ASX ANNOUNCEMENT

24 January 2022

ABOUT AIC MINES

AIC Mines is a growth focused

Australian

resources company.

Its strategy is to build a portfolio

of gold and copper assets in

Australia

through

exploration,

development and acquisition.

AIC Mines owns the Eloise

onlyC pper Mine, a high-grade

operating

underground

mine

locat

d SE of Cloncurry in North

Qu

nsland.

AIC Mines also has significant

gold,

copper

and

nickel

exploration projects in Western

A stralia and New South Wales.

useCAPITAL STRUCTURE

Shares on Issue: 308.7m

personal

CORPORATE DIRECTORY

Josef El-Raghy

Non-Executive Chairman

Aaron Colleran

Ma aging Director & CEO

Brett Montgomery

N n-Executive Director

T ny Wolfe

Non-Executive Director

Jon Young

Non-Executive Director

Linda Hale

Company Secretary

CORPORATE DETAILS

ASX: A1M

www.aicmines.com.au

ABN: 11 060 156 452

  1. +61 (8) 6269 0110
  1. +61 (8) 6230 5176
    ForE: info@aicmines.com.au
  1. A8, 435 Roberts Rd, Subiac , WA, 6008 Share Register:
    Computershare Investor Services

Drilling Results from Eloise - Levuka Lens

AIC Mines Limited (ASX: A1M) ("AIC Mines" or the "Company") is pleased to report that resource extension drilling at the Levuka Lens has intersected high-grade mineralisation 100m outside of the current resource limits.

HIGHLIGHTS

  • Resource extension drilling at Levuka has returned excellent results: o Hole ES139 - 2.8m (2.8m ETW) grading 1.96% Cu and 0.6g/t Au, o Hole ES141 - 6.5m (4.6m ETW) grading 2.83% Cu and 1.15g/t Au o Hole ES142 - 10.2m (4.8m ETW) grading 2.27% Cu and 1.06g/t Au o Hole ES151 - 14.4m (6.9m ETW) grading 1.47% Cu and 0.3g/t Au
  • A second underground drill rig has commenced a 14,800m drilling campaign focussed on resource conversion and extension.

Commenting on the Levuka drilling results, AIC Mines Managing Director Aaron Colleran said:

"These results provide further confidence that ongoing exploration will extend the mine life well beyond five years. We expect to add significant value at Eloise through exploration.

We are now ramping-up resource extension drilling with commencement of a second underground drill rig.

AIC's exploration strategy at Eloise has two objectives - to delineate extensions to the known resource areas and to discover satellite deposits within the Eloise mining tenements."

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For personal use only

Resource Extension Drilling Results - Levuka

A resource extension drilling program consisting of 8 holes for a total of 1,385.8m, on 75m spacing, was recently completed on the 150m Level in the Levuka development area (1000mBSL). The objective of the program was to test for high-grade mineralised lenses outside of the current Mineral Resource limits, west of the Levuka development area. The results have confirmed high grade mineralisation 150m to 250m north and down dip of the current Mineral Resource area. Infill drilling is now underway (see Figures 1, 2 and 3 below).

The drilling program returned the following significant intercepts:

  • Hole ES136 - 3.1m (2.3m ETW) grading 1.75% Cu and 0.20g/t Au
  • Hole ES137 - 3.1m (2.3m ETW) grading 2.70% Cu and 0.3g/t Au
  • Hole ES139 - 2.8m (2.8m ETW) grading 1.96% Cu and 0.62g/t Au
  • Hole ES141 - 6.5m (4.6m ETW) grading 2.83% Cu and 1.15g/t Au
  • Hole ES142 - 10.2m (4.8m ETW) grading 2.27% Cu and 1.06g/t Au
  • Hole ES151 - 14.4m (6.9m ETW) grading 1.47% Cu and 0.27g/t Au

Figure 1. Plan view of Levuka drilling Lens 1 extension, sliced at 100m Level (±100m)

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For personal use only

Figure 2. Cross section of Levuka drilling Lens 1 extension, sliced at 82,250mN (±100m)

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Figure 3. Long section of Levuka drilling Lens 1 extension, sliced at 97,550mE (±100m)

Further information on the collar coordinates and assay results is reported in Appendix 1 and 2, included at the end of this announcement.

Underground Resource Drilling

A 14,800m resource definition drilling program has been planned for the next 6 months and will focus on:

  • Infill drilling of the Deeps (z330 to z360 levels) and the Macy North Inferred Resource areas.
  • Infill drilling of Inferred Resources around current and historic development areas, including Macy, Chloe and Levuka.
  • Resource extension at the Deeps, Elrose, Levuka North and South and Macy Upper areas (see Figure 4).

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Figure 4. Long section of Mineral Resource conversion areas to be drilled in current program

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Disclaimer

AIC Mines Limited published this content on 23 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 January 2022 22:43:07 UTC.