Aeris Resources Ltd (ASX:AIS) has added to the copper bounty at its Tritton operations in Central West NSW through a resource update for the Budgerygar deposit.
This deposit, which is 600 metres from the Tritton mine, contains an inferred resource of 2.3 million tonnes at 1.5% copper, 0.2 g/t gold and 5.2 g/t silver for 34,000 tonnes of copper, 15,000 ounces of gold and 380,000 ounces of silver.
This represents an increase from the June 30, 2018, resource report which had 1.6 million tonnes at 1.5% copper for 24,000 tonnes and 0.1 g/t gold for 6,000 ounces with no silver estimate calculated.
Updated geological model
The June 30, 2019, JORC-compliant estimate is based entirely on an updated geological model using the same drill hole data which informed the previous resource model.
Budgerygar deposit has been remodelled and re-estimated since the previous reporting period.
Aeris is mining and processing ore from the Tritton and Murrawombie underground deposits at the Tritton plant.
The company is targeting 24,500 tonnes of copper production in FY2020 at a C1 cash cost between A$2.80 and A$2.95 per pound.
Potential ore source
Pending upgrading of the resource and positive study outcomes, Budgerygar has potential to be the next source of ore for the operations.
For this purpose, Aeris is developing an exploration and access decline drive to Budgerygar from the existing Tritton underground mine.
This work began late in the 2019 financial year and is expected to be completed during the March 2020 quarter.
The exploration drilling platform will enable the company to drill the underground deposit.
Aeris, which was previously named Tritton Resources, acquired the tenement over Budgerygar in October 2002.
Periodical drill programs were completed up to the late 2000s targeting sulphide mineralisation.
At the completion of drilling in 2008 an inaugural mineral resource was completed for the deposit in 2009.
No further drilling activities have occurred at the deposit since the completion of the 2009 mineral resource estimate.
Regional exploration
As well as Budgerygar, Aeris aims to add to resources at the project through regional exploration, with positive results returned recently from the Kurrajong prospect.
June 30, 2019, resource and reserve updates for the Tritton and Murrawombie deposits have resulted in a combined reserve of 69,000 tonnes of copper, 80,000 ounces of gold and 742,000 ounces of silver.