AIC Mines hit high-grade gold (3.2m @92.5g/t) and expanded the Iris copper zone to 1.5km, with four more holes planned at Iris and follow-up drilling at Eloise South.
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AIC Mines (ASX: A1M) has intersected high-grade gold at Eloise South and extended the Iris copper zone to 1.5km, the company said Monday. Both targets sit within 5km of its operating Eloise copper mine in North Queensland.
A hole at Eloise South returned 3.2 metres grading 92.5 grams per tonne of gold from 446.4 metres, including 1.2 metres at 249 grams per tonne, with estimated true widths of 2.3 metres and 0.9 metres respectively. The gold is hosted in a stockwork of quartz-sulphide veins at the contact between arenite and biotite schist, after the hole first intersected 0.4 metres grading 0.6% copper at the interpreted structure.
Downhole electromagnetic surveying identified a conductive unit that correlates with the gold mineralisation, giving the company a defined target for planned follow-up drilling. Eloise South sits 2km south of the Eloise mine, where two recent diamond holes followed anomalous results from the 2025 field season.
The first two holes of a planned six-hole program at the Iris prospect, 5km north of the mine, have helped define anomalous copper and gold mineralisation across a 1.5km strike length. The standout intersection was 12 metres grading 1.0% copper and 0.3 grams per tonne gold from 227 metres (8.4 metres estimated true width), including 2 metres at 4.4% copper and 1.5 grams per tonne gold. The first hole returned separate intervals of 1.8 metres at 1.1% copper and 7.7 metres at 0.7% copper.
Drilling has now traced mineralisation from about 50 metres below surface to approximately 400 metres vertical depth, with the system remaining open to the north, south, and at depth. Iris lies on the same splay of the Levuka Shear that hosts the Jericho copper deposit, with a comparable setting of altered metasediments beside amphibolite intrusions.
“These are outstanding results and reflect the exploration team's growing understanding of the regional controls on copper and gold mineralisation across the Eloise district,” managing director Aaron Colleran said.
Four more holes remain in the current Iris program, targeting interpreted shallow north-plunging high-grade shoots. At Eloise South, the company plans follow-up drilling based on the electromagnetic anomaly.
The exploration is early stage, and there is insufficient work to define a mineral resource at either prospect. Future drilling will determine the continuity and scale of the mineralised systems.
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