Aeris Resources upgrades copper production guidance for second time
The company had already upgraded forecast production in late April 2019.
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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The company had already upgraded forecast production in late April 2019.
Minor chalcopyrite has been observed in core from a hole drilled to about 1,300 metres.
The current drill hole is targeting a large coincident gravity and magnetic body interpreted from 1,200 metres below surface.
The current drill hole is targeting a large coincident gravity and magnetic body interpreted from 1,200 metres below surface.
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The company has been unable to come to agreeable terms with Glencore for the operation near Cobar in western NSW.
The company holds the Torrens project with Aeris Resources, a copper producer at the Tritton operations in NSW.
An offer has been made and late-stage negotiations around the offer and associated documents are ongoing but are yet to be finalised.
The company is contemplating a US$575 million (A$800 million) mine acquisition.
The program is targeting geophysical anomalies that have the properties of the Oak Dam West, Olympic Dam and Carrapateena copper deposits.
Aeris shares are trading about 7% higher intra-day, at 16 cents.
The unique drill set-up and infrastructure on the lake surface have performed exceptionally well.
The drill hole was targeting a coincident magnetic and gravity anomaly.
Aeris raised $35.096 million in the December half and paid down senior debt.
Potential offtake partners may have electric-vehicle market demand in mind.
Torrens is in the same IOCG trend as Olympic Dam, Carrapateena and BHP’s recent Oak Dam West discovery.
The Torrens target offers exploration upside to the company's copper operations.
The company has exploration upside both at its copper operations and at its Torrens Project.
A PFS found that the project in Ghana could generate US$1.4 billion free cash flow before tax.
The high-grade copper mineralisation at Kurrajong has been traced more than 1,100 metres down plunge.
Stage one of this drill program will involve 8-10 drill holes to depths of 700-1500 metres.