1. Homepage
  2. Equities
  3. Australia
  4. Australian Stock Exchange
  5. AIC Mines Limited
  6. News
  7. Summary
    A1M   AU0000049033

AIC MINES LIMITED

(A1M)
  Report
Delayed Australian Stock Exchange  -  05/20 01:52:05 am EDT
0.5850 AUD   +2.63%
03/29AIC Mines Limited - Drilling Results from Marymia Project, Murchison WA
AQ
03/27AIC Mines Hits Copper Mineralization at Western Australia's Marymia Project
MT
03/27AIC MINES : Drilling Results from Marymia Project, Murchison WA
PU
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

AIC Mines Limited : - Drilling Commences at the Lamil Gold-Copper Project, WA

09/07/2021 | 10:42am EDT

AIC Mines Limited (ASX: A1M) ('AIC' or the 'Company') is pleased to announce that reverse circulation ('RC') drilling has commenced at its Lamil Gold-Copper Project located 30 kilometres west of the Telfer Gold-Copper Mine in the highly prospective Paterson Province of Western Australia.

The 10,000m drilling program will focus on four high priority target areas including infill and extension of the Lamil Main and NE dome areas and three newly defined targets that have never been drilled.

Primary copper sulphide mineralisation and associated low level gold was intersected in diamond and RC drilling at the Lamil Main Dome in the maiden drilling program conducted in 2020 confirming the potential of the project. This program will follow-up these anomalous results with a reduced drill spacing, aimed at vectoring into a mineral system.

Drilling will also test three newly defined targets related to coincident geophysical anomalies. These targets are interpreted to be hosted in prospective geological units within the Yeneena Supergroup, which host mineralisation at the nearby Nifty copper mine and Telfer gold-copper mine.

The drilling will provide litho-geochemical data to aid with the interpretation of the basement geology and structure, which lies under 40m to approximately 200m of cover

Lamil Joint Venture (earning up to 65%)

The Lamil Gold-Copper Project is located in the Paterson Province in the northwest of Western Australia, 500 kilometres east of Port Hedland. Under the terms of the earn-in and exploration joint venture agreement with Rumble Resources (ASX: RTR) ('Rumble'), AIC can earn a 50% interest by spending $6 million over 4 years. Thereafter AIC can earn a further 15% by spending $4 million over 1 year if Rumble elects not to commence contributing.

The key terms of the earn-in and exploration joint venture agreement are described in the Company's ASX announcement dated 22 July 2019. The Lamil Project is located within the highly prospective Paterson Province of remote northern Western Australia. The Paterson Province is one of the most highly endowed yet under-explored mineral provinces in Australia. It hosts the world-class Telfer gold-copper mine and the Nifty copper mine. The Lamil Project, which covers an area of 1,280km-2, is situated midway between these two mines. Discoveries by Rio Tinto at Winu and by the Newcrest-Greatland Gold JV at Havieron has confirmed the prospectivity of the region. The Lamil Project captures a covered belt of Yeneena Supergroup rocks (which host mineralisation at both the Telfer and Nifty mines) bound by two deep penetrating, belt parallel NNW trending structures.

In the southern tenement (E45/5271) the project is also influenced by regionally important NW orientated faults, and a series of major NE trending cross faults that are mappable across the entire belt. All these structural features are considered important in the development of major mineral deposits in the Paterson Province as they represent critical vertically accretive plumbing systems for circulating and trapping mineralising fluids

Drilling

The prospective eastern margin of the Lamil Main Dome target will be infilled to a spacing of 800m x 400m, targeting gold and copper mineralisation associated with a mafic intrusive and sodic alteration that formed the loci of anomalism intersected in the maiden drilling program completed in 2020. The central axis of the larger Lamil Dome and the southern extension of the NE Dome target will also be drilled as these are considered favourable position for Telfer style mineralisation. The Desert Pea target is defined by a magnetic anomaly developed in close proximity to a regionally significant NE trending fault coincident with a surface copper geochemical anomaly. Wide spaced drilling (1600m and 800m x 400m) is designed to intersect the interpreted position of a NE fault and the majority the magnetic anomalism over a 4km trend. Apart from providing lithogeochemical samples to aid vectoring for Telfer-style mineralisation, the drilling will provide insight into the nature of the stratigraphy, and the depth to the Proterozoic basement.

In addition to Telfer-style prospects, 400m x 200m spaced RC drilling will test two undrilled base metal targets straddling the regionally significant Table Top-Camel fault zone - the Goodenia and Hovea targets. The Goodenia Target is a conceptual base metal target defined by co-incident magnetic and gravity anomalies located on the eastern margin of a soil Cu-Pb-Zn geochemistry anomaly, only partially tested by two lines of RC drilling in 2020. The two RC holes closest to the target returned elevated zinc and lead in carbonaceous sediments, interpreted as belonging to the Isdell Formation, but the magnetic and gravity feature remained undrilled.

The Hovea Target is defined by a coincident magnetic and gravity anomaly at a prominent flexure in the NNW trending stratigraphy proximal to the regionally significant Table Top-Camel fault zone and a NE trending cross fault. The target is interpreted as hosted within the Broadhurst Formation and thus represents a Nifty-style sediment hosted copper target.

Geophysics

An Airborne Electromagnetic (AEM) survey was flown over the western margin of the northern tenement and the majority of the southern tenement on 250m spaced lines for a total of 2,600 line kilometres by Geotech Airborne in mid-August. Final results of the survey have yet to be received and additional processing will be competed over the coming weeks. The survey has the potential for both direct detection of sulphide mineralisation but will also completement other geophysical datasets for mapping stratigraphic units under cover sediments and thus provide context for future targeting.

Contact:

Aaron Colleran

Email: info@aicmines.com.au

Web: www.aicmines.com.au

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
AIC MINES LIMITED 2.63% 0.585 Delayed Quote.8.57%
RUMBLE RESOURCES LIMITED 22.39% 0.41 Delayed Quote.-19.28%
All news about AIC MINES LIMITED
03/29AIC Mines Limited - Drilling Results from Marymia Project, Murchison WA
AQ
03/27AIC Mines Hits Copper Mineralization at Western Australia's Marymia Project
MT
03/27AIC MINES : Drilling Results from Marymia Project, Murchison WA
PU
03/27Aic Mines Limited Announces Drilling Results from Marymia Project, Murchison Wa
CI
03/25AIC Mines Limited - Drilling Results from Eloise Deeps
AQ
03/24AIC Mines Hits Copper Mineralization at North Queensland's Eloise Deeps
MT
03/24AIC MINES : Application for quotation of securities - A1M
PU
03/23AIC MINES : Drilling Results From Eloise Deeps
PU
03/23AIC Mines Limited Announces Drilling Results from Eloise Deeps
CI
03/22AIC MINES : Eloise Copper Mine Almanac
PU
More news
Financials
Sales 2022 182 M 128 M 128 M
Net income 2022 37,9 M 26,7 M 26,7 M
Net cash 2022 66,9 M 47,2 M 47,2 M
P/E ratio 2022 4,65x
Yield 2022 -
Capitalization 176 M 124 M 124 M
EV / Sales 2022 0,60x
EV / Sales 2023 0,59x
Nbr of Employees -
Free-Float 46,2%
Chart AIC MINES LIMITED
Duration : Period :
AIC Mines Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Last Close Price 0,57 AUD
Average target price 0,73 AUD
Spread / Average Target 28,5%
EPS Revisions
Managers and Directors
Aaron Mark Colleran Chief Executive Officer, MD & Executive Director
Michael Frame Chief Financial Officer
Josef El-Raghy Non-Executive Chairman
Tony Wolfe Non-Executive Director
Brett Montgomery Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
AIC MINES LIMITED12.38%127
BHP GROUP LIMITED13.28%166 288
RIO TINTO PLC9.30%111 400
GLENCORE PLC32.80%80 669
ANGLO AMERICAN PLC14.95%51 402
SAUDI ARABIAN MINING COMPANY (MA'ADEN)42.68%38 383