AIC Mines Ltd (ASX:A1M, OTC:IAUFF, FRA:HLS) has reported higher Mineral Resources and Ore Reserves across its Eloise copper operation and Jericho project in north Queensland, with the updated March 31 statement highlighting strong growth in the group’s Mineral Resource Estimate (MRE).
The standout figure is the combined Eloise Project Mineral Resource, which rose 10% to 31.2 million tonnes at 2.0% copper and 0.4g/t gold, containing 631,800 tonnes of copper and 445,000 ounces of gold. The company said this represented a 12% lift in contained copper and a 9% increase in contained gold, giving the Eloise processing plant access to its largest resource base in 30 years.
Eloise Project location plan.
“Resource definition and extension drilling completed in the 2025 field season has increased resources and improved reserves at both Eloise and Jericho – again highlighting the quality of these deposits and the strong geological, geophysical, geochemical and structural understanding that our exploration and geology teams have developed,” AIC Mines managing director Aaron Colleran said.
“The increase in resources and reserves at Eloise and Jericho strengthens the long-term outlook and underpins potential mine-life extensions and future production growth.”
“It is a great time to own a copper mine, as global demand for copper is surging due to the rapid expansion of renewable energy, electric vehicles, and AI infrastructure projects. With copper being a crucial component in electrical wiring and hence electrification, its value is rising steadily and set to rise further, making copper mining operations more profitable than ever.”
Jericho drives most of the MRE uplift
Jericho delivered the biggest contribution to the increase. Its MRE grew 15% to 22.1 million tonnes at 2.0% copper and 0.4g/t gold for 444,900 tonnes of contained copper and 275,800 ounces of contained gold. That marks an increase of 17% in contained copper and 12% in contained gold from the December 2024 estimate.
Updated drilling extended the strike of the Indicated Resource by another 600 metres to the north, while additional material was defined at Matilda North, Jolly, Tucker and Swagman.
AIC also outlined the main drivers behind the Jericho MRE increase, saying additions totalled 2.923Mt at 2.2% copper. This included the new J0 lens, which contributed 339,000 tonnes at 2.2% copper, and a 600-metre strike extension at the Jolly shoot that added 1.156Mt at 2.8% copper. A further 1.428Mt at 1.7% copper came from updated modelling and estimation parameters, mainly in deeper inferred material in the J1 and J2 lenses.
Eloise mine posts higher contained metal
At the Eloise mine, the MRE increased to 5.848Mt grading 2.6% copper and 0.7g/t gold, containing 150,700 tonnes of copper and 125,900 ounces of gold. After mining depletion, this amounted to a 3% rise in contained copper and a 4% increase in contained gold from the prior estimate.
The uplift was led by drilling in the Deeps and Lens 6 areas, where resource additions totalled 748,000 tonnes at 3.7% copper.
Outside the core copper assets, Sandy Creek and Artemis were rolled forward unchanged, contributing 2.62Mt at 1.1% copper for Sandy Creek and 580,000 tonnes at 1.4% copper and 1.1g/t gold for Artemis. Those assets helped lift the combined project MRE beyond 31Mt.
Ore reserves also move higher
On the reserve side, combined Eloise Project Ore Reserves increased 14% to 10.244Mt at 1.9% copper and 0.4g/t gold, containing 191,000 tonnes of copper and 139,600 ounces of gold.
Jericho Ore Reserves rose 15% to 7.105Mt at 1.8% copper and 0.4g/t gold, while Eloise Ore Reserves edged up to 3.139Mt at 2.1% copper and 0.6g/t gold.
AIC said recent underground development at Jericho’s J1 lens had confirmed the mineralisation style and geotechnical conditions expected in the geological model, reducing mining and ramp-up risk as development continues.