Jericho’s New Mineralised Lens Raises Questions on Resource Expansion Risks

Jericho Deposit Expansion

AIC Mines Limited (ASX, A1M) has released new drilling results from its Jericho copper deposit in Northwest Queensland, reinforcing the deposit’s potential as a significant copper-gold resource. The latest resource definition and extension drilling has not only confirmed the continuity of mineralisation in the well-known Matilda and Jolly shoots but also unveiled a previously unrecognised mineralised lens, termed J0.

The Jericho deposit, situated just 4 kilometres south of AIC Mines’ operating Eloise copper mine and processing plant, hosts mineralisation predominantly in two parallel lenses, J1 and J2. These lenses contain higher-grade shoots such as Matilda, Jolly, and Billabong. The discovery of the J0 lens, located approximately 100 metres west of the Jolly shoot, adds a new dimension to the deposit’s geological complexity and resource upside.

Significant Drilling Highlights

Recent drilling intercepts from the J0 lens have returned encouraging grades, including 6.0 metres at 2.5% copper and 0.6 grams per tonne gold from 109 metres, and 14.0 metres at 0.8% copper and 0.2 grams per tonne gold from 164 metres. These results demonstrate the lens extends over a strike length of more than one kilometre and remains open both down dip and along strike, suggesting substantial exploration potential.

Meanwhile, infill drilling at the Matilda and Jolly shoots within the J1 lens has yielded consistent results, with intercepts such as 4.0 metres grading 4.9% copper and 1.5 grams per tonne gold from 123 metres, confirming the continuity of mineralisation in areas adjacent to the Jericho access drive. This proximity to existing infrastructure bodes well for potential early mining development.

Strategic Implications and Next Steps

Managing Director Aaron Colleran highlighted the significance of these findings, noting that the new J0 lens represents a relatively shallow target close to the Jericho access drive and the Eloise processing plant. This could provide additional flexibility in mine planning and potentially accelerate production timelines.

AIC Mines plans to undertake further drilling to better delineate the J0 lens and to investigate whether it hosts higher-grade shoots similar to those found in the J1 and J2 lenses. Pending assay results from the southern extent of the J0 lens are awaited, which will provide greater clarity on the full extent and grade distribution of this new mineralisation.

These developments come as part of AIC Mines’ broader strategy to build a portfolio of copper and gold assets in Australia through exploration, development, and acquisition, with the Eloise mine already operating as a high-grade underground copper mine.