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True North Copper Scoping Study Strengthens Queensland Project With Addition of High-Value Resource; Shares Gain 6%

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True North Copper (ASX:TNC) said a scoping study for the Wynberg gold-copper deposit in Queensland shows the potential for a low-capital development and strengthens its Cloncurry copper project with the addition of a high-value resource, according to a Wednesday filing with the Australian bourse.

The Wynberg deposit is located about 25 kilometers east of Cloncurry within an existing mining lease.

The scoping study identified multiple development pathways to maximize project value, with a production target containing 53,000 ounces of gold equivalent based on measured and indicated resources, per the filing.

It also shows a low-capital development opportunity delivering a pre-tax cash flow of AU$53 million to AU$87 million, the company said.

The Cloncurry pre-feasibility study and potential ore reserve remain on track for completion late this year.

True North Copper shares gained 6% in recent Wednesday trade.

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