Company
ASX:AIS
Aeris Resources is a mid-tier base and precious metals producer. The company's copper dominant portfolio comprises two operating assets, a mine on care and maintenance, a long-life development project and a highly prospective exploration portfolio.
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Partner Helix Resources has identified two new parallel potential lode positions to the west of the Canbelego Main Lode mineral resource in the copper-rich Cobar Basin.
"What is particularly exciting are the results from the recent MT geophysical survey, which has identified favourable structural corridors under cover and to the south of the Western Vein Field, opening potential for a new Southern Vein gol
Adding to the discovery of a big copper lode in the area in May last year, AIS' partner on the Canbelego Project has again struck visible copper sulphide mineralisation.
The maiden mineral resource and exploration target confirm Aeris' long-held view that Constellation is a significant copper deposit and will play an important role in extending the life of the Tritton Copper Operation.
The Budgerygar deposit is one of three new ore sources being developed at the Tritton Copper Operations in NSW in the 2022 financial year.
In FY22 Aeris forecasts to produce between 21,000 and 22,000 tonnes of copper from its Tritton Copper Operations in NSW and between 67,000 and 71,000 ounces of gold from its Cracow Gold Operation in Queensland.
“These latest drilling results, including extending mineralisation a further 150 metres down plunge, continues to underpin our view that Constellation is a significant copper deposit,” says chairman.
The company has a growing portfolio of copper and gold operations, development projects and exploration prospects within Australia.
The acquisition of this additional exploration tenement is consistent with the company’s philosophy of exploring in “new space”, via the use of new technology.
“The deposit is now clearly evolving into zones of oxide, supergene and primary (sulphide) copper mineralisation, and within each of these zones there are areas with high copper and/or gold enrichment," says chairman.
To date, the JV has drilled five diamond drill holes for nearly 2,000 metres, since restarting exploration drilling around and beneath the Canbelego mineral resource in April 2021 after an eight-year exploration hiatus.
Two diamond drill rigs remain onsite and diamond drilling is expected to continue for the remainder of 2021.
The Canbelego Project in the Cobar Copper Basin is a joint venture between Aeris (30%) and Helix Resources (70%).
The combined RC and diamond tails drilling has also extended the strike length of sulphide mineralisation out to 300 metres
Aeris is confident the highly-endowed Tritton tenement package has more copper awaiting discovery and is convinced the Cracow tenement remains highly prospective for more gold.
The company is targeting gold production at the Cracow Gold Operation of between 67,000 ounces and 71,000 ounces in FY2022.
Aeris has also entered into arrangements for ANZ Bank to become its senior banker with ANZ to provide a A$35 million Contingent Instrument Facility, a A$20 million Working Capital Facility and unsecured hedging lines for gold and FX.
The company’s partner Helix Resources has extended the envelope of copper sulphide mineralisation down-dip and along strike at the Canbelego JV project in central NSW.
The explorer produced more than 73,000 gold ounces and nearly 23,000 tonnes of copper over the 2021 financial year, with both metrics landing at the higher end of previous guidance.
Aeris has locked in the present high copper price through zero net premium option collars where the company buys puts and sells call options.
