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Mineral Resources and Ore Reserves at Eloise Copper Mine have significantly increased due to exploration and resource definition drilling.
Mineral Resources increased to 137,200 tonnes of contained copper and 118,800 ounces of contained gold, while Ore Reserves increased to 52,600 tonnes of contained copper and 43,100 ounces of contained gold.
This update and the discovery of the Lens 6 high-grade deposit support the potential to extend mine life at Eloise beyond 2030.
AIC Mines Limited has received firm commitments for $30.0 million from institutional and sophisticated investors for a two-tranche placement of approximately 66.7 million new fully paid ordinary shares.
The Placement proceeds will be predominantly used to fund initial work related to the Jericho mine development and Eloise processing plant expansion.
Managing Director of AIC Mines, Aaron Colleran commented that development of the Jericho mine will be transformational for Eloise as it will increase copper and gold production, decrease operating costs and extend mine life.
AIC Mines Limited has completed the review and re-estimate of its Jericho Mineral Resource - 9.8 million tonnes grading 1.8% copper and 0.4g/t gold containing 180,000 tonnes of copper and 110,600 ounces of gold.
The re-estimate uses a higher cut-off grade than that used by Demetallica and is constrained within optimised stope shapes to better reflect the proposed mining method.
The outcome is in line with expectations based on work previously conducted by AIC Mines.