viewAeris Resources Ltd

Aeris Resources enhances Cracow with shallow gold intersected at Roses Pride deposit

Aeris is forecasting to produce between 70,000 and 75,000 ounces from its Cracow Gold Operations in the current financial year.

Aeris Resources Ltd - Aeris Resources intersects gold mineralisation in shallow RC drilling at Roses Pride Deposit within Cracow Gold Project
Aeris has a clear vision to become a mid-tier mining company with a focus on gold and base metals

Aeris Resources Ltd (ASX:AIS) has intersected high-grade gold mineralisation in shallow reverse circulation (RC) drilling at Roses Pride deposit, part of the wider Cracow Gold Project in Queensland.

Assay results have been returned for 44 of the 48 drill holes from the 2020 RC drill program and are highly encouraging, with gold mineralisation intersected along the entire drilled strike length, including:

  • 19 metres at 5.45 g/t from 43 metres;
  • 15 metres at 4.10 g/t from 89 metres;
  • 5 metres at 5.33 g/t from 12 metres; and
  • 10 metres at 5.13 g/t from 68 metres.

A mineral resource estimate is expected in the December quarter while a follow-up drill program is planned for later in the FY21 targeting strike and depth extensions.

“Significant exploration upside”

Executive chairman Andre Labuschagne said: “During due diligence, the Roses Pride deposit was identified as a priority exploration target with near-term potential to be added to the Life of Mine plan.

“The results from the drill program confirm this view and we will now expedite the work required to convert the drill results into a mineral resource.

“This success at Roses Pride supports our view that the Cracow tenements have significant exploration upside, both brownfield and greenfield, which is why we have committed a $13 million exploration budget at Cracow over the next two years.”

Roses Pride potential

Roses Pride high-grade deposit represents the northernmost ore deposit mined at Cracow since modern mining commenced in 2004 with underground activities having accessed and mined the deposit to 200 metres below surface.

Prior drilling had been successful in intersecting the mineralised structure above and along strike from underground workings, however, the results had not been sufficient to enable a mineral resource estimate to be generated.

The intent of the 2020 RC drill program was to systematically drill test the interpreted mineralisation above and along strike (north) of the underground workings.

Follow-up program planned

The drill hole data is now being used to generate a maiden mineral resource estimate for the shallower section of the Roses Pride mineralised system.

A follow-up RC drill program is being planned later in the current financial year with the aim to expand the mineralised system further along strike (north and south) and to test down plunge continuity below higher grade drill intersections

Quick facts: Aeris Resources Ltd

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Market: ASX
Market Cap: $211.14 m

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