AIC Mines : Drilling Results From Eloise Deeps

ASX ANNOUNCEMENT

24 March 2022

ABOUT AIC MINES

AIC Mines is a growth focused

Australian	resources company.
Its strategy is to build a portfolio
of gold and copper assets in
Australia	through	exploration,
development and acquisition.
AIC Mines owns the Eloise
onlyC pper Mine, a high-grade
operating	underground	mine
locat	d SE of Cloncurry in North
use
Qu	nsland.
AIC Mines also has significant
gold,		copper	and	nickel
exploration projects in Western
A stralia and New South Wales.
CAPITAL STRUCTURE
Shares on Issue: 308.7m
personal
CORPORATE DIRECTORY
Josef El-Raghy
Non-Executive Chairman
Aaron Colleran
Managing Director & CEO
Brett Montgomery
N n-Executive Director
Tony Wolfe
Non-Executive Director
Jon Young
Non-Executive Director
Linda Hale
Company Secretary
CORPORATE DETAILS
ASX: A1M
www.aicmines.com.au
ABN: 11 060 156 452
P: [phone]
F: [phone]
E: inf	@aicmines.com.au
A: A8, 435 Roberts Rd,
Subiaco, WA, 6008
ForShare Register:

Computershare Investor Services

Drilling Results from Eloise Deeps

AIC Mines Limited (ASX: A1M) ("AIC Mines" or the "Company") is pleased to report that resource definition drilling in the Eloise Deeps has returned excellent results. Assay results have confirmed the down plunge continuity of the high-grade mineralisation up to 50m below the base of the Indicated Resource.

HIGHLIGHTS

• Resource extension drilling at Deeps has returned excellent results:

• 1. Hole ED200 - 14.5m (14.5m ETW) grading 3.54% Cu o Hole ED200 - 14.33m (13.9m ETW) grading 2.50% Cu o Hole ED201 - 20.72m (19.7m ETW) grading 2.05% Cu o Hole ED201 - 21.40m (18.6m ETW) grading 3.24% Cu o Hole ED201 - 6.08m (5.3m ETW) grading 4.23% Cu o Hole ED202 - 10.51m (8.7m ETW) grading 2.16% Cu o Hole ED202 - 14.00m (11.9m ETW) grading 2.19% Cu o Hole ED202 - 2.65m (2.1m ETW) grading 4.68% Cu o Hole ED204 - 12.15m (11.4m ETW) grading 2.12% Cu o Hole ED205 - 10.25m (9.6m ETW) grading 5.73% Cu
• A surface drill rig is due to arrive on site this week to commence an 8,500m surface drilling program focussing on resource conversion and exploration.
• The surface rig will commence drilling in late March and complements the two underground rigs currently drilling the 14,800m resource definition programs.

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Resource Definition Drilling Results - Deeps

A resource definition drilling program in the Deeps, consisting of 27 holes for a total of 5,318m is in progress, with all holes being collared at the base of the decline (-315m RL or 1,505mBSL). The aim of the program is to increase the resource confidence of the Deeps mineralisation from inferred to indicated category, up to 100 vertical metres below the lower most mining level at the -305mRL.

The program will be drilled in two phases, with Phase 1 drilled on 50m x 50m spacing and Phase 2 infilling to a 25m x 25m spacing. To date a total of 15 holes for 2,937m have been completed, including all Phase 1 holes.

Assay results have confirmed the down plunge continuity of the high grade mineralisation up to 50m below the base of the Indicated Resource (see Figures 1, 2 and 3 below). Significant intercepts include:

• Hole ED200 - 14.5m (14.5m ETW) grading 3.54% Cu and 0.9 g/t Au
• Hole ED200 - 14.33m (13.9m ETW) grading 2.50% Cu and 0.4 g/t Au
• Hole ED201 - 20.72m (19.7m ETW) grading 2.05% Cu
• Hole ED201 - 21.40m (18.6m ETW) grading 3.24% Cu
• Hole ED201 - 6.08m (5.3m ETW) grading 4.23% Cu
• Hole ED202 - 10.51m (8.7m ETW) grading 2.16% Cu
• Hole ED202 - 14.00m (11.9m ETW) grading 2.19% Cu
• Hole ED202 - 2.65m (2.1m ETW) grading 4.68% Cu
• Hole ED204 - 12.15m (11.4m ETW) grading 2.12% Cu
• Hole ED205 - 10.25m (9.6m ETW) grading 5.73% Cu

Further information on the collar coordinates and assay results is reported in Appendix 1 and 2, included at the end of this announcement.

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Figure 1. Plan view of Deeps drilling, sliced at z330m Level (±15m). All intercept widths are reported as

estimated true widths.

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Figure 2. Plan view of Deeps drilling, sliced at z355m Level (±15m). All intercept widths are reported as

estimated true widths.

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Surface Drilling

An 8,500m resource definition and exploration drilling program has been planned for completion over the next 3 months from surface and consists of:

• Infill resource definition drilling of the Macy Upper mineralisation, 250m below the surface,
• Exploration drilling testing the northern continuation of the Macy North and Elrose Levuka mineralisation (see Figure 3).

Figure 3. Location of target areas to be tested by surface drilling

The surface rig will commence drilling in late March and complements the two underground rigs currently drilling the 14,800m resource definition programs.

Authorisation

This announcement has been approved for issue by, and enquiries regarding this announcement may be directed to Aaron Colleran, Managing Director, via [e-mail].

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