True North Copper Limited · ASX:TNC
True North Copper — Merger or Acquisition (March 2023)
38 slides from True North Copper's merger presentation, Mar 29, 2023
Slide 1: Duke Exploration Acquisition of True North Copper Presentation
Duke Exploration Acquisition of True North Copper Presentation 29th March 2023
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Duke Exploration Limited ABN 28 119 421 868 (“Duke” or the “Company”). The information contained in this presentation is for information purposes only. The information contained in this presentation is not investment or financial product advice and i
Slide 3: Disclaimer – Competent Persons Statements
Disclaimer Competent Persons Statements The information in this presentation that relates to Exploration Results and Mineral Resources for Great Australia Copper – Gold – Cobalt deposit, Orphan Shear Copper – Gold - Cobalt, and Taipan Copper – Gold – Cobalt is based on, and fairly represents, inform
Slide 4: Proposed Acquisition Of True North Copper Assets
Duke Exploration Company Update Proposed Acquisition Of True North Copper Assets The successful acquisition of True North Copper by Duke Exploration will create a Queensland based near term explorer for critical metals with the potential for near term copper production § The Company has signed a bin
Slide 5: Creating a new copper-cobalt company
Creating a new copper-cobalt company The successful acquisition of True North Copper by Duke Exploration will create a Queensland based copper critical metals explorer with the potential for near term copper production Highlights: § Potential sulphate copper production and early cashflow, with decis
Slide 6: Key Assets - Cloncurry Copper-Gold Restart Project
Key Assets - Cloncurry Copper-Gold Restart Project An extensive tenement 440,000 480,000 TRUEN ORTH TNC Exploration Ernest Henry Mine and Toll Processing options Mt Margret holding in a highly Tenement Granted TNC Exploration prospective copper Salebury 17 Tenement Appl. JORC 2004 Resource producing
Slide 7: Execution Schedule – Business Plan & Timeline
Execution Schedule – Business Plan & Timeline 1 February/March 2023 2 May 2023 3 May 2023 4 July-September 2023 INITIAL CAPITAL INITIATE SX PLANT REVERSE TAKEOVER / FINALISATION OF RAISE COMISSIONING LISTING MINING RESTART Raise $10m to fund mining & PROCESSING OF STUDEIS Commissioning of the GAM SX
Slide 8: Cloncurry Processing Hub: Great Australia Mine (GAM) Complex
Cloncurry Processing Hub: Great Australia Mine (GAM) Complex § GAM Complex 3.85 sq km MLs § Total Indicated and Inferred Resources of 10.81 Mt @ 0.71% Cu, 0.09 g/t Au & 0.02% Co for total contained metal of 76 kt Cu, 31.69 koz Au, 1.87 kt Co § Located on fully permitted mine leases § 100% owned proc
Slide 9: Crusher & Crystal Plant/SX (Copper Oxide)
Crusher & Crystal Plant/SX (Copper Oxide) Crusher Crystal Plant § The crushing circuit is a transportable quarry style with primary jaw, § The Crystal Plant at Great Australia Mine has been successfully utilised for secondary and tertiary cone, and triple deck screening. various oxide ore bodies thr
Slide 10: Crystal Plant Processing – Heaps to Tanks
Crystal Plant Processing – Heaps to Tanks § Crushed material placed on heaps Process diagram (cells 4–6), in 2–3 m stacking SX WITH E2 ONLINE TK-22 heights. Heaps are approved to 16 m (current maximum height up to 8 m). To Raff Pond PU-28 § Sulphuric acid mixed in raffinate AG-05 AG-06 RECYCLE LINE
Slide 11: Flotation Plant (Copper-Gold Sulphide)
Flotation Plant (Copper-Gold Sulphide) Process diagram § Plant is controlled through CITECT and PLC systems, which remain fully operational. § On-stream Analyzer (OSA) is an Outotec Courier 5i SL. § Rougher and Scavenger Cells are in near new condition. § All plant components, equipment registers, f
Slide 12: Flotation Plant Processing
Flotation Plant Processing The concentrator has a production rate of ~500 kt per annum. There are a number of nearby copper concentrators with available milling capacity 12
Slide 13: Ancillary Infrastructure
Ancillary Infrastructure The Project also has a fully HDPE lined Tailings Storage built in 2018, with ~1.5MT of tailings capacity remaining. The Project has a large warehouse containing necessary critical spares for both processing plants. The Project also owns a Stienhart Ore Sorter, which was purc
Slide 14: GAM Growth Potential
GAM Growth Potential GAM has significant upside potential and represents a compelling exploration target West East Mongoose located Exploration on TNC owned Taipan Target Great Orphan Shear Freehold Australia OPEN Greater OPEN Australian ML Boundary Target Cu % Drill and Block Model >=3.0 TRUEN ORTH
Slide 15: Wallace Mining Leases and Approved Infrastructure
Wallace Mining Leases and Approved Infrastructure § Wallace Mining Leases span over 751.2 ha. § Infrastructure includes waste rock dump, ROM pad, water management infrastructure and security gates. § Wallace South is currently in rehabilitation stage; does have approvals to continue mining. § Pits i
Slide 16: Wallace Complex & Wallace North
Wallace Complex & Wallace North Undeveloped project on Granted Mining Leases within trucking distance of the Great Australia Mine § Wallace North - 2004 JORC Copper % Gold g/t Resource16 Wallace East Exploration Target § 77 holes drilled at the deposit post 2004 JORC resource estimation. True North’
Slide 17: Wallace North – JORC 2012 resource restatement in progress
Wallace North – JORC 2012 resource restatement in progress Significant potential to expand – resource open to depth and along strike East West KRRC075 - 18 m @ 0.53 % Cu & W31 12 m @ 2.03 % Cu & 0.20 g/t Au from 48 m 1.37 g/t Au from 124 m9 Including 6 m @ 1.13 % Cu from 48 m 18 KRDD016 - 21 m @ 1.9
Slide 18: Resource and Exploration Pipeline
Key Assets - Cloncurry Copper Gold Restart Project - Resource and Exploration Pipeline § Quality growth pipeline - includes multiple projects across more than 552 square kilometres of underexplored tenements in the highly prospective Cloncurry District including: § 70 historic copper and gold occurr
Slide 19: Salebury copper gold deposit – JORC 2004 Resource
Salebury copper gold deposit – JORC 2004 Resource Great Australia Complex ECDD002 48 m @ 2.18 % Cu, 1.92 g/t Au from 87 m10 § Located 12 km from the GAM mining leases; ECRC526 14 m @ 1.00 % Cu, 0.28 g/t Au from 70 m 10 § JORC 2004 resource 17 Salebury § Copper-Gold (Cobalt) mineralisation is hosted
Slide 20: Notlor – Advanced exploration prospect
Notlor – Advanced exploration prospect Additional prospect - significant copper intersections within trucking distance of GAM Great Australia Exploration Target Complex Cobalt in shallow RAB drilling § The prospect is located on a 2 km long trend located MNRC009 - 78m @ 1.36% Cu, about 9 km from GAM
Slide 21: Mt Norma – Resources and Exploration potential
Mt Norma – Resources and Exploration potential § The Mt Norma deposit is located 40 kms by road from the GAM site; § TNC owns the heap leach, copper sulphate crystal plant, mill, and sulphide flotation circuit at the GAM site. § Total combined Inferred and Indicated resources of 158.0 kt @ 1.89% Cu4
Slide 22: Flamingo Project – Advanced exploration project
Flamingo Project – Advanced exploration project Another project with significant copper-gold intersections § Flamingo project is located 106 kms north of TRUEN ORTH TNC’s Cloncurry Restart Project and ML 90104 Mossy’s Dream comprises two mining leases and one Prospect exploration permit; lt ah Fau §
Slide 23: Highly Prospective Exploration Pipeline
Key Assets - Cloncurry Copper Gold Restart Project – Highly Prospective Exploration Pipeline Advanced Exploration Pipeline with significant mineralised drill intersections Project Stage Commodities Previously published intersections § MNRC009 – 78 m @ 1.36% Cu, 0.55 g/t Au & Advanced Exploration 127
Slide 24: Mt Oxide Copper-Cobalt Development Project
Mt Oxide Copper-Cobalt Development Project 24
Slide 25: Key Assets - Mt Oxide Copper-Cobalt Development Project
Key Assets - Mt Oxide Copper-Cobalt Development Project § Immediately post the successful acquisition complete the purchase of the Vero deposit and other regional tenements near Mt Oxide; § Vero copper-silver Measured, Indicated & Inferred resource of 15.98 Mt at 1.43% Cu (228.18 kt Cu) and 6.91 g/t
Slide 26: Plan View of the Vero Resources
Plan View of the Vero Resources Vero Copper Block Model with Cobalt Resource outline Vero Cobalt Block Model with Copper Resource outline 331,000 331,500 330,500 331,000 331,500 n io ect s ng T Lo A’ n io Cobalt Resource ct Copper Resource T ’ B gs e 7,846,000 7,846,000 n Block Model Block Model Lo
Slide 27: Vero Resources – Long sections
Vero Resources – Long sections A Mt Oxide A’ Historic Pit Cobalt Resource >0.1% Co Copper Block Model Cu % Drill and Block Model >=3.0 1.5-3.0 MOXD089 0.75 to 1.5 MOXD105 20 m @ 6.4 % Cu from 259 m11 0.50 to 0.75 16 m @ 5.4 % Cu from 329 m21 0.20 to 0.50 0.10 to 0.20 Cobalt Block Model 0.0 to 0.10 M
Slide 28: Vero Resource vs Capricorn Copper
Vero Resource vs Capricorn Copper § Strong analogy with Capricorn Copper à 62.2 Mt at 1.8% Cu, 9 g/t Ag17 § Very high-grade copper open to depth à intersection at base of drilling – MOXD089 20 m @ 6.4% Cu, 56 g/t Ag & 0.34% Co from 295 m11 § Discovery potential for additional copper-cobalt-silver sh
Slide 29: Mt Oxide Regional exploration potential
Mt Oxide Regional exploration potential Highly prospective and under explored 11 km Mt Oxide and 8 km Big Oxide soil Soils – Copper geochemical Soils – Cobalt trends 340,000 Soils – Lead + Zinc 340,000 340,000 Mt Oxide soil geochemistry corridors and Big Oxide metal zonation 8 km Pb-Zn trends Theres
Slide 30: Key Assets – True North Copper Resource Base
Key Assets – True North Copper Resource Base § Global Measured, Indicated and Inferred Resources^ of 307.21 kt copper, 21.20 kt cobalt, 31.28 koz gold and 4.31 Moz silver; § Resources open at depth and along strike § Cloncurry resources only drilled to shallow depths § Significant copper (gold) dril
Slide 31: True North Copper Resource Base
True North Copper Resource Base Resource Cut-off Tonnes Cu Au Co Ag Cu Au Co Ag Category (% Cu) (Mt) (%) (g/t) (%) (g/t) kt koz kt Moz Great Australia * § Significant copper asset package containing 26.94 Indicated Inferred 0.50 0.50 3.47 1.19 0.89 0.84 0.08 0.04 0.03 0.02 - - 31.10 10.00 8.93 1.53
Slide 32: Investment Highlights
Investment Highlights Production Ready Critical and Precious Metal Measured, Indicated and Inferred Resource base à 307.21 kt copper, 21.20 kt cobalt 31.28 koz gold and 4.31 Moz silver 1,2,3,4,5,6 Focused in Mt Isa Inlier à World Class mining jurisdiction and infrastructure advantage Cloncurry Resta
Slide 33: True North Tenement Holdings
True North Tenement Holdings Tenement 2 Project Area Deposit Status Tenement Holder Area (km ) Number Cloncurry Cu-Au Restart Project Cloncurry EPM 13137 Granted TRUE NORTH COPPER PTY LTD 16.06 Cloncurry Cu-Au Restart Project Cloncurry EPM 15706 Granted COPPERCORP PTY LTD 3.21 Cloncurry Cu-Au Restar
Slide 34: Cloncurry District – IOCG Geological Model
Cloncurry District – IOCG Geological Model § The Cloncurry Deposits fall into the Iron Oxide Copper Gold (IOCG) mineral system. § Generally-agreed uniting characteristics of IOCG systems are: • Abundant, low-titanium, iron-oxides – magnetite or hematite • Copper ± Gold at economic grades • A distinc
Slide 35: Mt Oxide – Metamorphic Cu-Co-Ag Geological Model
Mt Oxide – Metamorphic Cu-Co-Ag Geological Model § Mt Oxide geological/mineralisation model is considered similar to the Capricorn Copper model developed by Clarke 2003. § Same geology, copper species, mineralisation form and alteration § Cu bearing mineralised fluids sourced from Eastern Creek Volc
Slide 36: References
References Duke Exploration (DEX) ASX Releases dated 28 February 2023: Acquisition of True North Copper assets. 1 Speedy, C., & Pass, L. 2022. Great Australia Copper Deposit Mineral Resource Estimate Report. Encompass Mining. 2 Speedy, C., & Pass, L. 2022. Orphan Shear Copper Deposit Mineral Resourc
Slide 37: References
References Clarke, D.J. 2003. Geology and Genesis of the Mammoth Cu Deposit, Mount Isa Inlier, Australia. University of Tasmania School of Earth Sciences. Barton MD, Johnson DA. Footprints of Fe-oxide (-Cu-Au) systems. University of Western Australia Special Publication. 2004;33:112-6. Williams PJ,
Slide 38: Duke Exploration Ltd contact details
Duke Exploration Ltd Level 27, 111 Eagle Street Brisbane QLD 4000 Philip Condon – Managing Director p.condon@duke-exploration.com.au ASX: DEX Ian McAleese – Chairman i.mcaleese@duke-exploration.com.au Follow us on duke-exploration.com.au
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