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Mooney holds a Master of Business Administration (MBA), Master of Mineral Economics (MMinEcon), a Bachelor of Engineering in Mining and a Bachelor of Science in Applied Geology.
In his new role, he will spearhead the drill-out and development of the company’s flagship Mt Oxide Project, including the potentially game-changing Aquila discovery—a large-scale, high-grade copper-cobalt-silver system identified earlier this year in Queensland.
Spanning over 2km in strike and open at depth, Aquila lies 4km from the company’s existing Vero Resource which contains 15.03Mt at 1.46% copper and 9.15Mt at 0.23% cobalt, hinting at potential for a broader yet-to-be-discovered copper district.
Standout intercepts such as 145m assaying 0.75% copper from 28m, including 53m going 1.18% copper, 0.13% cobalt and 3.6g/t silver from 86m; and 30m running 2.45% copper, 0.02% cobalt and 6.2g/t silver from 20m underscore Aquila’s potential.
Recent IP surveys and drone magnetics have expanded targets, with 5000m – out of an expanded program up to 12,000m – of drilling now completed and assays pending.
Concurrently, Mooney will advance True North’s restart assessments for the expanded Cloncurry copper project, exploiting refurbished infrastructure including the solvent extraction plant and heap leach facilities.
Recent drilling at Wallace North has also confirmed high-grade extensions beyond its current reserves which total 4.7Mt averaging 0.80% copper, while new zones at the Great Australia Mine and iron-oxide copper-gold (IOCG) potential at Salebury flag possible significant mine-life extensions.
A February 2024 restart study projected A$367M in revenue and A$111M free cash flow over 4.6 years at spot prices, with a hub-and-spoke processing layout enabling low-risk, near-term production.
In February 2024, the copper spot price was A$13,773 per tonne at a 1.5333 US$/A$ exchange rate, while, as of the October 17 close, it is now a healthier A$16,671 per tonne at a 1.5385 US$/A$ exchange rate, a hike of 21%, which could be expected to feed-in positively to any revision of the restart study, without taking other cost rises into account.
With other possible exploration upsides in cobalt, gold and silver, True North looks well-positioned to deliver the comforting duo of short-term results and long-term production.
Next on the agenda should be some Mt Oxide drilling assays and the Cloncurry project’s resource growth, both of which fuel optimism for what could potentially be Queensland’s next copper powerhouse.
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