True North Copper is embarking on a fresh chapter, operating under the revised business strategy it has laid out as a blueprint after coming out of administration.

As previously outlined, TNC has paused the operational ramp-up of the Cloncurry Copper Project (CCP) and plans an extensive exploration and resource definition drilling campaign there and at its Mount Oxide Project.

The company resumed trading on the ASX this week following the completion of a successful recapitalisation.

Main image: True North Copper’s Cloncury area tenements

“On behalf of the board and management and the whole True North team, I wish to thank each and every one of our shareholders for their patience through this recapitalisation phase,” managing director Bevan Jones said. 

“We look forward to a bright future ahead as we return to our roots, and continue with a new strategy solely focused on exploration.

“The strong support demonstrated by our existing major shareholders Tembo Capital and Regal Partners and from our newest major shareholder, Glencore Australia, is a testament to the quality of our 100 per cent-owned assets, the Cloncurry Copper Project and Mount Oxide Project. 

“For those shareholders who participated in the share purchase plan, we are grateful for your ongoing loyalty and belief in the exploration upside our assets offer.”

Related: True North shores up funding for fresh start

The strategy included an exploration work program commencing in this quarter with an initial reverse circulation (RC) drilling program at CCP before drilling at Mount Oxide as soon as seasonal conditions permited, the company said.

Mr Jones said the planning and early works for the 15,000m RC drilling program were now well underway for the 2025 exploration plan.

There’ll be definition drilling of several high-priority targets at CCP, including near-mine pit opportunities to grow resources, expand mine life and optimise the previous mine plan.

“Whilst the mobilisation phase of the drilling program is progressing we will commence a targeted geophysics IP survey program at CCP that will fast track commencement of our exploration program early in Q1 2025,” he said.

The company plans extensive exploration at Mount Oxide targeting the discovery of near-surface, open-pit style deposits with similar characteristics to the Vero deposit (15.03Mt resource at 1.46 per cent copper (indicated and inferred)). Priority targets included Camp Gossans, Black Marlin, Rhea, and Aquila.