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    AIS   AU000000AIS8

AERIS RESOURCES LIMITED

(AIS)
  Report
Delayed Quote. Delayed Australian Stock Exchange - 01/20 11:30:25 pm
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CONSTELLATION DRILLING PROGRAM UPDATE

11/08/2021 | 05:10pm EST

For personal use only

9 NOVEMBER 2021

ASX/MEDIA RELEASE

CONSTELLATION DRILLING PROGRAM UPDATE

  • Resource definition drilling continues to return high grade copper assays within the deeper primary (sulphide) copper domain:
    • TAKD0281 - 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)2
    • TAKD0291 - 10.95m @ 2.73% Cu, 0.82g/t Au, 5.6g/t Ag (from 160.85m)
    • TAKD0241 - 29m @ 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)2
    • TAKD0261 - 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)2
  • Exploration drilling has successfully intersected massive sulphides (assays pending) 150m down plunge from previous drilling
  • Mineralisation now traced 1,000m down plunge and remains open (down plunge and along strike)

Established Australian copper-goldproducer 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."

  1. Diamond drill hole assay interval reported at a 0.50% Cu cut-off grade with a maximum of 3m dilution.
  2. Diamond drill hole assay interval reported at a 1.0% Cu cut-off grade with a maximum of 3m dilution.

Aeris Resources Limited ABN 30 147 131 977

Level 2, HQ South Tower, 520 Wickham Street, Fortitude Valley QLD 4006 Australia

Post: Box 14, 520 Wickham Street, Fortitude Valley, QLD 4006

E: info@aerisresources.com.au T: +61 7 3034 6200 F: +61 7 3034 6290

aerisresources.com.au

ABN 30 147 131 | Page1 977

For personal use only

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:

  • 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.

2 | P a g e

For personal use only

Figure 1 - Oblique view looking northwest showing drill hole pierce points through the Constellation deposit which either contain a significant copper interval or intersected sulphides (assays pending).

3 | P a g e

For personal use only

Figure 2 - Composite image of drill core through the banded and massive sulphide (dull yellow to bright yellow) intersection within drill hole TAKD062.

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.

4 | P a g e

For personal use only

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.

This announcement is authorised for lodgement by:

Andre Labuschagne

Executive Chairman

ENDS

For further information, please contact: Mr. Andre Labuschagne

Executive Chairman

Tel: +61 7 3034 6200, or visit our website at www.aerisresources.com.au

Media:

Peta Baldwin Cannings Purple Tel: 0477 955 677 pbaldwin@canningspurple.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.

5 | P a g e

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Aeris Resources Limited published this content on 08 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 November 2021 22:08:44 UTC.


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Willie AndrÚ Labuschagne Executive Chairman, Chief Executive Officer & MD
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