Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
AIC Mines Discovers High-Grade Gold Mineralisation at Oro Grande Prospect in Queensland
Highlights
Introduction
AIC Mines Limited (ASX: A1M) announced promising exploration results from its Oro Grande prospect in Queensland on 19 October 2026. The discovery forms part of the company’s 100%-owned Eloise Regional Project, located approximately 45 kilometres south of its operating Eloise copper mine in north-west Queensland.
The results represent the first drilling completed at Oro Grande, where earlier geophysical investigations identified conductive geological structures considered prospective for mineralisation. The initial findings have highlighted gold potential alongside copper, silver and zinc, prompting plans for further exploration.
Drilling Reveals High-Grade Gold Intersection
The company’s diamond drill hole, OGDD001, intersected two separate zones of sulphide mineralisation. The upper zone, located between approximately 220 metres and 290 metres downhole, contained copper, gold and silver mineralisation. Notable results included 7.4 metres grading 0.1% copper, 0.2 grams per tonne of gold and 1.0 gram per tonne of silver from 236.6 metres.
The lower zone, encountered between approximately 380 metres and 500 metres downhole, contained gold and zinc mineralisation. Its strongest reported gold intersection measured 5.6 metres at 5.1 grams per tonne from 493 metres. Additional results included 2 metres grading 1.7% zinc from 467 metres and 3 metres at 0.6 grams per tonne of gold from 476 metres.
According to AIC Mines, the presence of these two distinct mineralisation styles in close proximity has not previously been observed at the Eloise Regional Project.
Geophysical Targets Support Further Exploration
The Oro Grande prospect was identified through a ground electromagnetic survey completed in 2025. The survey outlined three prominent conductors extending over approximately one kilometre of strike, leading the company to undertake its first diamond drill hole.
The Queensland Government supported the drilling through a Collaborative Exploration Initiative grant worth AU$185,000, helping fund the exploration programme. A subsequent downhole electromagnetic survey confirmed that the targeted conductors extend both up and down dip across a strike length of approximately one kilometre.
The combination of high-grade gold, associated base-metal mineralisation and limited previous drilling in the surrounding area has strengthened the case for additional investigation.
Outlook: Follow-Up Drilling Planned for 2027
AIC Mines intends to conduct further drilling at Oro Grande during the 2027 field season. The programme is expected to test the extent of the identified mineralisation and improve the company’s understanding of the prospect.
However, the results remain at an early exploration stage, and further work will be required before the company can establish a mineral resource or assess the prospect’s commercial potential.
Conclusion
The initial Oro Grande drilling results have identified encouraging gold mineralisation alongside copper, silver and zinc. With the conductors remaining open and follow-up drilling planned, the prospect represents another exploration target within AIC Mines’ broader Eloise Regional Project.
Note: All data presented is based on information available at the time of writing.
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