Aeris surges on ASX amid 25 new anomalies discovery at Tritton tenement.
Aeris Resources Limited (ASX: AIS), an Australian copper producer, announced on 14th March that the airborne electromagnetic survey conducted by the company identified 25 new anomalies in the Tritton copper operations. The company undertook an exploration activity over the northern half of Tritton tenement through an airborne electromagnetic survey, which covered proximity of 617km square. The initial assessment identified 25 electromagnetic anomalies out of which 9 anomalies are on priority target of the company.
As per the company, now on-ground exploration will focus on evaluating each identified target area, and it will do so on a sequential basis, based upon the electromagnetic survey estimation and surface geochemistry of the identified anomalies.
The company believes that the northern half of the Tritton tenement is underexplored and considering the fact that till-date 750,000 tonnes of copper have been discovered in the southern part of the Tritton tenement package; northern half remains significant for the exploration. The 25 newly identified anomalies (9 high priority targets) now added to the 4 anomalies identified by the company through an aerial electromagnetic survey in 2017. Now the total anomalies in the northern region are at 29.
About the prospect:
The Tritton tenement is a high potential copper province, which till date produced 750,000 tonnes of copper along with a 50-kilometer-long corridor between the Budgery deposit to the Avoca Tank deposit. The stratigraphic sequence along the prospective corridor, adjacent to each deposit in it, had not been traced in detail beyond Avoca Tank deposit.
The company did a regional mapping program in 2017, which successfully traced the Budgery sandstone a further 65Kms through the northern half of the Tritton tenement with additional 40km extension estimated through a geophysical survey, which prompted the company to acquire a new exploration tenement, EL8810.
The systematic and focused greenfields exploration conducted by using an innovative SKYTM 312 EM system, which is designed and optimised to test for deep conductor bodies, over the northern half of the tenement and the outcomes, ignites a belief in the company that it can discover additional copper sulphide deposits in the northern half of the Tritton tenement.
The survey with innovative technology has enabled the company to complete the survey quickly and cost-effectively to identify the copper sulphide mineralisation. The survey area was divided by the company in 8 respective sectors to ensure flight line orientations were close to perpendicular to the interpreted geological trend.
The company’s joint venture with Kelaray Pty Ltd (a wholly-owned subsidiary of Argonaut Resources) which commenced a $20 million drilling programme 6—10 km to the west of Torrens east copper project, which is located along the eastern margin of the Gawler Craton in South Australia, also identified a likely extension of the Torrens JV gravity anomaly.
The JV further plans to cover significant depth across the tenement and adopts geophysical methods to vector in on targeted exploration areas. The company recently flagged the completion of the First drill hole at Lake Torrens.
The company is pushing the exploration activities and adopting innovative technologies to reduce the cost associated with such activities, the future endeavours of the company and the outcomes of the exploration activities will decide the future direction of its share price on ASX.
During the time of writing this report, the shares of the company closed the trading session at A$0.160 (as on 14th March 2019), up by 6.667% as compared to its previous close.
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