AIC Mines Limited (ASX: A1M) ('AICMines' or the 'Company') is pleased to release the Eloise Copper Mine annual Mineral Resources and Ore Reserves (MROR) estimates as at 30 June 2022.
Mineral Resources have increased to 115,000 tonnes of contained copper and 101,1 00 ounces of contained gold, representing an 11% increase in copper and a 7% increase in gold year-on-year net of mining depletion. Ore Reserves have increased to 36,0 00 tonnes of contained copper and 32,600 ounces of contained gold, representing a 19% increase in copper and a 22% increase in gold year-on-year net of mining depletion.
HIGHLIGHTS
Mineral Resources as at 30 June 2022 are estimated at 4.7 million tonnes grading 2.4% copper and 0.6g/t gold containing 115,000 tonnes of copper and 100,1 00ounces of gold at a 1.1% Cu cut-off above 0mRL and 1.4% Cu below 0mRL.
Ore Reserves as at the 30 June 2022 are estimated at 1.5 million tonnes grading 2.3% copper and 0.6g/t gold containing 36,000 tonnes of copper and 32,600ounces of gold at a 1.4% Cu cut-off above 0mRL and 1.6% Cu cut-off below 0mRL.
Since taking ownership of the Eloise Copper Mine in November 2021 AIC Mines has completed almost 15,000m of underground drilling in the Macy, Levuka and Deeps areas at a cost of $2.9M.
This drilling has added Ore Reserves and Mineral Resources at a cost of $0.22/lb of copper and $0.11/lb of copper respectively. Re-evaluation of the historical drilling and mine workings continues to identify numerous opportunities for further Ore Reserve growth.
Commenting on the reserve and resource upgrade, AIC Managing Director Aaron Colleran said: 'Exploration and resource definition drilling at Eloise have more than replaced mining depletion year-on-year.
There is clear potential to further extend the mine life and add value through resource growth. Our strategy at Eloise remains to continue drilling to increase Ore Reserves in a capital efficient manner.'
Mineral Resources
Resource definition drilling conducted by AIC Mines since taking ownership of the Eloise Copper Mine in November 2021 has successfully increased the Mineral Resource estimate year-on-year in terms of resource tonnes and contained copper, gold and silver. The majority of the increase has been in the Deeps area (Elrose Levuka South - Lower) and from inclusion of the Emerson deposit. The Mineral Resource estimates are based on a long-term copper price of A$10,500/t and are reported and classified in accordance with the JORC Code (2012).
About the Eloise Copper
MineEloise is a high-grade operating underground mine located 60 kilometres southeast of Cloncurry in North Queensland. It commenced production in 1996 and has since produced approximately 353,000t of copper and 174,000oz of gold. AIC Mines acquired the mine in November 2021. Current operations consist of an underground mine accessed via decline. The upper levels of the mine (above 1,190m below surface) are extracted by longhole open stoping and the lower levels are extracted by sublevel caving. Eloise is an owner-miner operation with a mining contractor used only for underground development. Processing is via conventional crushing, grinding and sulphide flotation with capacity to treat up to 750,000tpa. Metallurgically the ore is very consistent as the ore mineralogy at Eloise is almost exclusively chalcopyrite. Processing achieves high copper recoveries (generally 94% - 95%) and produces a clean concentrate. The concentrate has significant by-product credits from gold and silver. AIC Mines has set a FY23 production target for Eloise of approximately 12,500t Cu and 6,000oz Au in concentrate at an AISC of approximately A$4.50/lb Cu and AIC of A$5.00/lb Cu.
Forward-Looking Statements
This Announcement includes 'forward-looking statements' as that term within the meaning of securities laws of applicable jurisdictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond AIC Mines' control. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this announcement, including, without limitation, those regarding AIC Mines' future expectations. Readers can identify forward-looking statements by terminology such as 'aim,' 'anticipate,' 'assume,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'forecast,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'project,' 'risk,' 'should,' 'will' or 'would' and other similar expressions. Risks, uncertainties and other factors may cause AIC Mines' actual results, performance, or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results, performance or achievements). These factors include, but are not limited to, the failure to complete the project in the time frame and within estimated costs currently planned; the failure of AIC Mines' suppliers, service providers and partners to fulfil their obligations under supply and other agreements; unforeseen geological, physical or meteorological conditions, natural disasters or cyclones; changes in the regulatory environment, industrial disputes, labour shortages, political and other factors; the inability to obtain additional financing, if required, on commercially suitable terms and global and regional economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements. Although AIC Mines believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.
Contact:
Email: ecmadmin@aicmines.com.au
AIC MINES LIMITED 
