Drilling at the Macy area is boosting confidence in extending the mine life at Eloise in North-West Queensland well beyond 2030, according to owner AIC Mines.

AIC, which took over the operating copper mine late last year, has a resource definition drilling program underway in the Macy area, comprising of 42 holes for about 5000m.

Results to date include 5.1m grading 2.75 per cent copper and 0.52g/t gold; 2.6m grading 4.71 per cent copper and 1.11g/t gold; 5.6 m grading 2.32 per cent copper and 0.58g/t gold, 17.4m grading 3.00 per cent copper and 0.60g/t gold; and 1.6m grading 4.86 per cent copper and 0.80g/t gold.

“These results provide further confidence that ongoing exploration will extend the mine life well beyond 2030,” AIC Mines managing director Aaron Colleran said.

“AIC’s exploration strategy at Eloise has two objectives – to delineate extensions to the known resource areas and to discover satellite deposits within the Eloise mining tenements.

“We expect to add significant value at Eloise through exploration.”

The company also reported that initial exploration drilling at the Macy North and Elrose Levuka North targets had been completed.

Three holes tested for extensions of mineralisation to the north of the Macy resource (Macy North) and one hole tested the northern extension of the Elrose Levuka trend.

Sulphide mineralisation was intersected in all four holes.

AIC Mines acquired the Eloise underground copper mine from FMR Investments last year in a $27 million deal.

Eloise, located 60km south-east of Cloncurry, commenced production in 1996 and has produced about 339,000t of copper and 167,000oz of gold.

AIC is targeting annual production of about 12,500t of copper and 6,500oz of gold in concentrate.