AIC Mines (ASX:A1M) has released a maiden ore reserve estimate totalling 1.8 million tonnes (Mt), containing 32,800 tonnes of copper, and 19,900 ounces of gold for the Jericho Copper deposit in North Queensland, Australia.
The $180.26 million market capitalisation company says the maiden ore reserve is based on a mineral resource of 9.8Mt grading 1.8% copper and 0.4g/t gold, containing 180,000 tonnes of copper and 110,600 ounces of gold.
The maiden ore reserve supports the expedited development of the Jericho deposit and provides a detailed mine plan for the early years of the project.
Further, the ore reserve represents a conversion of less than 20% of the entire Jericho mineral resource, which AIC says suggests a ‘significant’ potential to expand the ore reserve with infill drilling.
AIC adds that the combined Jericho and Eloise Copper Mine ore reserve totals 4Mt grading 2% copper and 0.5g/t gold, containing 85,400 tonnes of copper and 63,000 ounces of gold.
The Jericho deposit has a strike length of 2.3km and begins at 50m below surface, alongside extending to a vertical depth of 550m below surface. The mineralisation remains open along strike and at depth.
AIC reports a 23,500m resource extension drilling program is currently underway, with the aim of extending the ‘high-grade’ zones at depth and along strike.
Commenting on the ore reserve, AIC Mines Managing Director Aaron Colleran says: “Development of the Jericho deposit will be transformational for the Eloise operation, potentially increasing production, increasing life and reducing unit operating costs.
“Development of the Jericho deposit will be transformational for the Eloise operation”
The next major milestone is granting of the mining lease and environmental approval for Jericho, expected in March 2024 quarter, allowing for commencement of the boxcut and decline.”
The Eloise Copper Mine is a ‘high-grade’ operating underground mine, located 60km southeast of Cloncurry in North Queensland, Australia. Meanwhile, the Jericho Copper deposit is located about 4km southeast of Eloise.
AIC Mines is an Australian resources company focused on building its portfolio of copper and gold assets in Australia through exploration, development, and acquisition.
On 31 March 2023, the company had $37.7 million cash at hand, according to its latest quarterly report published on 27 April 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: AIC Mines Ltd
