greggles
I'll be back!
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A1M has announced an increase in Mineral Resources at the Eloise Copper Mine to 137,200 tonnes of contained copper and 118,800 ounces of contained gold, representing a 19% increase in both metals. Ore Reserves have increased to 52,600 tonnes of contained copper and 43,100 ounces of contained gold, representing a 46% increase in copper and a 32% increase in gold.
The primary source of the increases in Mineral Resources and Ore Reserves is the Lens 6 deposit, which A1M discovered in September 2022, and remains open up and down dip and along strike.
Today's announcement is quite long and contains a lot of data and is worth reviewing in full. It is fairly clear that Eloise is going to be around for a long time, potentially 20 years or more. For A1M to increase Mineral Resources and Ore Reserves this much after six months of drilling means that the amount of undiscovered copper and gold within A1M's tenements is probably very substantial.
The real question is whether they can keep the AISC figure low enough to generate substantial profits from Eloise. If the copper price remains over US$4 per lb and the AUD/USD exchange rate remains favourable then it will be a very profitable mining operation.
The primary source of the increases in Mineral Resources and Ore Reserves is the Lens 6 deposit, which A1M discovered in September 2022, and remains open up and down dip and along strike.
Today's announcement is quite long and contains a lot of data and is worth reviewing in full. It is fairly clear that Eloise is going to be around for a long time, potentially 20 years or more. For A1M to increase Mineral Resources and Ore Reserves this much after six months of drilling means that the amount of undiscovered copper and gold within A1M's tenements is probably very substantial.
The real question is whether they can keep the AISC figure low enough to generate substantial profits from Eloise. If the copper price remains over US$4 per lb and the AUD/USD exchange rate remains favourable then it will be a very profitable mining operation.