AIC Mines Limited (ASX: A1M) has released an updated Mineral Resource and Ore Reserve (MROR) estimates for its Eloise Copper Mine as at 31 December 2022.
AIC Mines has previously updated its MROR estimates at 30 June each year but has now changed to a 31 December cut- off date to better align with its annual business planning schedule.
Highlights
- Exploration and resource definition drilling completed at Eloise over the six months since the previous MROR estimate has significantly increased both Mineral Resources and Ore Reserves.
- Mineral Resources have increased to 137,200 tonnes of contained copper and 118,800 ounces of contained gold, representing a 19% increase in copper and a 19% increase in gold net of mining depletion.
- Ore Reserves have increased to 52,600 tonnes of contained copper and 43,100 ounces of contained gold, representing a 46% increase in copper and a 32% increase in gold net of mining depletion.
- The main source of the Mineral Resource and Ore Reserve increases was the high-grade Lens 6 deposit, discovered in September 2022, which remains open up and down dip and along strike. Lens 6 is located within 150m of current development.
- Combined Eloise and Jericho Mineral Resources now total 15.5Mt grading 2.0% Cu and 0.5g/t Au containing 317,200t Cu and 229,400oz Au.
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,” Managing Director, Aaron Colleran, said.
