What did True North Copper (ASX:TNC) announce regarding its Wallace North deposit?

True North Copper has commenced a strategic drilling programme at its Wallace North Copper-Gold deposit in Queensland. The campaign involves 14 drill holes—six diamond and eight reverse circulation—totalling approximately 2,500m/

Why is this drilling campaign significant for True North Copper (ASX:TNC) shareholders?

The programme is "dual-purpose," aiming to both expand the current resource and provide essential data for the upcoming 2026 pre-feasibility study. By conducting metallurgical and geotechnical studies now, the company is attempting to de-risk the project's economics.

What are the current resource and grade specifications for the Wallace North deposit?

The deposit currently hosts an upgraded resource of 2.0 million tonnes (Mt) at grades of 1.28% Copper (Cu) and 0.77 g/t Gold (Au). These figures serve as the baseline that this drilling programme intends to grow.

How does the 2025 drilling data influence the current TNC exploration strategy?

This new phase specifically targets high-grade zones identified in 2025, which included a standout intercept of 9m at 4.33% Cu and 3.64 g/t Au. Management is using these "stellar" past results to guide their technical approach, focusing on areas with the highest potential for immediate resource upgrades.

What are the main bull and bear points for True North Copper (ASX:TNC) following this news?

The bull case rests on the high-grade nature of the existing intercepts and the potential for a significant resource upgrade that justifies a larger open-pit operation. Conversely, the bear case involves the inherent risks of exploration drilling; if results fail to replicate the 2025 grades, the share price could see downward pressure.

How does this news affect the True North Copper (ASX:TNC) investment thesis?

The news shifts the thesis from pure speculation toward a more structured development story. By aiming for a 2026 Pre-Feasibility Study, TNC is moving into the "value-add" phase of the mining lifecycle where technical certainty increases.

Is True North Copper (ASX:TNC) expanding its exploration beyond the current pit?

Yes, the company is testing near-mine extensions and exploring the broader Wallace system, including the Wallace East and Buenavista prospects. This suggests management believes the mineralisation extends beyond the currently defined 2.0Mt resource.

Image for illustrative purposes only. Not a real photo.

True North Copper commences vital Wallace North drilling

Written by Liezl GambePublished Apr 7, 2026, 1:37 AMLast Updated Jul 6, 2026, 10:30 AM

True North Copper (ASX:TNC) commenced a critical drilling programme at its high-grade Wallace North Copper-Gold deposit.

The latest exploration phase aims to build upon an already impressive upgraded resource base of 2.0Mt at 1.28% Cu and 0.77 g/t Au.

The comprehensive programme is designed to be dual-purpose, utilising both diamond and reverse circulation drilling techniques.

The schedule includes six diamond holes totalling approximately 1,000m alongside eight RC holes covering roughly 1,500m.

The technical approach is specifically engineered to follow up on stellar 2025 intercepts, which previously yielded results such as 9m at 4.33% Cu and 3.64 g/t Au.

Beyond mere resource expansion, the data gathered from this campaign will be instrumental in finalising metallurgical and geotechnical studies required for the 2026 pre-feasibility study.

By testing near-mine extensions and high-priority targets, True North Copper intends to expand the existing open pit footprint while simultaneously exploring the broader Wallace system, including the Wallace East and Buenavista prospects.

At the time of reporting, True North Copper's share price was $0.36.

True North Copper commences vital Wallace North drilling

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