The Eloise Copper Mine is located in North Queensland, 60 kilometres SE of Cloncurry and 155 kilometres ESE of Mt Isa. The mine has an extensive production history. It was commissioned in 1996 and has since mined over 14.5Mt of ore grading 2.7% Cu and 0.8g/t Au to produce 376,000t Cu and 195,000oz Au in concentrate.
Current operations consist of an underground mine accessed via decline. The upper levels of the mine (above 1,190m below surface) are extracted by longhole open stoping and the lower levels are extracted by sublevel caving and longhole stoping.
Mineralisation is hosted within a strongly foliated meta-sedimentary sequence comprising arenites and schists. The metasediment sequence also contains a coarse-grained amphibolite body possibly representing an early intrusion of gabbroic composition. Mineralised zones occur as steeply plunging lenticular bodies with strike lengths between 100m and 200m and attaining a maximum width of 25m. The main zone of mineralisation (Levuka-Eloise Deeps) demonstrates continuity down plunge over 1,500 m and remains open at depth.
The copper at Eloise occurs predominantly as chalcopyrite. Copper mineralisation occurs as either massive sulphide lenses or stockwork veins. Gold is located on the grain boundaries or as inclusions in sulphides and is associated with chalcopyrite, pyrite, pyrrhotite and magnetite.
Processing is via conventional crushing, grinding and sulphide flotation with capacity to treat 725,000tpa. Metallurgically the ore is very consistent as the ore mineralogy at Eloise is almost exclusively chalcopyrite. Processing achieves high copper recoveries (94% – 95%) and produces a clean concentrate. The concentrate has significant by-product credits from gold and silver.
Ore Reserves at the Eloise Project (including Jericho) total 5,607,000 tonnes containing 119,200 tonnes of copper and 84,050 ounces of gold as at 31 December 2023.
Mineral Resources at the Eloise Project (including Jericho, Sandy Creek and Artemis) total 22,900,000 tonnes containing 471,950 tonnes of copper and 353,950 ounces of gold (inclusive of Ore Reserves) as at 31 December 2023.
Exploration and resource definition drilling at Eloise has been successfully replacing mining depletion each year.
Development of the Jericho deposit, located 4 kilometres south of Eloise, commenced in June 2024 with the commencement of the Jericho link drive, a 3-kilometre underground drive connecting the Jericho deposit to the Eloise decline. The link drive is expected to reach first development ore in June 2026.
The Eloise processing plant is being expanded from 725,000tpa to 1.1Mtpa to treat the additional ore from Jericho.
Development of Jericho will transform Eloise into a true cornerstone asset for AIC Mines. It will increase production, reduce operating costs through economies of scale, increase the project life and de-risk production by increasing the number of available ore sources.
Significant Exploration Upside
AIC Mines holds a 2,000 square kilometres tenement package surrounding the Eloise mine, providing a strong pipeline of targets.
Eloise Copper Mine and surrounding exploration tenement package location map.
AIC Mines’ exploration strategy for Eloise is focused on both extensions to the known resource areas and the discovery of new satellite lodes within the highly prospective tenement package.
Eloise Copper Mine Almanac Investor Roundtable Presentation