Copper-gold producer Aeris Resources (ASX:AIS) has a follow-up drilling program scheduled for early 2024 to boost its resource confidence at its Tritton tenements package in New South Wales.
The $110.55 million market capitalisation company says the upcoming drilling has been designed to test further electromagnetic (EM) plates at depth and improve resource confidence in the upper portion of the deposit.
Aeris reports that the planned 2024 drilling follows the completion of a 6-hole program at the Constellation deposit, where copper mineralisation was intersected in 5 of the 6 holes.
Sulphides 100m along-strike and 200m down-plunge from the current Mineral Resource Estimate (MRE) were also uncovered at Tritton.
Key results include hole TAKD099 with 9.8m @ 2.34% Cu, 0.69 grams per tonne (g/t) Au, and 3.1g/t Ag. Aeris adds a ‘high-grade’ copper corridor over 160m was confirmed between drillholes TAKD094 (5.85m @ 2.23% Cu) and TAKD095 (25.95m @ 3.81% Cu).
The company notes work is expected to begin to convert the mineralisation identified in the recent drilling program into the inferred mineral resource category.
Mineralisation remains open both down-plunge and along-strike.
Meanwhile, the company states an environmental impact statement (EIS) is well advanced, with no major issues identified. Submission of the EIS is expected in early 2024.
Aeris Resources Executive Chairman Andre Labuschagne says the start of 2024 will see further exploration get underway at the project.
“We have confirmed that mineralisation continues 200m down-plunge and 100m along-strike from the current Mineral Resource Estimate.
Constellation also remains open down-plunge and along-strike. A consistent geological feature of the known deposits on the Tritton tenement package is significant down-plunge continuity of mineralisation. The Tritton, Budgerygar, Murrawombie, Avoca Tank, Kurrajong and Constellation deposits all remain open down-plunge, with Tritton mineralisation to date traced over 2kms down-plunge and remains open.
We will kick off a follow-up drill program at Constellation early in the new year seeking to test additional EM plates at depth and also improve resource confidence in the upper sections of the deposit.
“Constellation is an exciting opportunity with potential to be a cornerstone source of both sulphide and oxide ore at Tritton”
Our technical team is well advanced with the EIS, and we expect to submit in the coming March quarter. Constellation is an exciting opportunity with potential to be a cornerstone source of both sulphide and oxide ore at Tritton.”
Aeris Resources is a mid-tier base and precious metals producer with a copper-dominant portfolio comprising 3 operating assets, a mine on care and maintenance, a long-life development project, and a ‘highly prospective’ exploration portfolio.
The company’s Tritton Copper Project represents a long-life copper mine near the towns of Nyngan and Cobar in central New South Wales, which began production in 2005.
Aeris Resources had $43.4 million cash at hand as of 30 September 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Aeris Resources
