AIC Mines (ASX: A1M) has updated the mineral resource and ore reserve estimates for its Eloise copper mine and Jericho copper project in North Queensland.
The Eloise mineral resource increased by 10% to 31.2 million tonnes grading 2% copper and 0.4 grams per tonne gold for 631,800t copper (up 12%) and 445,800 ounces gold (up 9%), driven primarily by resource extension and infill drilling that extended mineralisation within inferred resources in the Deeps and Lens 6 deposits.
Mineral resource additions of 748,000t at 3.7% copper consisted of 205,000t at 2.5% in the Upper Zone (Lens 5 and Lode 42) at the Elrose-Levuka South deposit, 523,000t at 4.3% copper in the Deeps Lower Zone (Lenses 2, 3, 4 and 6), and 20,000t at 1.6% copper from end-of-period stockpiles.
The mine’s ore reserves rose 14% to 10.2Mt grading 1.9% copper and 0.4g/t gold for 191,000t copper (up 10%) and 139,600oz gold (up 10%).
Jericho Extensional Drilling
Resource extension drilling focused on the northern end of the Jericho deposit extended the strike of the indicated mineral resource by 600 metres to the north and added tonnages at the Matilda North, Jolly, Tucker, and Swagman shoots.
Jericho’s total mineral resources increased by 15% to 22.1Mt grading 2.0% copper and 0.4g/t gold containing 444,800t copper (up 17%) and 275,800oz gold (up 12%).
Ore reserves also rose, up 15% to 7.1Mt at 1.8% copper and 0.4g/t gold containing 125,400t copper (up 16%) and 125,400oz gold (up 16%).
Mineral resource additions of 2.9Mt included 339,000t at 2.2% copper from the new J0 lens 100m west of J1, 1.15Mt at 2.8% copper after delineation and infill drilling of the Jolly shoot extended the J1 resource by 600m along strike, and 1.42Mt at 1.7% copper from updated modelling and estimation parameters.
Underground Development
Recent development on the Jericho underground access drive at the J1 lens confirmed that the mineralisation style and geotechnical conditions are consistent with the project’s geological model, resulting in material reductions to mining and ramp-up risk.
The access drive was completed in February, four months ahead of schedule, having progressed a total 2,350m from the 1065 Level on the Eloise decline (125m below surface).
AIC is now working on completion of the JS3 ventilation shaft at the Jolly shoot, which is considered to be the next critical-path item for Jericho’s development.
JS3 is scheduled to be operational by mid-year to allow mining to commence at Jolly.
Significant Resource Growth
AIC managing director Aaron Colleran said the growth in resources and reserves across both projects had been significant.
“Resource definition and extension drilling in the last field season has increased resources and improved reserves at Eloise and Jericho,” he said.
“This again highlights the quality of these deposits and the strong geological, geophysical, geochemical, and structural understanding that our exploration and geology teams have developed
“It is a great time to own a copper mine," Mr Colleran added.
"With copper being a crucial component in electrical wiring – and, hence, electrification – its value is rising steadily and set to rise further, making copper mining operations more profitable than ever.”
