Copper-gold producer AIC Mines (ASX: A1M) has discovered a new ‘high-grade’ copper shoot named Swagman at the Jericho North prospect.
The $157.24 market capitalisation company says Jericho North is ideally located – occurring approximately midway between the Eloise Copper Mine and the Jericho copper deposit.
Additional results from the ongoing resource extension and definition drilling program at Jericho have also returned excellent results and are expected to lead to a material upgrade in resource size and confidence.
AIC Mines reports the first diamond hole drilled to test a geophysical conductor at the Jericho North Prospect, located 1.8 kilometres north of the Jericho Mineral Resource, has returned an ‘exceptional’ result at JEDD015 – 9.8m (6.9m ETW) grading 2.1% Cu from 491.15m.
The intersection is located 200m north of historic hole EL18D40 which intersected 4m grading 2.8% Cu from 516m – defining a new high-grade shoot, named Swagman. The Swagman shoot is open in all directions.
The Jericho copper deposit is located 4km south of the Eloise Copper Mine and processing plant.
AIC Mines says planned development of the Jericho mine and expansion of the Eloise processing plant is expected to increase production to over 20,000tpa copper and 10,000ozpa gold, transforming Eloise into a true cornerstone asset for AIC Mines. Jericho mineralisation occurs in two parallel lenses – J1 and J2.
Higher grade shoots within these lenses, namely Matilda, Jumbuck and Billabong, are the current focus of mining studies.
The Jericho deposit currently has a strike length of 2.3km . It starts at about 50m below surface and extends to a vertical depth of 550m below surface. The mineralisation remains open along strike and at depth.
Write to Adam Orlando at Mining.com.au
Images: AIC Mines
