True North Copper (ASX:TNC) is reporting a big return on investment from a recent diamond drilling program at the Vero Resource, part of its 100 percent-owned Mt Oxide Project located 110km north of Mount Isa.

High-grade assay results continued to confirm the Vero Resource hosts large-scale, high-grade copper-cobalt-silver mineralisation the company told the ASX.

Related: True North Copper breaks into production at Cloncurry

TNC previously announced an intercept of 66.50m (48.00m*) @ 4.95% Cu, 32.7g/t Ag and 686 ppm Co from 234.00m from the first drillhole of the program the report said. 

 Mt Oxide Project and its Vero Resource were under explored and this was the first significant on-ground exploration since 2012, said Managing Director, Marty Costello.

“The latest diamond drilling results from Vero validate Mt Oxide’s potential, providing further confidence for TNC following our initial result in MOXD217 which had an estimated true width of nearly 50m at 4.95 percent copper,” Mr Costello said. 

“Today’s results which include an intersection of 7.65 percent copper over 4m demonstrate the high-grade nature of copper mineralisation in the area and further extension of the Vero Resource’s high-grade ore body. 

“This drilling program allows us to extend the Vero Resource and its incredibly impressive mineralisation.

“It also allows us to develop our exploration program and target new discoveries much more efficiently across the entire Mt Oxide Project.” 

The Mt Oxide Project showed all the signs of a significant critical minerals project in a Tier 1 jurisdiction, Mr Costello  said.

“We’re rapidly advancing our knowledge of a phenomenally mineralised system and we’re using this information to develop our mining studies and find new discoveries,” he said.

“The latest assay results provide us with continued confidence in our 100% owned Vero Resource. We will use the results from this program to update existing copper, silver and cobalt resource estimates for the Vero Resource. 

“Copper sulphate production at our Cloncurry Project in Queensland is also consistently increasing since it commenced in July, providing the Company with valuable cashflow to support our exploration program at Mt Oxide.”