True North Copper sells Bundarra project for $1.5 million

True North Copper has entered a conditional agreement to sell its Bundarra copper project to private explorer Tec Minerals for $1.5 million. The payment structure consists of $500,000 in cash and $1 million in equity in Tec after its listing. The agreement also includes a one per cent net smelter royalty, with Tec holding an option to repurchase the royalty for $3 million.

The cash portion breaks down into a $50,000 non-refundable deposit already received and $450,000 due on completion. The sale remains subject to Tec completing an IPO or reverse takeover and obtaining all required regulatory approvals. The transaction is scheduled for completion by late 2026 or early 2027.

The company stated the sale aligns with its strategy to simplify its portfolio and concentrate resources on the Mt Oxide and Cloncurry copper projects. At Mt Oxide, drilling has begun at the Aquila deposit, located 10 kilometres from the Vero resource of 15.03 million tonnes grading 1.46 per cent copper and 10.59 grams per tonne silver.

Recent geophysical surveys expanded the interpreted strike length of Aquila from 1 kilometre to 1.8 kilometres. Assay results from the current drilling are expected in late July.

exploration results Two weeks earlier, drilling at the Wallace North deposit within the Cloncurry project intersected 24.5 metres grading 2.17 per cent copper and 2.01 grams per tonne gold. The company plans to incorporate these results into a prefeasibility study scheduled for the December quarter of this year.

The study will also evaluate integration of the Mongoose deposit with the Taipan open pit and assess growth options at Wallace North and the Wynberg gold deposit.