AIC MINES LIMITED AIC Mines Limited provided an update on exploration activity at its Lamil Gold-Copper Project located 3 kilometres west of the Telfer Gold-Copper Mine in the highly prospective Paterson Province of Western Australia. Overview · A 5,000m program of reverse circulation (RC) drilling has recently commenced at the Lamil Project. The drilling will test four previously undrilled targets.
The Sundew, Flame Pea North and Flame Pea South targets will be tested for copper-gold mineralisation proximal to major regional structures. The Foxtail target will be tested for Nifty- style copper mineralisation. The diamond drilling program that commenced in June at Lamil is almost complete.
Four diamond holes for 1,584m have been completed at the Lamil Dome Prospect. Drilling is currently underway at the Goodenia target and once completed the rig will move to the final hole of the program at the Firebush target. AIC Mines has recently met the expenditure requirement to earn a 50% interest in the Lamil Project from Rumble Resources Limited ("Rumble").
Rumble can now elect to form a joint venture in which AIC Mines and Rumble will each hold a 50% interest and contribute equally to exploration expenditure moving forward. If Rumble does not elect to form the joint venture, then AIC Mines can elect to earn an additional 15% interest by sole funding a further $4 million in exploration expenditure within 12 months.
