Aeris Resources Limited announced 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. 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 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 totaling 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. A summary of all assumptions used for reporting the Mineral Resource are included in Appendix B. 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. Constellation Exploration Target: An Exploration Target of 6Mt - 8Mt at a copper grade of between 1.7% and 2.2% (contained copper metal between 100kt to 180kt) has been defined for the primary sulphide mineralised system beneath the reported Mineral Resource at the Constellation deposit. The Exploration Target represents the down plunge continuation of the reported Mineral Resource at Constellation, starting from approximately 200m below surface and extending down plunge approximately 750m (RL-350m) below the reported
Mineral Resource. The Exploration Target is based off 63 diamond drill holes totaling 20,092m, of which 31 drill holes are awaiting assay results. Drill spacing varies widely from 40m x 80m to >80m x >160m. The remaining diamond drill holes with pending assays have been used to constrain the primary sulphide wireframe based on geological logging of copper sulphide intersections. Based on visual observations, the copper sulphide
intersections are similar to sulphide intervals with returned assays. The visual intersection widths are considered appropriate for modelling the wireframe geometry and volume. The Exploration Target was estimated via an Ordinary Kriged (OK) interpolation method within a 0.30% copper grade shell. Dimensions of the primary copper domain vary based on drill coverage. 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. Constellation Deposit - Geology: The Constellation deposit is hosted within `early to mid' Ordovician meta-sediments of the Girilambone Group, a sequence of highly deformed and strongly foliated sandstones (psammites), quartzite, pelites, phyllite, chert and graphitic shales with occasional mafic sills intruding. Regional metamorphism of sediments is lower-to- middle greenschist facies, with abundant chlorite, muscovite and quartz. The deformation history of the area has resulted in multiple generations of folding and the formation of two prominent foliations. North-west trending mafic volcanic units, intrusive rocks and late-Silurian to Devonian gabbroic dykes crosscut the Girilambone Group metasediments. The Constellation deposit bares marked similarities with other copper deposits discovered within the Tritton Copper Operations tenement package, including the large Tritton (+20Mt) and Murrawombie (+15Mt) deposits. These mineralised systems are typically constrained by structural and lithological elements and form elongate pipe-like bodies. Deposits in the area, including Constellation, appear to correlate with zones of
structural complexity and regional scale fold closures, with mineralisation occurring late in the structural deformation events. Folding and faulting in these structural domains has allowed for dilation and subsequently the concentration of enriched fluids to precipitate copper+/-gold+/-silver mineralisation within stratigraphic zones with a marked competency contrast.