Aeris Resources Ltd (ASX:AIS) has more than trebled its gold and silver resource inventory in an updated mineral resource estimate (MRE) for the Constellation deposit, situated within the Tritton tenement package in New South Wales.
The additional drilling completed since the December 2021 mineral resource and updated geological interpretations has led to a material increase in the total reportable mineral resource figures including:
- 102% increase in tonnage;
- 162% increase in copper metal;
- 246% increase in gold metal; and
- 243% increase in silver metal
The August 2022 MRE for the Constellation deposit totals:
- 6.7 million tonnes at 1.85% copper, 0.58 gram per tonne gold, 2.9 gram per tonne silver;
- Containing 123,000 tonnes of copper metal, 125,0000 ounces of gold metal and 620,000 ounces of silver metal.
The increased mineral resource inventory is largely due to the inclusion of inferred mineral resource within the primary sulphide domain below the base of the December 2021 mineral resource.
Looking ahead, Aeris is planning further drilling this fiscal year aimed at upgrading the classification to an Indicated status.
“Great outcome for Aeris”
Aeris executive chairman Andre Labuschagne said: “This is a material increase in the Mineral Resource at Constellation and a great outcome for Aeris.
“The defined resource now extends from near surface to approximately 450 metres in depth and remains open down plunge and along strike at depth, as demonstrated by drilling and geophysics.
“Preliminary mining studies on the deposit have commenced.”
Constellation resource update
The updated MRE reported to indicated and inferred categories from open-pit and underground – incorporates an additional 29 drill holes compared to December 2021 MRE.
Notably, the MRE extends to near surface to 450 metres depth.
The updated MRE also includes a maiden mineral resource for an underground component of 3.5 million tonnes at 2.1% copper, 0.7 g/t gold and 3.5 g/t silver.
Furthermore, mineralisation at Constellation remains open down plunge and along strike at depth.
Forward plan
Further drilling is planned in FY23, initially targeting the sub-vertical sulphide body within the conceptual pit shell.
Importantly, the planned program is aimed at upgrading the classification to an Indicated status.
The primary sulphide domain remains open down plunge below -200mRL with several DHEM modelled plates yet to be adequately tested.
Consequently, the company is evaluating drilling options to adequately test below -200mRL.