AIC Mines (ASX: A1M) continues to define a significant ore body with new results from resource definition and extension drilling at its Jericho copper project in North Queensland. The company has reported several high-grade intercepts at the Jolly shoot target, confirming an extensive zone of high-grade mineralisation that remains open down plunge. AIC Mines owns and operates the Eloise copper mine, a high-grade underground mine in northern Queensland. The company is focused on expanding its copper resources and production in the region.
Recent drilling at the Tucker shoot (J2 lens) returned highlights including 7.0 metres grading 2.4% copper and 0.4 grams per tonne gold from 186m, 6.0m at 2.4% copper and 1.8g/t gold from 186m, and 7.2m at 2.8% copper and 0.5g/t gold from 284m. Mineralisation at Jericho is defined over a strike length of 5km and remains open to the north and south. AIC has identified mineralisation commencing approximately 50m below the surface and extending to a vertical depth of 650m.
The company believes there is potential to develop higher-grade mineralisation on the J2 lens in the approximately 1km distance between the Billabong and Swagman shoots. Mineralisation in the region occurs predominantly in two parallel lenses (J1 and J2), with higher-grade shoots such as Jumbuck, Matilda and Billabong within them.
In June, AIC received firm commitments of $55 million from institutional and sophisticated investors for a placement. The company intends to use the proceeds to fund the expansion of the Eloise processing plant, the development of the Jericho copper mine, and additional exploration drilling. AIC also has the ability to call upon the $61.4m prepayment facility it has in place with Trafigura Asia Trading.
