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Aeris Resources (ASX:AIS) has hit a new mineral resource estimate for its Constellation project in New South Wales which includes a 24% increase in contained copper metals and a 29% rise in contained gold metal compared to old estimates.
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The deposit – part of Aeris’ Tritton package in central NSW – now comprises 7.6 million tonnes (Mt) at 2.01% Cu (copper), 0.66 grams per tonne (g/t) Au (gold), and as much as 2.5g/t Ag (silver).
Altogether, this yields 153,000t Cu metal, 161,000oz (ounces) Au metal and 608,000oz Ag metal – representing the company’s increases noted above.
And what’s more exciting for Aeris is the increase in indicated resource: This is now set at 5.3Mt at 1.75% Cu, 0.66g/t Au, and 2.7g/t Ag – or 94,000t Cu metal, 112,000oz Au metal, and 462,000oz Ag metal.
This signifies a 279% increase in contained copper metal and a major 333% increase in contained gold metal compared to the previous MRE.
The company is banking on this providing support for conversion to probable ore reserve.
Executive chairman Andre Labuschagne said the overall result for this deposit boded well for the development of Tritton more generally.
“This is a great outcome for Aeris and confirms our confidence in Constellation becoming a major ore source for Tritton,” he said. “Focus will now turn to completing the feasibility study on the deposit and declaring a maiden ore reserve.”
He added having more than 5Mt in the indicated status meant Aeris could build towards the latter with confidence. “The updated MRE features a substantially larger open-pittable deposit, potentially transforming Tritton’s future mine plan outlook,”
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“This expansion could support a significantly longer life open pit operation than initially anticipated, with potentially 3.2Mt of feed to the Tritton mill grading more than 2.5% copper and 0.8g/t gold.”
At 2:04pm, Aeris shares were trading at 18.5 cents.
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