AIC Mines Uncovers High-Grade Copper at Jericho, Boosting Resource Outlook

Jericho Deposit Expansion

AIC Mines Limited (ASX: A1M) has revealed promising results from its ongoing resource extension drilling program at the Jericho copper deposit, located just 4 kilometres south of its operating Eloise copper mine in North Queensland. The latest assays confirm copper mineralisation in every hole drilled at the recently discovered Matilda North shoot, with standout intercepts including 13.0 metres grading 6.35% copper and 1.0 gram per tonne gold.

This consistent high-grade mineralisation not only reinforces the significance of the Matilda North discovery but also highlights the potential for early-stage ore extraction due to its close proximity, within 200 metres, to the Jericho Link Drive, a key underground access point connecting to the Eloise processing plant.

Broadening the Resource Base

Beyond Matilda North, drilling between the Jumbuck and Squatter shoots has yielded encouraging results, demonstrating the continuity of the J1 lens over a strike length of approximately 5 kilometres. Notably, an exploration hole drilled down plunge of the Jumbuck shoot intersected 2.8 metres grading 3.84% copper and 1.49 grams per tonne gold at a depth of 518 metres, underscoring the deposit’s potential to extend at depth.

These findings are expected to feed into an updated Jericho Mineral Resource estimate, slated for completion in March 2025. The company anticipates that the new data will materially increase the overall resource base, enhancing the project’s economic viability and supporting its growth strategy.

Strategic Implications for AIC Mines

Managing Director Aaron Colleran emphasised the strategic value of these drilling results, noting that the resource extensions not only expand the deposit but also provide options for accelerated ore delivery to the Eloise processing plant. This could potentially shorten development timelines and improve operational flexibility.

With Eloise currently producing around 12,500 tonnes of copper and 5,000 ounces of gold annually, the integration of Jericho’s high-grade ore could bolster production volumes and extend mine life. The company’s focus on exploration, development, and acquisition of Australian copper and gold assets aligns with these promising drilling outcomes.

Looking Ahead

While the drilling program continues, with further results pending from additional step-out holes at Matilda North, the market will be watching closely for the March resource update. This milestone will provide greater clarity on the scale and grade of the Jericho deposit, informing investment and operational decisions.

Overall, AIC Mines’ latest drilling success at Jericho underscores the company’s potential to unlock significant value from its North Queensland portfolio, reinforcing its position in the copper sector amid a backdrop of sustained demand for base metals.