AIC Mines has successfully accessed the Jericho copper deposit underground, confirming key geological models and reducing technical risks. This milestone accelerates plans to expand copper production at the Eloise mine in Queensland.
- Jericho access drive reaches J1 copper mineralisation lens ahead of schedule
- Confirmation of geological continuity and ground conditions reduces technical risk
- Jericho hosts 19.2Mt at 2.0% copper and 0.4g/t gold mineral resource
- Eloise processing plant expansion underway to increase copper output from 12,500t to over 20,000t annually
- Underground development supports trial mining and operational optimisation ahead of December 2026 commissioning
Jericho Access Drive Achievement
AIC Mines (ASX, A1M) has marked a significant operational milestone by successfully reaching the Jericho copper deposit underground via the Jericho access drive, developed from its existing Eloise copper mine in North Queensland. This achievement, announced on 2 February 2026, confirms the presence of copper sulphide mineralisation consistent with the company’s geological model, providing a strong validation of the deposit’s continuity and ground conditions.
Managing Director Aaron Colleran highlighted the rapid progress, noting that the project moved from acquisition to underground access in just three years, a testament to the disciplined execution by the operations team and the favourable mining environment in Queensland.
Significance for Resource Development and Production
The Jericho deposit, located approximately 4 kilometres south of Eloise, holds a substantial Mineral Resource of 19.2 million tonnes grading 2.0% copper and 0.4 grams per tonne gold, including an Ore Reserve of 6.2 million tonnes at 1.8% copper. This resource base underpins AIC Mines’ strategy to expand copper production significantly.
Currently, the Eloise mine produces around 12,500 tonnes of copper concentrate annually. The development of Jericho supports an ongoing expansion of the Eloise processing plant from 725,000 tonnes per annum to 1.1 million tonnes per annum, aiming to boost copper output to over 20,000 tonnes per year. This scale-up is critical for AIC Mines’ growth ambitions and market positioning.
Underground Development and Future Plans
The Jericho access drive has advanced approximately 2,349 metres, reaching the J1 lens ahead of schedule. This direct underground access from Eloise allows for rapid exploration and development of new discoveries, such as the Jolly shoot identified in late 2024. The company has already completed extensive drilling to increase geological confidence, with updated resource and reserve estimates expected in April 2026.
Looking ahead, underground development will continue southwards towards the Matilda shoot and along the Jolly shoot to facilitate trial mining and bulk sampling. These activities will support detailed mine design, scheduling, and operational optimisation, with the expanded processing plant commissioning anticipated in the December 2026 quarter.
Strategic Implications
This milestone materially reduces technical risk for the Jericho project and strengthens AIC Mines’ position as a growing copper producer in Australia. The integration of Jericho with Eloise’s existing infrastructure exemplifies efficient resource development and operational synergy. Investors will be watching closely as the company advances detailed mine planning and prepares for the next phase of production growth.
Bottom Line?
With Jericho access secured, AIC Mines is poised to accelerate copper output growth, but upcoming resource updates will be key to confirming its full potential.
Questions in the middle?
- How will the updated April 2026 resource and reserve estimates impact project valuation?
- What are the key operational risks as underground development progresses towards Matilda and Jolly shoots?
- How will the expanded processing plant commissioning timeline affect near-term production forecasts?