The company also has a number of brownfields and greenfields exploration projects that present significant growth opportunities for the company and its shareholders.
Following a capital and debt restructure in 2018, Aeris is in a position to explore these growth opportunities.
One such opportunity with very high exploration upside potential is its 70% owned Torrens Exploration Project in South Australia.
The experienced board and management team aims to progress Aeris into a mid-sized, multi-mine company.
A proven copper producer
Aeris is an established copper producer and developer with multiple mines and a 1.8 million tonnes per annum copper processing plant at its Tritton Copper Operations in New South Wales.
The 100% owned operation is targeting production of 24,500 tonnes of copper at a C1 cash cost of $2.75-$2.90 per pound in FY2019.
In the recent December quarter, production was above plan at 6,515 tonnes with a C1 cash cost of $2.96 per pound, mainly from the Tritton underground mine.
The Tritton operations consist of a second underground mine being Murrawombie, which was commissioned during FY2017.
Mineralisation at Murrawombie is open at depth presenting good potential to extend the mine’s life.
Drilling confirms potential of Tritton's Kurrajong prospect
Exploration drilling continues to intersect high-grade copper results at the Kurrajong prospect near the Tritton Copper Operations.
In January 2019, assays from a further five drill holes and three wedge holes revealed more high-grade copper, along with gold and silver, intersected.
The high-grade copper mineralisation at Kurrajong has been traced more than 1,100 metres down plunge.
Focusing on two key exploration projects
Aeris is focusing its exploration on two key areas, the Tritton tenement package and the Torrens Project in South Australia.
The Tritton tenement package consists of six exploration licences covering ~1,800 square kilometres of prospective ground for base metal deposits.
It hosts a proven mineral rich corridor with 750,000 tonnes of copper discovered within the Tritton tenement package.
The 70% owned Torrens Project is prospective for iron-oxide copper gold deposits and is in the Gawler Craton region which hosts the world class mines.
Torrens Project has signatures of world-class Olympic Dam
The world class provinces hosts three renowned mines in BHP’s (ASX:BHP) Olympic Dam, Oz Minerals’ (ASX:OZL) Prominent Hill and Carrapateena.
Torrens is a coincident magnetic and gravity anomaly with a footprint considerably larger than that of Olympic Dam.
Previous drilling confirmed the existence of a major iron oxide copper-gold (IOCG) mineralising system beneath several hundred metres of sedimentary cover.
In the event of a discovery, Torrens has the scale to host a world-class copper-gold deposit.
After achieving many permitting milestones in 2018, as at January 2019, Aeris is preparing to commence drilling at Torrens.
The heliportable drill rig and supplementary equipment, including work platforms, has arrived at site.
Furthermore, an exploration camp to accommodate the workforce for the phase I drilling program arrived on-site early in the New Year and is now fully operational.
Stage I drilling program is estimated to consist of 8-10 drill holes targeting depths of 700-1,500 metres.