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    AIS   AU000000AIS8

AERIS RESOURCES LIMITED

(AIS)
  Report
Delayed Quote. Delayed Australian Stock Exchange - 01/19 12:10:48 am
0.16 AUD   +3.23%
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AERIS RESOURCES LIMITED - CONSTELLATION DRILLING PROGRAM UPDATE

11/09/2021 | 10:44am EST

Established Australian copper-gold producer and explorer, Aeris Resources Limited (ASX: AIS) (Aeris or the Company) is pleased to provide an update on exploration activities at the Constellation deposit, located within the Company's 100% owned Tritton tenement package in New South Wales.

Aeris' Executive Chairman, Andre Labuschagne, said 'These latest drilling results, including extending mineralisation a further 150m down plunge, continues to underpin our view that Constellation is a significant copper deposit.'

Diamond Drill Program - Technical

Discussion Assay results have been received for an additional five resource definition drill holes targeting the deeper primary sulphide portion of the Constellation deposit. All five drill holes reported high grade copper intersections over varying thicknesses including: Two deep exploration drill holes have also been completed, targeting two parallel down hole electromagnetic (DHEM) anomalies. Both modelled DHEM anomalies are large, in the order of 75m (strike) x 350m (down plunge), with moderate to strong conductance (1,500S to 2,000S). The northern EM plate is interpreted to be a down plunge extension below drill holes TAKD014 (20.3m @ 2.02% Cu) and TAKD015 (awaiting assays), which pierced the upper margin of the EM plate. Drill hole TAKD062 intersected an approximate 10m thick banded and massive sulphide interval, 150m down plunge from TAKD014 and TAKD015, within the northern EM plate.

The sulphide interval is characteristic of other intersections through the primary sulphide horizon, with pyrite the dominant sulphide mineral and lesser chalcopyrite +/- pyrrhotite. The second diamond drill hole, TAKD061, targeted the parallel DHEM plate approximately 100m to the south. The drill hole failed to intersect sulphides or any features which would explain the large EM anomaly.

Further DHEM surveying is planned to assist with refining the dimensions and spatial location of the EM plate prior to further drill testing. It is not uncommon for modelled EM plate positions to change as follow-up DHEM surveys are undertaken from drill holes closer to the conductive body. Copper mineralisation at Constellation has now been traced 1,000m down plunge and remains open down plunge and along strike.

Moving Forward

Assay data for all 110 RC drill holes have now been received following receipt of assays for the final seven RC drill holes from the Phase 2 program. These seven RC drill holes targeted the periphery of the shallow oxide mineralised system. The assay results are in-line with expectations, either intersecting modest copper grades or no copper mineralisation, and are consistent with drill results already received from other RC drill holes near the domain margin.

Work has now commenced on the initial Mineral Resource estimate, focused on the shallow portion of the Constellation deposit (where mineralisation is predominantly oxide and supergene) defined by the extensive RC drill campaign. The initial Mineral Resource estimate will be completed within the December quarter. Resource definition drilling is continuing with one drill rig targeting the deeper primary sulphide mineralised system. The second drill rig is continuing with a geotechnical drill program as part of the option study work

Contact:

Mr. Andre Labuschagne

Tel: +61 7 3034 6200

Web: www.aerisresources.com.au

About Aeris

Aeris Resources Limited (ASX: AIS) is a diversified mining and exploration company headquartered in Brisbane. The Company has a growing portfolio of copper and gold operations, development projects and exploration prospects. Aeris has a clear vision to become a mid-tier mining company with a focus on gold and base metals, delivering shareholder value. Aeris' Board and management team bring decades of corporate and technical expertise in a lean corporate structure. Its leadership has a shared, and highly disciplined focus on operational excellence, and an enduring commitment to building strong partnerships with the Company's workforces and key stakeholders. Aeris is forecasting to produce between 21,000 and 22,000 tonnes of copper from its Tritton Copper Operation in New South Wales, and between 67,000 and 71,000 ounces of gold from its Cracow Gold Operation in Queensland.

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2022 432 M 312 M 312 M
Net income 2022 77,9 M 56,3 M 56,3 M
Net cash 2022 53,7 M 38,8 M 38,8 M
P/E ratio 2022 4,43x
Yield 2022 -
Capitalization 349 M 251 M 252 M
EV / Sales 2022 0,69x
EV / Sales 2023 0,36x
Nbr of Employees 1 091
Free-Float 71,8%
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Number of Analysts 1
Last Close Price 0,16 AUD
Average target price 0,24 AUD
Spread / Average Target 54,8%
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Managers and Directors
Willie AndrÚ 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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