AIC Mines Limited has updated the Mineral Resource and Ore Reserve (MROR) estimates for its Eloise Copper Mine in north Queensland.
According to AIC Mines, mineral resources increased to 137,200 tonnes of contained copper and 118,800 ounces of contained gold, representing a 19 per cent increase in copper and a 19 per cent increase in the gold net of mining depletion.
Ore reserves increased to 52,600 tonnes of contained copper and 43,100 ounces of contained gold, representing a 46 per cent increase in copper and a 32 per cent increase in the gold net of mining depletion.
AIC Mines reported that the majority of the increase was seen in the Macy, Lens 6 and Deeps deposits.
Discovered in September 2022, the Lens 6 deposit remains open up and down dip and along strike.
The report does not include the maiden Jericho Ore Reserve as AIC Mines expects to issue a report on that deposit by June.
In total, Eloise and Jericho mineral resources now total 15.5 Mt grading 2 per cent Cu and 0.5 g/t Au containing 317,200 t Cu and 229,400 oz Au.
In line with exploration efforts, the company is currently focusing on resource definition drilling at Eloise, which includes targeting additional reserves in the upper zone at Macy, Levuka North and South and extending its reach in the Deeps at Lens 6 and the sublevel cave reserves.
The company said it added a second drilling rig to focus on resource definition and in-mine exploration drilling in the Deeps at Lens 6 and the sublevel cave.
Moving forward, AIC said it would report MROR estimates for the Eloise operations annually at a 31 December cut-off date.
“This MROR update and the discovery of the Lens 6 high-grade deposit at Eloise supports our confidence that ongoing exploration and resource definition drilling will extend the Eloise mine life well beyond 2030,” AIC Mines Managing Director Aaron Colleran said.
