- Aeris Resources (AIS) says diamond drilling has intersected massive sulphide mineralisation below the Avoca Tank mineral resource in NSW as it continues to build an underground mine at Avoca Tank
- The company says the recently completed diamond hole targeting extensions to copper mineralisation encountered three sulphide horizons 75 metres down-plunge from the Avoca Tank resource
- The most significant of the three was a 2.2-metre thick massive to semi-massive sulphide lens from 514.5 metres down-hole
- Aeris Chairman Andre Labuschagne says the results are a “fantastic outcome” and the company believes there is significant scope to increase the Avoca Tank resource with further drilling
- AIS shares 12 per cent higher at 14 cents
Aeris Resources (AIS) says a recent diamond drill hole has intersected massive sulphide mineralisation below the Avoca Tank mineral resource in New South Wales as it continues to build an underground mine at Avoca Tank.
The Avoca copper deposit lies within the company’s Tritton project and drilling prior to the latest hole had traced a mineralised system 350 metres down-plunge that remains open.
Aeris said little exploration has been done at Avoca Tank since a resource definition drilling program was undertaken in 2012 and 2013, which led to the existing mineral resource estimate (MRE).
The company said the recently completed diamond hole targeting extensions to copper mineralisation encountered three sulphide horizons 75 metres down-plunge from the Avoca Tank resource.
The most significant of the three was a 2.2-metre thick massive to semi-massive sulphide lens from 514.5 metres down-hole.
While assays are pending, visible sulphides include pyrite with lesser chalcopyrite.
The company also carried out a down-hole electromagnetic survey of the drill hole that detected a bedrock conductive plate, which has provided future drill targets.
Aeris Executive Chairman Andre Labuschagne labelled the results a “fantastic outcome” and said the company believed there was significant scope to increase the Avoca Tank MRE with further drilling.
The next round of drilling is scheduled for the 2023 financial year, once underground access development has been completed.
“We are currently constructing the Avoca Tank underground mine, with production due to
commence in Q4 of FY23. Avoca Tank is a high-grade (two per cent-plus) copper deposit and this drill program is designed to test for potential down-plunge extensions,” Mr Labuschagne said.
AIS shares were trading 12 per cent higher at 14 cents at 3:07 pm AEDT.