AIC Mines plans to significantly increase exploration at Eloise, Jericho and regional tenements this financial year, with $7 million earmarked for the work.

The company said its exploration success in the past year meant it could now focus on transformational discovery rather than just mineral resource replacement.

It has its sights set on uncovering higher-grade deposits that could displace lower-grade resources to lift copper production and on discovering large deposits – topping 10Mt – that would warrant a further expansion to Eloise processing capacity.

AIC Mines holds about 2000sq km of contiguous tenure immediately surrounding the operating Eloise mine, with a pipeline of targets from early-stage prospects to known resources.

Its exploration work in the last financial year increased the copper in mineral resources at Eloise by 13 per cent.

The company has work underway to begin mining at the nearby Jericho deposit, where it has achieved a 59 per cent lift in copper in mineral resources – delivered at a resource discovery cost of only A$0.02/lb of contained copper.

AIC Mines also announced the discovery in 2023/24 of the Swagman prospect between Jericho and Eloise.

Related: Swagman drilling delivers for AIC Mines

In the June 2024 quarter, diamond drilling commenced at the Swagman prospect before attention moved to resource extension drilling at the Sandy Creek and Artemis prospects (see map above). The company then moved on to test two regional targets, Roberts Creek and Tucumcari.

In its latest quarterly report, AIC Mines said it would be moving the drill rig to the Jericho South target.

Drilling will then move to the 500m gap between Matilda and Swagman (J1 Lens), near the link drive that is being constructed between Eloise and the new Jericho mine. AIC is also set to drill the 1km gap between Billabong and Swagman (J2 Lens).

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