Aeris Resources Ltd (ASX:AIS) continues to intersect sulphides during initial drilling of the new Constellation prospect within the Tritton copper tenement package in NSW with the third hole returning a 26.2-metre zone of disseminated and banded sulphides.
This zone from 234.5 metres downhole in hole TAKD003 included an 8.2-metre interval of massive pyrite bands with visible chalcopyrite.
It is the third hole at the prospect formerly known as Anomaly K with all holes hitting sulphides, enhancing the copper story at Tritton operations.
TAKD003 was designed to test the modelled EM plate 80 metres down dip from the 18.8-metre thick sulphide horizon intersected in drill hole TAKD001
“Characteristic common with other deposits”
Executive chairman Andre Labuschagne said: “Confirmation that the sulphide body at Constellation continues down dip is an important development in the evolving story of this new deposit.
“Continuity of mineralisation at depth is a characteristic common with the other deposits discovered on the Tritton tenement package.
“The next drill hole will seek to test the strike extent of this deposit.”
Shares of the company, which has a market capitalisation of approximately $151.8 million, have been more than 8% higher to 8.7 cents intra-day.
Samples from TAKD003 will be dispatched to the laboratory for analysis and assay results are expected to be returned early in 2021.
A down-hole EM (DHEM) survey will be undertaken on TAKD003 early in 2021.
Looking ahead
A fourth drill hole (TAKD004) will begin today targeting 80 metres along strike from TAKD001 with the planned intersection within the northern margin of the modelled EM plate.
Applications seeking approval to complete additional drilling beyond the currently approved six-hole program have been submitted to the NSW Mining, Exploration and Geoscience Department.
It is envisaged the approvals will be in place early next year prior to the completion of the current six-hole program.
Early dept repayments
Aeris recently made further early debt repayments as its Cracow gold and Tritton copper operations continue to perform strongly in a period of healthy gold and copper prices.
The producer has paid the second quarterly repayment of A$7.7 million on the $30 million Acquisition Bridging Facility for Cracow, three weeks ahead of schedule.
A further US$2 million has also been voluntarily repaid under the US$ Tranche-B Facility.