Aeris Resources Ltd (ASX:AIS) has secured further unsecured copper hedges with Macquarie Bank Ltd covering copper production from the company's Tritton Operations in western NSW.
The hedge allows Aeris to participate in a copper price of up to $11,100/tonne, which is around $430 per tonne above the current spot, and downside protection of $10,000 per tonne.
It will cover the period February to July 2021 in scheduled monthly deliveries of approximately 667 tonnes for 4,000 tonnes in total.
These hedges are through Zero net Premium Option Collars where Aeris buys puts and sells call options to form a collar structure with zero premium payable:
- The strike price of the put options is A$10,000/tonne; and
- The strike price of the call options is A$11,100/tonne.
High-grade copper results at Constellation deposit
On January 20 Aeris intersected further high-grade copper mineralisation at Constellation deposit within its 100%-owned Tritton tenement package.
The company has received assay results from the third drill hole completed at Constellation deposit, which is proximal to the Tritton operations.
Drill hole TAKD003 intersected high-grade copper mineralisation around 80 metres down dip from drill hole TAKD001, with results of 27.10 metres at 1.61% copper, 0.43 g/t gold and 3.4 g/t silver from 233.90 metres.
Within this was 6.3 metres at 2.30% copper, 0.47 g/t gold and 4.8 g/t silver from 233.9 metres and 10.8 metres at 2.37% copper, 0.66 g/t gold and 4.9 g/t silver from 250.2 metres.