AIC Mines Flags Jolly as First Mining Zone at Jericho Copper Project

AIC Mines (ASX: A1M) has reported new high-grade resource-definition drilling from the Jolly shoot within the Jericho copper deposit in North Queensland, with results from both surface and underground programs.

The company has identified Jolly as the first area planned to be mined at Jericho, giving these assays more immediate development relevance than a typical exploration release.

Jericho is the copper-gold deposit located about 4 kilometres south of the Eloise operation and forms part of AIC’s broader plan to add a second ore source into the Eloise processing hub.

In prior filings, the company said the Eloise plant is being expanded from about 725,000 tonnes per annum to 1.1 million tonnes per annum, with commissioning targeted for the December 2026 quarter.

Supports Grade Continuity

AIC said the latest drilling is supportive of grade continuity and of the commencement to mining, although further drilling is still planned and the broader development timetable remains subject to execution.

The strongest headline surface result was JEDD109, which returned 2.2 metres at 7.1% copper, 1.0 grams per tonne gold and 5.9g/t silver, or 8.0% CuEq on the company’s illustrative basis.

Other surface holes included JEDD106 at 9.2m at 3.2% Cu, 1.3g/t Au and 3.0g/t Ag, and JEDD105 at 8.1m at 2.5% Cu, 1.1g/t Au and 2.5g/t Ag.

Underground drilling also returned several high-grade intervals.

Among them, JY023 cut 3.4m at 4.4% Cu, 1.5g/t Au and 2.8g/t Ag for 5.8% CuEq, while JY027, JY028 and JY030 each reported copper grades above 3% over multi-metre widths.

The company said underground results north and south of the Jericho Access Drive, or JAD, came in higher than expected.

Jericho and Jolly Explained

Jericho is already one of AIC’s key growth assets.

A March 2026 resources and reserves update said Jericho Mineral Resources had risen to 22.1 million tonnes containing 444,900 tonnes of copper and 275,800 ounces of gold.

In the same filing, Jericho Ore Reserves increased to 7.1 million tonnes at 1.8% copper and 0.4g/t gold, containing 125,400 tonnes of copper.

Within that broader system, Jolly has become a central near-term focus.

Earlier company filings referred to this area as the J1 lens, and AIC has repeatedly described it as the first planned mining zone at Jericho.

In late January 2026, the company said the Jericho access drive had reached the J1 lens, confirming mineralisation style and ground conditions consistent with the geological model.

Mineralisation at Jericho is now defined over a 5-kilometre strike length, starting about 50 metres below surface and extending to roughly 700 metres vertical depth at the current drilling limit.

Earlier in March, AIC outlined a planned 4,500-metre Jericho drilling program covering resource definition, infill and extension work across multiple shoots including Jolly, Matilda North, Jumbuck, Squatter, Swagman and Tucker.

What the Drilling Showed

Today’s update covers an eight-hole surface resource-definition program at Jolly and ongoing underground drilling.

The surface holes returned a mix of narrow but high-grade intersections and broader zones carrying strong copper with gold and silver credits.

Besides JEDD109, notable surface intervals included JEDD102 at 3.1m grading 1.5% Cu, 1.9g/t Au and 1.6g/t Ag for 3.2% CuEq, JEDD105 at 8.1m grading 2.5% Cu, 1.1g/t Au and 2.5g/t Ag for 3.5% CuEq, and JEDD106 at 9.2m grading 3.2% Cu, 1.3g/t Au and 3.0g/t Ag for 4.4% CuEq.

Underground results pointed to continuity around the first mining zone from a different drilling position.

Significant intersections included JY003 at 7.4m grading 2.1% Cu, 0.5g/t Au and 3.8g/t Ag, JY023 at 3.4m grading 4.4% Cu, 1.5g/t Au and 2.8g/t Ag, JY027 at 6.6m grading 3.6% Cu, 1.4g/t Au and 3.1g/t Ag, JY028 at 4.8m grading 3.3% Cu, 1.7g/t Au and 3.9g/t Ag, and JY030 at 7.3m grading 3.3% Cu, 0.2g/t Au and 3.5g/t Ag.

What Comes Next

The next step from this specific program is more definition drilling at depth from both surface and underground platforms during calendar 2026.

Drilling is still required, particularly in Inferred areas north of the JAD, so one watchpoint is whether future holes continue to support continuity beyond the initial stoping front.

The larger test sits at the development level.

In prior filings, AIC said the expanded 1.1Mtpa Eloise plant remains scheduled for commissioning in the December 2026 quarter, while Jericho development milestones including ventilation and first ore access are intended to align with that broader ramp-up pathway.

Early Mining Zone in Focus

AIC Mines’ latest Jolly drilling update is significant because it targets the first part of Jericho planned for mining, not a distant conceptual extension.

The results improve technical confidence around grade and continuity, but the broader investment debate still turns on whether AIC can convert those drilling outcomes into timely ore feed while managing plant expansion, capital intensity and funding pressure through late 2026.

On the regulatory side, the current announcement said Mining Lease 100348 is secure and compliant with conditions of grant, and that native title clearances and conduct-and-compensation agreements are in place.

Even so, the key issues to monitor remain whether drilling converts into mineable reserve confidence, whether Jericho and the Eloise expansion stay on schedule, and whether operating pressures such as diesel costs or weather-related disruptions affect cash generation during the build phase.