The newish owner of the operation said almost 15,000m of underground drilling in the Macy, Levuka and Deeps areas had been undertaken at a cost of A$2.9 million, adding copper reserves and resources at a cost of 22c/lb of copper and 11c/lb of copper respectively.

Copper reserves grade 2.3% and gold 0.6 grams per tonne.

AIC has set a fiscal 2023 production target for Eloise of about 12,500t of copper and 6000 ounces of gold in concentrate at all-in-sustaining-costs of about $4.50/lb and all-in-costs of $5/lb copper.

Last month in response to the "recent precipitous fall in the copper price" AIC began a cost review aimed at conserving cash while also ensuring key capital investment is maintained.

The company said Eloise's high grade meant the mine had significant optionality and hence ability to ‘weather the storm'.

"With a 26-year operating history there is nothing that Eloise hasn't seen before," AIC said.

Shares in AIC were unchanged at 50c in late trade, capitalising the company at $153 million.