Swagman shoot proves plentiful for AIC, with Cu beyond 3% close to Eloise

AIC Mines Ltd (ASX:A1M) has picked up copper grading beyond 3 percent through a program of follow-up drilling at its Swagman discovery in Queensland, with the shoot in question showing strong mineralisation over 800 metres of strike.

The company carried out wide spaced drilling at Swagman, yielding intercepts such as 3.9 metres (2.7 metres ETW – estimated true width) grading 1.77 percent copper and 0.32 grams per tonne gold from 453m; 2.1 metres (1.5 metres ETW) grading 2.0 percent copper from 483 metres; and 2.0 metres (1.4 metres ETW) grading 3.39 percent copper and 1.01 grams per tonne gold from 549 metres.

Swagman – which is located between AIC’s Eloise copper mine and Jericho copper deposit – has also been shown to be open both up and down plunge, with the grade and width of the red metal appearing to increase down plunge.

The latter factor has guided AIC to plan drilling to test for high grade zones down plunge of Swagman, as well as exploring the 500m of prospective strike between the Matilda and Swagman shoots which has experienced minimal drilling.

Managing director Aaron Colleran said the drilling work had provided insight into the nature of the Swagman shoot and how it could be integrated into AIC’s plans for the territory.

“Drilling has significantly extended the area of copper mineralisation at Swagman and indicates that the mineralisation strengthens at depth,” he said

“Further drilling is planned to understand the potential timing of development of Swagman given its relative proximity to the Eloise processing facility.”

AIC Mines has been trading at 42.5 cents.