AIC Mines Limited announce the results of its re-estimate of the Jericho Mineral Resource following completion of the takeover of Demetallica Limited. When launching the takeover offer for Demetallica in September 2022, AIC Mines noted that it intended to conduct a review of the Jericho Mineral Resource estimate conducted by Demetallica and re-estimate the Mineral Resource using similar estimation practices and assumptions to those used by AIC Mines at its Eloise mine. This review and re-estimate have now been completed. The AIC Mines estimate uses a higher cut-off grade than that used by Demetallica (1.0% Cu compared to 0.85% Cu) and is constrained within optimised stope shapes to better reflect the proposed mining method. The new estimate is more robust and better suited to mine planning. The outcome is in-line with expectations based on work previously conducted by AIC Mines as part of its acquisition due diligence. Having received full access to the Jericho drillhole database following completion of the takeover of
Demetallica, AIC Mines has completed a new Mineral Resource estimate using similar estimation practices and assumptions to those used at its Eloise mine. The Jericho deposit is located approximately 4km south of the Eloise mine and exhibits similar geological, mining and metallurgical characteristics to the Eloise mine. The Jericho Mineral Resource has a strike length of over 2.3 kilometres, commencing at 50m below the surface level (BSL) and extends to a vertical depth of 550m BSL. High grade mineralisation (>2% Cu) has a shallow 30 degree north plunge and is open at depth. There is opportunity to extend the high-grade mineralisation along strike and at depth with additional drilling.