AERIS RESOURCES LIMITED 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,
'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
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
Contact:
Mr.
Tel: +61 7 3034 6200
Web: www.aerisresources.com.au
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