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    AIS   AU000000AIS8

AERIS RESOURCES LIMITED

(AIS)
  Report
Delayed Quote. Delayed Australian Stock Exchange - 01/26 09:42:25 pm
0.135 AUD   --.--%
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Aeris Resources Limited Provides an Update on Exploration Activities At the Constellation Deposit, Located Within the Company's 100% Owned Tritton Tenement Package in New South Wales

11/08/2021 | 04:57pm EST

Aeris Resources Limited provided an update on exploration activities at the Constellation deposit, located within the Company's 100% owned Tritton tenement package in New South Wales. 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: TAKD024 ? 29.0m @ 1.78% Cu, 0.73g/t Au, 4.6g/t Ag (from 281.0m) including: 13.0m @ 2.80% Cu, 1.20g/t Au, 7.6g/t Ag (from 282.5m). TAKD026 ? 15.8m @ 1.64% Cu, 0.75g/t Au, 5.9g/t Ag (from 205.0m) including: 4.45m @ 3.91% Cu, 1.32g/t Au, 13.6g/t Ag (from 216.35m). TAKD028 ?23.05m @ 2.29% Cu, 0.80g/t Au, 4.1g/t Ag (from 153.45m) including: 5.3m @ 6.99% Cu, 2.14g/t Au, 12.3g/t Ag (from 171.2m). TAKD029 ? 10.95m @ 2.73% Cu, 0.82g/t Au, 5.6g/t Ag (from 160.85m). TAKD035 ?2.65m @ 1.22% Cu, 1.02g/t Au, 6.6g/t Ag (from 109.25m) including: 0.40m @ 3.29% Cu, 3.28g/t Au, 16g/t Ag (from 109.25m). 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. 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.


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Financials
Sales 2022 432 M 306 M 306 M
Net income 2022 77,9 M 55,3 M 55,3 M
Net cash 2022 53,7 M 38,1 M 38,1 M
P/E ratio 2022 3,86x
Yield 2022 -
Capitalization 304 M 218 M 216 M
EV / Sales 2022 0,58x
EV / Sales 2023 0,26x
Nbr of Employees 1 091
Free-Float 71,8%
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Number of Analysts 1
Last Close Price 0,14 AUD
Average target price 0,24 AUD
Spread / Average Target 77,8%
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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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