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Aeris Resources' Constellation deposit continues to exceed expectations with new results up to 18.4 metres at 9.4% copper

Last updated: 10:26 08 Sep 2021 AEST, First published: 10:12 08 Sep 2021 AEST

Aeris Resources Ltd -

Aeris Resources Ltd (ASX:AIS) has ticked off its phase-2 drilling program at the Constellation deposit within the wider Tritton tenement package in NSW with new results of up to 18.4 metres at 9.4% copper demonstrating further high-grade potential and again exceeding expectations.

This follow-up drilling program totalled 58 reverse circulation (RC) holes and focused on defining the extents of the oxide and supergene mineralisation.

The oxide and supergene mineralised footprints have now been expanded to 250 metres x 250 metres.

Both mineralised horizons have been traced between 200 metres to 250 metres in the north-south and east-west directions, with a limited number of RC drill holes having tested the primary sulphide domain.

Apart from the 18.4-metre intersection from 53 metres which also included 0.87 g/t gold, 4.4 g/t silver, other strong results are:

  • 5.5 metres at 6.85% copper, 1.02 g/t gold and 2.9 g/t silver from 81.5 metres;
  • 17.9 metres at 2.97% copper, 0.77 g/t gold and 4.1 g/t silver from 94 metres;
  • 7 metres at 3.59% copper, 0.93 g/t gold and 7.7 g/t silver from 101 metres; and
  • 9 metres at 3.65% copper, 1.14 g/t gold and 6.4 g/t silver from 97 metres.

Copper grades exceed expectations

AIS executive chairman Andre Labuschagne said: “The latest drill results continue to show that Constellation is a high-grade copper deposit with some exceptionally high-grade intersections reporting from the shallow supergene zone.

“In the 10 months since the discovery hole at Constellation we have completed over 150 RC and diamond drill holes.

“The results from this drilling are compelling, with the mineralised extents and copper grade both significantly greater than initial expectations, and supporting our view that Constellation is a significant deposit.”

Around 11 diamond holes, aiming to test the strike extents to the deeper primary sulphide mineralisation have also been completed, with notable results including:

  • 16.7 metres at 2.99% copper, 0.87 g/t gold and 6 g/t silver from 255.3 metres; and
  • 13.1 metres at 2.77% copper, 0.95 g/t gold and 4.9 g/t silver from 136.9 metres. 

This drilling has also confirmed a strike length between 250 metres to 300 metres.

Moving forward

Since the discovery of the Constellation deposit in November 2020, a total of 49 diamond drill holes and 110 RC drill holes have been completed.

During this time, the drill program has transitioned from an exploration-focused campaign to a resource definition program.

Two diamond drill rigs remain onsite and diamond drilling is expected to continue for the remainder of 2021.

The RC drill rig is no longer required at Constellation after defining the extents to the near-surface oxide and supergene mineralisation.

Aeris is targeting an initial mineral resource in Q3 of FY22 and to accelerate the pathway to development, has commenced various options studies.

The company's market capitalisation before trading today was approximately A$412.5 million and shares this morning have been as much as 5.4% higher to A$0.195.

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