Aeris Resources Ltd (ASX:AIS) (OTCMKTS:ARSRF) has received high-grade results of up to 13 metres at 8.64% copper from a further 30 reverse circulation (RC) drill holes at Constellation deposit within the Tritton tenement package in New South Wales.
Assays from 52 RC holes have been returned with the drilling program designed to test the extents of shallow oxide and supergene copper mineralisation first identified from diamond drill hole TAKD002.
Near-surface high-grade copper mineralisation has been intersected over a 200 metres strike length with mineralisation remaining open to the south and west.
Approval has been received for an additional 45 diamond drill holes as it seeks to further extend Constellation, which is in proximity to the Tritton operations.
“Tremendous success”
Aeris executive chairman Andre Labuschange said: “The RC drill program has been a tremendous success. To say that the near-surface drilling results at Constellation have surprised on the upside would be an understatement.
“A number of the RC drill holes encountered excessive water and had to be discontinued whilst still in visible mineralisation.
“RC drilling has been suspended whilst we complete these holes with a diamond tail - this is expected to be completed in the next couple of weeks.
“Near-surface, high-grade copper mineralisation has now been traced 200 metres along strike and remains open to the south and west.
“Approval for an additional 45 diamond drill holes will allow us to commence an infill resource definition drill program on the upper section of the deposit.”
Shares have been as much as 14% higher this morning to A$0.205 while the company's market cap before trade today was approximately A$401.4 million.
High-grade results
New high-grade copper intersections include:
- 13 metres at 8.64% copper, 0.81 g/t gold, and 4.4 g/t silver from 52 metres;
- 11 metres at 8.63%, 0.75 g/t, and 9.5 g/t from 39 metres;
- 26 metres at 1.40%, 0.05 g/t, and 1.8 g/t from 3 metres, including 8 metres at 2.98%, 0.02 g/t, and 3.9 g/t from 16 metres;
- 9 metres at 8.20%, 1.53 g/t, and 12.6 g/t from 45 metres; and
- 11 metres at 4.63%, 0.79 g/t, and 7.6 g/t from 61 metres.
Around eight RC drill holes intersected water at or within the mineralised horizon and were stopped.
Work is currently underway to extend each hole through diamond drilling.
Next steps
Drilling is continuing at Constellation with three drill rigs operating.
The RC drill rig is expected to complete the drilling of the diamond tails in the next couple of weeks and will then re-commence testing the southern and western extents of the mineralised system near surface.
Approval for an additional 45 diamond drill holes has been received from the NSW Resources Regulator.
Additional drill holes will be used to initiate an in-fill resource definition drill program of the mineralised system immediately below the extent of the RC drilling.
Drilling will also continue testing the deeper mineralised system focused on extensions along strike and down plunge at depth.