AIC Mines (ASX:A1M) enhance the copper-gold feed for EloiseNovember 30, 2023
AIC Mines has returned more top-flight results from the Jericho Project and extended high-grade mineralisation as it looks to build up a new feed source into its producing Eloise Copper Mine in northern Queensland.
Eloise has produced around 350,000 tonnes of copper and 175,000 ounces of gold since it began in 1996, and AIC’s drilling campaigns have been successful in replacing depletion each year so far.
But there can only be so much copper at Eloise, and AIC has turned its eyes towards three nearby deposits with Jericho standing as the most advanced, offering increased production and project life, lesser costs and risks, and the ascension of its copper mine into a true cornerstone asset.
And drilling has now extended a high-grade Jumbuck shoot down plunge, defined to 500m below surface and remaining open at depth, defined a new high-grade Squatter shoot and returned higher grades than anticipated from Billabong.
AIC Managing Director Aaron Colleran said the resource extension and definition program completed this year has exceeded all expectations.
“All assay results from the program have now been received and we are in the process of updating the Mineral Resource and Ore Reserve estimates,” Mr Colleran said.
“What has become clear is that there is considerable potential to extend the Mineral Resource at Jericho – it remains open along strike and at depth, and the high-grade shoots are more extensive than previously understood.”
“Jericho really is a game-changer for Eloise, located only 4 kilometres south of Eloise and with similar mining and processing characteristics, it allows us to both expand the Eloise operation and increase the life of the operation.”
Jericho currently holds 9,843,000 tonnes containing 180,000 tonnes of copper and 110,600 ounces of gold and remains open along strike and at depth.
These results will now be part of an updated mineral resource and ore reserve estimate set to be released in the March quarterly and an optimised mine plan as AIC plan a long history of production from a cornerstone asset.
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