AIC Mines (ASX:A1M) is drafting additional drilling at the Sandy Creek and Artemis prospects, about 20km west of its Eloise Copper Mine in Queensland, after posting ‘positive’ results.
The $138.74 million market capitalisation company says results, generated from a diamond drilling program, have extended a mineralised zone 100m down plunge. They also demonstrate ‘extensive’ alteration, and highlight potential for additional zones of mineralisation at depth within Artemis.
The company reports drilling was completed in November 2023.
AIC Mines Managing Director Aaron Colleran says further drilling is clearly warranted at the prospects, which he believes contain a ‘strong’ pipeline of targets that may extend the Eloise Project beyond a 10 year mine life.
“AIC Mines holds tenements covering approximately 2,000km-square surrounding the Eloise mine. This highly endowed area contains a strong pipeline of targets that we believe will extend the Eloise project well beyond 10 years.
This short program of drilling at the Sandy Creek and Artemis prospects has successfully confirmed that mineralisation remains open at depth. Further drilling is clearly warranted at both prospects.”
AIC Mines is focused on building a portfolio of gold and copper assets in Australia through exploration, development, and acquisition.
The company’s Eloise copper mine is a ‘high-grade’ underground mine sitting in North Queensland.
As of 30 September 2023, AIC Mines had $29 million cash at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: AIC Mines
