True North Copper Ltd (ASX:TNC) has initiated mining operations at the Wallace North deposit in north Queensland. The activities include clearing and blast hole drilling. Wallace North is part of the Cloncurry Copper Project (CCP) and one of four open-pit deposits within the CCP. It has an ore reserve of 700,000 tonnes (probable) with a grade of 1.01% copper and 0.46 g/t gold, containing 6,800 tonnes of copper and 10,000 ounces of gold.
TNC will utilise dry hire equipment operated by its personnel, with most of the equipment already on site. Dewatering of the pit is progressing well, ensuring that all blast hole drilling will be conducted in dry conditions. The recruitment process for the operations team is nearing completion, with a technical team prepared for the commencement of mining.
Bevan Jones, the newly appointed managing director of True North Copper, stated that starting mining at Wallace North is a significant milestone towards restarting copper production at CCP. He acknowledged the team's efforts in achieving this goal and highlighted that the CCP was projected to generate approximately $200 million in free cash flow over its 4.6-year initial mine life. The revenue will be reinvested to explore further opportunities to expand the reserve inventory.