AIC Mines Ltd (ASX:A1M, OTC:IAUFF, FRA:HLS) has returned high-grade copper, gold and silver results from resource definition and extension drilling at the Jolly shoot within the Jericho copper deposit in northwest Queensland.
The results are important for the company because Jolly is the first area scheduled to be mined at Jericho, which is being developed as part of AIC’s broader plan to lift production from the nearby Eloise operation.
An 8-hole surface drilling program at Jolly was designed primarily to test the extension of mineralisation in the upper zone to the base of cover sediments.
The program confirmed continuity of high-grade mineralisation up-dip and up-plunge to the south, across a previously undrilled upper portion of the shoot.
Key surface results included 9.2 metres at 3.2% copper, 1.3 g/t gold and 3.0 g/t silver from 105 metres in JEDD106, equivalent to 4.4% copper equivalent, and 8.1 metres at 2.5% copper, 1.1 g/t gold and 2.5 g/t silver from 122.6 metres in JEDD105, equivalent to 3.5% copper equivalent.
The highest-grade copper interval came from JEDD109, which returned 2.2 metres at 7.1% copper, 1.0 g/t gold and 5.9 g/t silver from 161.4 metres, equivalent to 8.0% copper equivalent.
Jericho J1 lens long section showing Mineral Resource category (as at 31 December 2025) and recent 2026 significant intercepts reported within.
Underground drilling beats expectations
AIC has also completed underground resource definition drilling from platforms on the Jericho Access Drive and mine development areas.
This work focused mainly on the portion of Jolly south of the access drive, with some drilling into the inferred resource north of the drive.
Results south of the access drive included 6.6 metres at 3.6% copper, 1.4 g/t gold and 3.1 g/t silver in JY027, equivalent to 4.8% copper equivalent, and 4.8 metres at 3.3% copper, 1.7 g/t gold and 3.9 g/t silver in JY028, equivalent to 4.9% copper equivalent.
North of the access drive, results included 3.4 metres at 4.4% copper, 1.5 g/t gold and 2.8 g/t silver in JY023, equivalent to 5.8% copper equivalent.
Jolly cross section through 7,680,385mN showing JEDD105 results.
Jericho central to growth plan
Jericho is 4 kilometres south of AIC’s operating Eloise copper mine and processing plant. Mineralisation has been defined over 5 kilometres of strike and remains open to the north and south.
Plan showing location of the Jericho copper deposit and the Eloise copper mine.
The deposit starts about 50 metres below surface and has been drilled to a vertical depth of 700 metres. Mineralisation occurs mainly in 2 parallel lenses, J1 and J2, with higher-grade shoots including Jumbuck, Matilda, Jolly and Billabong.
Jolly has become increasingly important since its discovery in late 2024 because of its proximity to the Jericho Access Drive. The shoot was reached in February 2026 and development started on the 4975 level during the March 2026 quarter.
What it means for AIC
The confirmation of high-grade copper, gold and silver at Jolly supports AIC’s expectations for the early mining stages at Jericho.
Managing director Aaron Colleran said Jericho was exceeding expectations in strike extent, continuity and grade, particularly gold grade.
“Jericho is proving to be a great orebody – exceeding all our expectations in terms of strike extent, continuity and now grade, particularly the gold grade,” he said.
“The December 2026 Quarter is set to be the most exciting Quarter in AIC Mines’ short history. I look forward to seeing this ore being fed into the new crusher.”
AIC owns the Eloise copper mine, a high-grade underground operation southeast of Cloncurry in North Queensland, and is developing Jericho to support an expansion of Eloise production.
The company is targeting an increase in production from about 12,500 tonnes per annum of copper in concentrate to about 20,000 tonnes per annum through Jericho development and expansion of the Eloise processing plant.
What’s next
Drilling into the inferred resource portion of Jolly North is continuing.
Further definition drilling at depth is also planned from surface and underground platforms during calendar year 2026 as AIC advances Jericho towards mining and integration with the Eloise processing operation.