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Aeris Resources (ASX:AIS) - Executive Chairman, André Labuschagne - The Market Herald
Executive Chairman, André Labuschagne
Source: 121 Mining Investment Events
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  • Aeris Resources (AIS) has intersected high-grade copper at the Constellation deposit within the Tritton tenement package in NSW
  • Results have been received from two holes, with both intersecting high-grade copper
  • Grades peaked at 22.56 per cent copper, 2.57g/t gold and 16.1g/t silver
  • A third and fourth hole were also drilled with results, pending from three and the fourth failing to intersect mineralisation
  • Drilling has paused for the Christmas break and will resume in early January
  • Aeris is up 7.53 per cent on the market and shares are trading at 10 cents

Aeris Resources (AIS) has intersected high-grade copper at the Constellation deposit within the Tritton tenement package in NSW.

There are two underground mines at Tritton, with the combined production from both totalling 1.8 million tonnes per annum.

As of June 30, 2020, the mineral resource estimate for Tritton sits at 7.1 million tonnes at 1.4 per cent copper for 97,000 tonnes of copper metal.

In today's update, Aeris announced results have been received from an initial two holes, TAKD001 and TAKD002, at Constellation, with both intersecting high-grade copper.

TAKD001

Hole TAKD001 was the first to be drilled at Constellation and aimed to intersect a large electromagnetic (EM) plate, 150 metres below surface.

It intersected a best result of 19.95 metres at 2.41 per cent copper, 0.64g/t gold and 4.6g/t silver from 197.2 metres including 7.55 metres at 4.71 per cent copper, 0.99g/t gold and 9.2g/t silver from 209.6 metres.

From 197.2 metres to 202.8 metres, strongly dispersed to semi-massive pyrite was encountered; from 202.8 metres to 209.6 metres, chlorite and sericite were encountered; and from 209.6 metres to 217.15, metres massive sulphides were encountered.

These sulphide zones were also encountered in hole TAKD003 with assay results pending.

TAKD002

Hole TAKD002 was designed to intersect the smaller EM plate 300 metres west of the larger plate targeted by TAKD001.

It intersected a 3.55-metre-thick massive sulphide interval from 61.05 metres and returned a best result of 3.55 metres at 22.56 per cent copper, 2.57g/t gold and 16.1g/t silver.

A downhole EM (DHEM) survey has also been completed and has identified two EM conductors.

The first lies between 60 metres to 65 metres downhole and spans 15 metres by 15 metres. The second measures 20 metres by 60 metres and lies 15 metres south from TAKD002.

Aeris believes that this conductor is likely to host massive sulphides due to the location of the sulphides intersected in TAKD002.

"These assay results are very exciting. Not only are we getting high-grade copper hits nut the multiple EM plates remain open," Executive Chairman Andre Labuschagne said.

"I am looking forward to see how the Constellation deposit evolves over of 2021 as the drill program continues," he added.

A fourth hole, TAKD004, was drilled to target the copper sulphide body 80 metres along strike from TAKD001, however, it failed to intersect mineralisation.

It did, however, intersect a series of graphitic shear zones at 190 metres downhole.

Drilling has paused for the Christmas break and will resume in early January to continue testing the extents of the mineralised system.

Downhole electromagnetic (DHEM) surveys will also be undertaken on holes TAKD003 and TAKD004 to help define future drill targets.

Aeris is up 7.53 per cent on the market and shares are trading at 10 cents at 11:39 am AEDT.

AIS by the numbers
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