AIC Mines (ASX:A1M) reports it has intersected ‘significant high-grades’ and widths of copper-gold lodes through underground drilling at the Eloise Copper Mine located in North Queensland.
Significant intercepts include:
- ED226- 27.6m (20.7m ETW) grading 4.14% Cu
- ED227- 5.2m (3.9m ETW) grading 1.89% Cu and 1.23g/t Au
- ED227- 2.1m (1.5m ETW) grading 2.24% Cu and 1.05g/t Au
- ED227- 1.9m (1.4m) grading 2.52% Cu and 1.30g/t Au
- ED228A- 2.2m (1.6m ETW) grading 2.30% Cu
- ED228A- 4.0m (3.0m ETW) grading 1.94% Cu
- ED228A- 15.8m (11.8m ETW) grading 1.87% Cu
- ED228A- 2.1m (1.6m ETW) grading 1.60% Cu
- ED229- 7.3m (5.5m ETW) grading 1.54% Cu
- ED229- 4.4m (3.3m ETW) grading 1.97% Cu
- ED230- 10.2m (7.7m ETW) grading 3.44% Cu
- ED230- 2m (1.5m ETW) grading 1.59% Cu
- ED232- 24.5m (18.3m ETW) grading 4.41% Cu
- ED232- 2.9m (2.2m ETW) grading 2.42% Cu
A near-mine exploration program in the Deeps area comprising of 14 holes for 3,700m is in progress at the Eloise mine, with the aim to test for a repetition of the mine sequence to the east of the eastern amphibolite.
Mineralisation at Eloise is hosted within a strongly foliated meta-sedimentary sequence consisting of arenites and schists (the mine sequence).
The meta-sedimentary sequence also contains a coarse-grained amphibolite, possibly representing an early intrusion of gabbroic composition that is not mineralised.
To date, 8 holes for a total of 2,062.3m have been drilled, and all holes were collared from the Deeps z275mRL access (1,465m below surface level) and were spaced 50m apart.
Drilling has intersected a ‘high-grade’ copper-gold lens (Lens 6) located approximately 150m northeast and 100m below the current Deeps mining level (z305mRL).
AIC Mines Managing Director Aaron Colleran said the discovery of a new ‘high-grade’ lens only 150m from underground development is another great example of how underexplored the Eloise Mine is.
“The result supports our confidence that ongoing exploration will extend the mine life well beyond 2030”
“The result supports our confidence that ongoing exploration will extend the mine life well beyond 2030.
AIC’s exploration strategy at Eloise has two objectives, to delineate extensions to the known resource areas, and to discover satellite deposits within the Eloise mining tenements.
“We expect to add significant value at Eloise through exploration.”
Prior to the current drilling program, the Lens 6 area had not been methodically tested. Only 4 holes had been drilled east of the eastern amphibolite over a 500m vertical extent.
The Lens 6 mineralisation remains open up and down dip and along strike.
Mineralised zones at Eloise occur as steeply plunging lenticular bodies within strike lengths typically between 100m and 200m and attaining a maximum width of 25m.
The main zone of mineralisation (Levuka-Eloise Deeps) demonstrates continuity down plunge over 1,500m and remains open at depth.
Eloise is a ‘high-grade’ operating underground mine located 60km southeast of Cloncurry in North Queensland.
It commenced production in 1996 and has since produced approximately 353,000t of copper, and 174,000oz of gold. AIC Mines acquired the mine in November last year.
Current operations consists of an underground mine accessed via decline.
The upper level of the mine (above 1,190m below surface) are extracted by longhole open stoping, and the lower levels are extracted by sub-level caving.
Eloise is an owner-mined operation with a mining contractor used only for underground development.
Processing is via conventional crushing, grinding and sulphide flotation with capacity to treat up to 750,000tpa.
Metallurgically the ore is very consistent as the ore mineralogy at Eloise is almost exclusively chalcopyrite.
Processing achieves ‘high’ copper recoveries (generally 94% to 95%) and produces a clean concentrate. The concentrate has significant by-products credits from gold and silver.
AIC Mines has set a FY23 production target for Eloise of approximately 12,500t Cu and 6,000oz Au in concentrate at an AISC of approximately $4.50/lb Cu and AIC of $5.00/lb Cu.
AIC Mines is a growth focused Australian resource company. Its strategy is to build a portfolio of gold and copper assets in Australia through exploration, development and acquisition.
AIC Mines owns the Eloise Copper Mine, a ‘high-grade’ operating underground mine located southeast of Cloncurry in North Queensland.
AIC Mines also has significant gold, copper and nickel exploration projects in Western Australia and New South Wales.
Images: AIC Mines Ltd
