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AERIS RESOURCES LIMITED

(AIS)
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AERIS - CONSTELLATION MAIDEN MINERAL RESOURCE

12/16/2021 | 09:20am EDT

Aeris Resources Limited (ASX: AIS) (Aeris or the Company) is pleased to announce a maiden Mineral Resource estimate for the Constellation deposit, located within the Company's 100% owned Tritton tenement package in New South Wales, of 3.3 Mt at 1.4% copper (47kt contained copper).

In addition, an Exploration Target has been defined for the primary mineralisation below the current Mineral Resource down to RL-350m, approximately 750m down-plunge from the base of the Mineral Resource: Maiden Mineral Resource for the upper 200m of the Constellation deposit totalling 3.3 million tonnes at 1.4% copper, for 47,000 tonnes of copper metal, including: Indicated Mineral Resource for high-grade Supergene mineralisation of 0.5 million tonnes at 3.4% copper, for 18,000 tonnes of copper metal and Indicated and Inferred Mineral Resource for Sulphide (Primary) mineralisation of 1.4 million tonnes at 1.6% copper, for 23,000 tonnes of contained copper1 The Mineral Resource represents the potential open pitable portion of the deposit - optimisation of pit design underway An Exploration Target has been defined for primary mineralization below the reported Mineral Resource

The potential quantity and grade of the Exploration Target is conceptual in nature and is therefore an approximation. There has been insufficient exploration drilling to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code. Aeris' Executive Chairman, Andre Labuschagne, said 'This maiden Mineral Resource and Exploration Target for the Constellation deposit confirms our long-held view that Constellation is a significant copper deposit and will play an important role in extending the life of our Tritton Copper Operation.'

'To go from initial discovery to maiden Mineral Resource in just over 12 months is a fantastic outcome by our exploration team. What is also exciting is that Constellation remains open down-plunge.' 'Resource definition drilling continues and we are targeting to deliver an updated Mineral Resource by the end of the March 2022 quarter. In parallel, the various option studies are progressing well, including metallurgical test work. Preliminary indications from the metallurgical test work appear positive and we are targeting to deliver detailed results by the end of January 2022.'

CONSTELLATION MINERAL RESOURCE ESTIMATE

The Constellation Mineral Resource estimate totals 3.3 Mt at 1.4 percent copper, 0.3 gram per tonne gold, for 47,000 tonnes of copper metal and 36,000 ounces of gold metal

The Mineral Resource represents the shallow, potentially open pitable portion of the deposit to 200m below surface, and has been reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 (JORC Code).

The Mineral Resource is based on an exploration and resource definition drill program totalling 144 drill holes and includes oxide (copper hydroxides), supergene (chalcocite) and primary copper (chalcopyrite) mineralisation. The Mineral Resource estimate is reported within a constraining pit shell at differing cut-off grades: the oxide Mineral Resource is reported at a 0.20% copper cut-off grade and the supergene (chalcocite) and primary sulphide (chalcopyrite) domains are reported at a 0.30% copper cut-off grade.

The resource model is reported to an Indicated and Inferred Mineral Resource category and is located in the upper 200m of the known Constellation deposit, which has been the focus of the majority of drilling completed to date. Indicated Mineral Resource is reported from areas within the conceptual pit shell with a drill density up to 40m x 40m. The geological interpretation is consistent between drill sections and grade distributions are understood. Inferred Mineral Resource is based on a nominal drill spacing up to 80m x 80m, providing a conceptual understanding of the geological framework and grade distribution within the conceptual pit shell.

The Mineral Resource represents the shallow, potentially open pitable portion of the deposit to 200m below surface, and has been reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 (JORC Code). The Mineral Resource is based on an exploration and resource definition drill program totalling 144 drill holes and includes oxide (copper hydroxides), supergene (chalcocite) and primary copper (chalcopyrite) mineralisation. The Mineral Resource estimate is reported within a constraining pit shell at differing cut-off grades: the oxide Mineral Resource is reported at a 0.20% copper cut-off grade and the supergene (chalcocite) and primary sulphide (chalcopyrite) domains are reported at a 0.30% copper cut-off grade. The resource model is reported to an Indicated and Inferred Mineral Resource category and is located in the upper 200m of the known Constellation deposit, which has been the focus of the majority of drilling completed to date. Indicated Mineral Resource is reported from areas within the conceptual pit shell with a drill density up to 40m x 40m. The geological interpretation is consistent between drill sections and grade distributions are understood. Inferred Mineral Resource is based on a nominal drill spacing up to 80m x 80m, providing a conceptual understanding of the geological framework and grade distribution within the conceptual pit shell.

Based on the current available data it is not possible to convert the down plunge primary sulphide mineralisation to a Mineral Resource category. However, the data does allow for a conceptual geological interpretation and geology model to support an Exploration Target. The resource definition drill program at Constellation is expected to be completed early 2022 with an updated Mineral Resource estimate expected towards the end of the March 2022 quarter. The intent of the updated Mineral Resource is to convert the Exploration Target to a Mineral Resource

Contact:

Mr. Andre Labuschagne

Tel: +61 7 3034 6200

Web: www.aerisresources.com.au

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2022 396 M 279 M 279 M
Net income 2022 38,9 M 27,5 M 27,5 M
Net cash 2022 139 M 98,1 M 98,1 M
P/E ratio 2022 8,18x
Yield 2022 -
Capitalization 266 M 186 M 188 M
EV / Sales 2022 0,32x
EV / Sales 2023 0,04x
Nbr of Employees 1 091
Free-Float 72,1%
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Willie André Labuschagne Executive Chairman, Chief Executive Officer & MD
Robert Brainsbury Chief Financial Officer & Joint Secretary
Ian Sheppard Chief Operating Officer
Michele Muscillo Independent Non-Executive Director
Colin Francis Moorhead Independent Non-Executive Director
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