Aeris Resources Ltd (ASX:AIS) made considerable progress during the September quarter and is well funded with $75 million in cash and receivables to continue driving its growing portfolio of copper and gold operations in Australia.
The company has the Tritton Copper Operations in New South Wales and the Cracow Gold Operations in Queensland.
In FY2022, Aeris is targeting copper production at Tritton of between 21,000 tonnes and 22,000 tonnes and gold production at Cracow of between 67,000 ounces and 71,000 ounces.
Tritton Copper Operations
Quarterly Summary at Trittion.
Copper production for the September quarter of 4,534 tonnes was lower compared to the previous quarter, and lower than plan.
Key impacts were lower tonnes and grade from Tritton UG and COVID-19 restrictions flowing through to available manning levels.
The copper grade of 1.23% was lower than the previous quarter's 1.51% and resulted in a grade reconciliation review being undertaken during the quarter to further understand the change in grade and likely impact on production.
Map of Tritton tenement package.
Growth projects at Tritton
$9.7 million was spent on growth projects during the quarter, including $3.9 million for exploration activities with most being related to the drilling campaign at the Constellation deposit.
The development of the first three of these new mining projects is commencing over the course of FY22 at a cost of $50 million:
- Budgerygar resource infill drilling program continues;
- Contract awarded for Avoca Tank decline development and work commenced mid-October; and
- Murrawombie pit design underway.
Surface facilities and portal for Avoca Tank access decline at Tritton.
Exploration at Constellation
Exploration activities continued at the Constellation deposit during the quarter with the diamond drilling program continuing and the completion of the Phase 2 reverse circulation drill program.
The initial RC drill program (Phase 1), totalling 52 holes, targeted mineralisation over a 200 metres (north-south) x 200 metres (east-west) footprint to a maximum depth of 130 metres below surface.
The phase 2 program, totalling 58 reverse circulation (RC) holes focused on defining the extents of the oxide and supergene mineralisation.
Operations at Cracow
Quarterly summary at Cracow.
Cracow ore production of 138,000 tonnes was in line with the previous quarter and plan. Gold grades of 3.52 g/t were below the previous quarter due to mining sequence. Focus continued to be on stope turnover and development rates.
Mine development was prioritised to access remanent mining areas, which will be mined in the current financial year and the establishment of access to the Roses Pride deposit.
Promisingly, a new monthly milling throughput record was achieved in August at 58,514 tonnes.
Furthermore, tailings storage facility No.2 was commissioned in August.