Aeris Resources Ltd (ASX:AIS)’s resource definition drilling at Constellation deposit within the Tritton copper tenure package in New South Wales continues to return solid gold and copper intersections, especially below the current resource.
Intersections from within the mineral resource include:
- 22.84 metres at 5.42% copper, 1.79 g/t gold and 10.4 g/t silver from 159.16 metres, including 19.36 metres at 2.45% copper, 1.19 g/t gold and 5.2 g/t silver from 191.0 metres;
- 14.75 metres at 4.73% copper, 1.56 g/t gold and 7.8 g/t silver from 154.15 metres; and
- 9.43 metres at 3.78% copper, 1.18 g/t gold and 8.6 g/t silver from 194.95 metres.
Results from below the resource include:
- 5.21 metres at 7.45% copper, 3.19 g/t gold and 59.4 g/t silver from 354.10 metres; and
- 8.27 metres at 4.76% copper, 1.55 g/t gold and 16.3 g/t silver from 148.80 metres.
“Potential for early cashflows”
“The Constellation drilling program continues to deliver excellent high-grade copper and gold assays,” Aeris Resources executive chair Andre Labuschagne said.
“The latest assay results from the drilling within the current mineral resource continues to demonstrate that the near-surface section of the deposit contains exceptionally high-grade copper and gold mineralisation.
“This provides the potential for significant early cashflows from open-pit mining.
“The latest drilling below the current mineral resource was focused on the southern margins of the deposit, with assays also showing both good copper and gold grades.
“A characteristic of the known copper deposits on the Tritton tenement package is continuity down plunge. The latest down-hole EM surveys have traced the sulphide mineralisation 1,100 metres down-plunge and below the current deepest drilling.
“By comparison, the Tritton deposit extends over 2,000 metres down-plunge.”
“Continues to deliver above expectations”
“Constellation continues to deliver above expectations and is shaping up to be a future baseload ore source for the Tritton Processing Plant as we target extending the Tritton Copper Operations beyond the end of the decade,” Labuschagne continued.
“With our strong project development pipeline of high-grade copper deposits, we have a conceptual pathway to increase copper production at Tritton materially above current production levels.”
Aeris says the resource definition drill program at Constellation is nearly complete. One drill rig will remain on-site to complete the program in-addition to water bore and metallurgical drill holes.
Due to lengthening assay turnaround time, the company expects the updated mineral resource estimate for Constellation will be completed in the June quarter of this year.
About Aeris Resources
Aeris Resources is a diversified mining and exploration headquartered in Brisbane, Queensland.
The company has a growing portfolio of copper and gold operations, development projects and exploration prospects.
It has a clear vision to become a mid-tier mining company with a focus on gold and base metals.
Aeris Resources has two operational assets, the Tritton Copper Operations in New South Wales, and the Cracow Gold Operations in Queensland.
In FY2022, Tritton is forecast to produce 18,500-19,500 tonnes of copper and Cracow is forecast to produce 64,000-66,000 ounces of gold.