Aeris Resources reports 324% mineral resource increase at Cracow

Aeris Resources Limited (ASX: AIS) has announced an updated Mineral Resource of 341kt @ 3.6g/t Au for 40koz Au for the combined Klondyke and Royal deposits at the Company’s Cracow Gold Operations in Queensland.

The company said that this 324% increase in gold ounces to 40koz, compared to the previously reported Mineral Resource in June 2020, was driven by additional drilling and re-interpretation of geological information.

AIS said that further resource definition drilling is scheduled in May/June.

June 2020 surface RC drill program

The company’s June 2020 surface RC drill program at the Cracow project was designed to test the up-plunge extents to the known mineralised systems above the mining footprint and outside the reported Mineral Resource.

In total, 23 shallow RC drill holes were completed within the Klondyke to Royal corridor. Significant assay results from the drill program included KDS002 – 7.0m @ 11.6 g/t Au (true thickness 3.3m); KDS003 – 3.0m @ 3.1 g/t Au (true thickness 1.7m); KDS017 – 4.0m @ 2.9 g/t Au (true thickness 1.4m); and KDS015 – 6.0m @ 2.5 g/t Au (true thickness 2.8m).

The Klondyke and Royal deposits are two high-grade gold lodes located along the Klondyke fault. The deposits are located along the south eastern margin of the current underground mining activities within the Western Field at Cracow.

324% increase in Cracow mineral resource

Aeris has now reported an updated Cracow mineral resource, which is 324% higher than the June 2020 MRE. The company said that this surge was a result of a revision of the geological information and additional gold mineralisation identified in the June 2020 drilling program.

Aeris noted: “Our view was that if the operation could be recalibrated so that it was cashflow generative at a lower gold cut-off grade, there was significant potential to identify additional gold mineralisation that could be mined in and around current and historical workings. The re-interpretation of the geological information around the Klondyke and Royal deposits has proven the validity of this thesis.”

The company said that the updated Mineral Resource was reported from within the main mineralised structure where the mineralised vein thickness exceeds 1.5 metres at a 1.5g/t Au cut-off. The previous Mineral Resource was reported at 2.2g/t Au (Royal) and 2.8g/t Au (Klondyke) cut-off grades, within more tightly constrained conceptual mine designs around the historical mine workings.

The March 2021 Klondyke – Royal Mineral Resource is as shown below.

Next steps

The company said that it will carry out further resource definition drilling in May/June.

Management statements

Aeris’ Executive Chairman, Andre Labuschagne, said: “We have always been confident that there is more gold to be found at Cracow, either from exploration activities, including drilling, or by challenging the paradigms around what is economically mineable.

The significant increase in the Mineral Resource at the Klondyke and Royal deposits confirms our view. Work has commenced to schedule the upgraded Klondyke-Royal deposits into the Cracow Life of Mine Plan.”

Image Source: Aeris Resources Limited

Written By Jonathan Norris
Jonathan is a founder of and has been covering the resources industry since 2018. With over 17 years experience in print, broadcast and online media, Jonathan has seen first hand the transformative effect of online niche media.