| Announcement Date: | 2022-08-23 |
|---|---|
| Announcement Type: | Deposit Estimation |
| Announcement Code: | JORC |
| Company name: | AIC Mines Ltd. |
| Project name: | Eloise |
| Location: | Australia |
| Commodities: | Gold,Silver,Copper |
| Highlight: | Updated Resource and Reserve Estimates for Project |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | AIC Mines Limited (ASX: A1M) (“AIC Mines” 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 101,100 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 36,000 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. 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 100,100 ounces of gold at a 1.1% Cu cut-off above 0mRL and 1.4% Cu 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. |
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