AIC Mines Share Price Lifts, Results ‘Exceed Expectations’ (ASX:A1M)
Western Australia explorer AIC Mines Ltd [ASX:A1M] share price released the final assays from its maiden drilling program completed at its Lamil Gold Copper Project.
The A1M share price has jumped by 6 cents or 19.36% to trade at 37 cents per share as the explorer confirms the prospectivity of their project.
Before today’s A1M share price rise, A1M had sunk back to its pre-market crash level — brought down by limited updates from its Lamil Project.
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Large scale structures exceed AIC’s expectations
In spite of the wane interest in A1M’s project, the explorer said that their latest results confirm primary copper sulphide mineralisation with low-level gold and multi-element pathfinder anomalism.
Pathfinder elements essentially being those that occur in close association with the commodity being sought after.
Managing Director Aaron Colleran commented:
‘The primary objective of this first campaign — to confirm prospective basement rocks beneath relatively shallow cover — has been achieved.
‘The identification of large-scale structures together with evidence of extensive alteration, anomalous pathfinder geochemistry and most importantly confirmation of primary copper sulphides, in first pass wide spaced holes, has exceeded our expectations.’
‘This campaign reinforces our belief that the Lamil Project has the potential to host significant mineralisation.’
So, what are the results that have A1M so chuffed?
It’s a little more complicated than just high grade or broad intervals.
In its latest two assays, multiple narrow intervals of primary copper sulphide mineralisation with low-level gold was intersected:
- 41m at 0.05% Cu from 98.66m
- 21m at 0.04% Cu from 219.75m
- 92m at 0.11% Cu from 163.08m
- 40m at 0.18% Cu from 232.37m
Bear in mind that the average copper ore grade is around 0.6%.
What could have the A1M share price jumping is the prospective size of this mineralisation?
Assay results indicate coincident low-level multi-element pathfinder geochemical anomalism that extends along the central-eastern flank of the Lamil Main Dome for at least two kilometres.
But possibly up to six kilometres.
Source: AIC Mines
A1M’s tenements also share a similar geological feature to the Newcrest Mining Ltd [ASX:NCM] owned Telfer gold-copper deposit, located just 30 kilometres to the east.
Where to for the AIC Mining share price now?
A1M said that follow-up drilling and testing will not commence until April.
And that depends on drill rig availability.
Which can be is short supply during Australia’s busy field season.
In my opinion, A1M has an interesting and prospective project on their hands.
However, we could see a similar pullback in the A1M share price while we await the next round of results.
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