Australian explorer AIC Mines (ASX:A1M) has unearthed ‘high-grade’ copper from the first 10 holes of an ongoing drilling program at its Jericho copper deposit in Queensland.
The company says these results include 2 of the best intercepts ever returned from the J2 Lens.
Results are also indicative of a new greater-than-2% copper zone in the upper portions of the J2 Lens, which remains open at depth.
AIC Mines, which has a $147.99 million market capitalisation, reports intercepts returned from the J1 Lens have upgraded a previously low-grade zone, potentially improving the current mine design.
Key results from J2 include hole JEDD004 with 7m at 3.4% copper from 134.8m, including 1.2m at 11% copper from 139.3m; hole JEDD005 with 4.1m at 2.62% copper from 172.3m; and hole JEDD012 with 1.8m at 1.8% copper from 189.9m.
Meanwhile, key results returned from J1 include hole JERC001 with 4m at 2.1% copper from 101m.
Drilling began in May this year and has been designed to target extensions to the Jericho resource as well as infill ‘high-priority’ areas of the Jericho resource.
AIC notes drilling was meant to incorporate about 23,500m of both reverse circulation (RC) and diamond drilling, but this was revised to 18,000m.
Both RC and diamond drilling methods have been employed to convert higher-grade areas of the inferred resources to the indicated resource category, investigate strike extensions both north and south along the J2 Lens, and test the down-plunge continuation of the ‘high-grade’ Jumbuck shoot.
AIC Mines says the planned development of the Jericho mine and expansion of its Eloise processing plant will increase production to over 20,000 tonnes per annum (tpa) of copper and 10,000 ounces per annum (ozpa) of gold, therefore transforming Eloise into a cornerstone asset.
“These initial results confirm the quality of the Jericho resource, with better-than-expected results in the J2 Lens,” Managing Director Aaron Colleran says.
“What is starting to become apparent is that there is a real opportunity to define additional high-grade shoots within the larger resource envelope and improve the overall grade of the Jericho resource.”
“there is a real opportunity to define additional high-grade shoots within the larger resource envelope and improve the overall grade of the Jericho resource“
AIC Mines is a growth-focused explorer working to build a portfolio of gold and copper assets in Australia through exploration, development, and acquisition.
The company’s Jericho deposit is located only 4km south of its flagship Eloise Copper Mine in Queensland and currently has a defined strike length of 2.3km.
AIC Mines had $30.9 million cash at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: AIC Mines Ltd
