- Aeris Resources (AIS) has kickstarted exploration work at the Cracow Gold Operations after acquiring it just one month ago
- Cracow is located 500 kilometres northwest of Brisbane in Queensland
- In July alone, Cracow produced 8138 ounces of gold
- Aeris has begun reverse circulation drilling at the Klondyke and Roses Pride deposits
- Further, an underground diamond drill rig is expected to arrive on-site later this month to test a number of near-mine targets
- Company shares are up 6.82 per cent and are trading for 4.7 cents
Aeris Resources (AIS) has provided an update on its newly-acquired Cracow Gold Operations, which lies 500 kilometres northwest of Brisbane in Queensland.
The mine has been operating continuously since 2004 and has produced more than 1.4 million ounces over its life.
Aeris agreed to pay Evolution Mining $60 million in cash, a deferred payment of
$15 million on June 30 2022, as well as a 10 per cent net value royalty from July 1, 2022, to June 30, 2027, capped at $50 million.
The copper and gold explorer funded the acquisition through a fully underwritten $40 million equity raising and $30 million bridge debt facility.
“Cracow has been a well-run operation so this is not about fixing things, it is about driving the asset hard and also ramping-up exploration in line with our stated strategy,” Executive Chairman Andre Labuschagne said.
The company acquired the project one month ago and, since then, Cracow has produced 8138 ounces of gold.
Aeris has begun a reverse circulation (RC) drilling program at the Klondyke and Roses Pride deposits. Assay results are pending and the company aims to progress these to an open pit inferred mineral resource status by the end of this year.
An underground diamond drill rig is expected to arrive on-site later this month. Aeris will test multiple near-mine targets including the Kenneth target.
Further, Aeris plans to drill a number of greenfield exploration targets on the 903 square kilometre tenement package. These include Roses Pride Deeps, Ballymore and NW Corridor.
Company shares are up 6.82 per cent and are trading for 4.7 cents each at 12:40 pm AEST.