resource sector, having worked across all commercial aspects of drilling operations including as an exploration manager.
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