Aeris Resources Ltd (ASX:AIS) spiked on the ASX today after unveiling a series of high-grade copper assays from the Constellation deposit near its Tritton Copper Operations in New South Wales.
A broad suite of high-grade copper assays saw investors flock to the explorer on the ASX, causing Aeris’ share price to spike as much as 32% to 23 cents per share, beating a peak recorded more than eight years ago.
During the campaign, the mining and exploration company intersected 47 metres of mineralisation containing 3.9% copper, 0.96 g/t gold and 5.6 g/t silver just 11 metres below the surface in hole TAKRC025.
The company’s latest results form part of a reverse circulation (RC) campaign at the Constellation deposit, a high-priority target within Aeris’ Tritton tenement package.
Exceeding expectations
Aeris executive chairman Andre Labuschagne said “The first round of assay results from the RC drilling has exceeded our expectations. Intersecting high-grade copper mineralisation within 10 metres from surface is remarkable.
“The footprint of this near-surface copper mineralisation is also larger than we expected and remains open along strike to the south.”
Promising results
So far, Aeris has received results from 22 RC holes drilled at the deposit and is waiting on assays from another 30.
Plan view showing the location of drill holes completed at the shallower end of the Constellation deposit.
Other exploration highlights include:
- 38 metres at 3.72% copper, 0.36 g/t gold and 3.1 g/t silver from 8 metres in hole TAKRC024;
- 38 metres at 2.91% copper, 0.47 g/t gold and 1.8 g/t silver from 44 metres in TAKRC004 and;
- 10 metres at 5.48% copper, 0.83 g/t gold and 3.7 g/t silver from 40 metres, including 5 metres 10.77% copper, 1.56 g/t gold and 6.8 g/t silver from 45 metres in TAKRC003.
Unfortunately, between 10 and 15 holes at the deposit, including TAKRC004 and TAKRC003, intersected excessive water during the campaign and were stopped in mineralisation.
Despite this setback, Aeris has employed a diamond drill to extend these holes and better define their mineralisation while the RC rig drills new holes over the Tritton tenements.
Broader implications
So far, the RC campaign at Constellation has defined a copper footprint around 150 metres along strike and 130 metres down plunge, while mineralisation remains open to the south.
Promisingly, high-grade copper mineralisation is also thicker than expected within the deposit’s oxide and supergene zones, adding to the bounty of the broader Tritton tenements.
To capitalise on the high-grade results, Aeris intends to conduct further exploration at Tritton.
The company has applied for a permit to drill a further 40 RC holes across two exploration tenements neighbouring the Constellation deposit.
So far, the NSW Resources Regulator has given the green light for 19 of those holes to be drilled at Aeris’ El8084 tenement.
Shares closed up 20% at 21 cents with more than 83 million changing hands.