Resources explorer AIC Mines (ASX:A1M) says recent drilling work has demonstrated a ‘significant’ remnant mining opportunity at its Eloise Copper Mine in North Queensland, Australia.
The $117.95 million market capitalisation company is intending to systematically drill test remnant areas in the upper levels of the Eloise Mine that it believes may have the potential for mineable grades and widths of remnant mineralisation.
This news comes after AIC Mines conducted an initial drill program comprising 9 holes for 1,043m on the 1085 Level in the project area.
AIC says that the drilling results were better than the company anticipated and have confirmed mineable grades and widths of remnant mineralisation.
Some of the ‘significant’ drill results include hole EN297 with 2.1m (1.9m ETW) @ 11.4% Cu and 2g/t Au and 5m (2.5m ETW) @ 11.6% Cu and 2.1g/t Au; and hole EN298 with 10.3m (8m ETW) @ 11.9% Cu and 2.4g/t Au and 2.1m (1.6m ETW) @ 3% Cu and 1g/t Au.
Commenting on the drill results, AIC Mines Managing Director Aaron Colleran says: “The remnant mining opportunity at Eloise is important because it adds optionality to the mining schedule and thereby helps to improve operational reliability.
“Further opportunities are likely to be identified as we continue to develop our geological and geotechnical understanding of the historical mining areas”
Further opportunities are likely to be identified as we continue to develop our geological and geotechnical understanding of the historical mining areas.”
The company notes the drilling also displays that the mineralisation occurs as primary massive sulphides, predominantly chalcopyrite, and is not oxidised.
These results will also be incorporated into the next mineral resource and ore reserve estimate for the Eloise Mine, which is anticipated to be completed in the March 2024 quarter.
AIC Mines is an Australian resources company focused on building its portfolio of gold and copper assets in Australia through exploration, development, and acquisitions.
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
