Aeris Resources Limited (ASX: AIS) based in Queensland, Australia, is a metal and mining company. The company is exploring copper and other minerals and is the fifth largest company in Australia with respect to the volume of copper production. Tritton Copper Operations in New South Wales and Torrens Project near the eastern margins of the Stuart Shelf region of South Australia are the two strategic areas where the company operates.
The Tritton Copper Operations is operated by AIS’s wholly owned subsidiary, Tritton Resources Pty. Ltd. It consists of six underground copper mines of which Tritton Underground Mine (Tritton) and Murrawombie Underground Mine (Murrawombie) are currently active, and the remaining four mine projects are planned for future exploration.
The Torrens Project is a JV between AIS and Kelaray Pty. Ltd. with interest in the ratio of 70:30. Kelaray Pty. Ltd. is a wholly owned subsidiary of Argonaut Resources NL, an Australian metal and mining company with copper and lithium projects in Australia, North America, and Africa. The companies are exploring iron-oxide-copper-gold (IOCG) systems through 28 identified geophysical anomalies.
Toda, AIS has provided an update on the drilling program over its Kurrajong prospect (Kurrajong), one of the Tritton Copper Operations located in New South Wales. The company drilled a further five holes and three wedges which have intersected high-grade copper mineralization. The company recommenced the drilling activities at Kurrajong in April 2018.
The drill-hole TKJD019 returned with an assay result of 4.5m at 5.16% copper, 0.48g/t gold, and 16g/t silver. A downhole electromagnetic (DHEM) survey identified a small (35mx35m), low conductance (750S) in-hole conductor and a significantly larger (75mx250m) strong conductance (4,000S-5,000S) off-hole conductor.
The drill-hole TKJD017W2 returned with an assay result of 3.35m @ 6.51% copper, 0.62g/t gold, 17g/t silver. TKJD023, intersected massive sulphide mineralization with an assay result of 6.4m at 4.55% copper, 0.27g/t gold, and 11g/t silver.
TKJD024W1 intersected pyrite and chalcopyrite mineralization approximately 300m down plunge from previous drill-hole data. It is the deepest drill-hole completed to date. Drill-hole TKJD017W1 intersected approx. 30m thick stringer pyrite dominant sulphide mineralization with minor visible chalcopyrite at the target horizon.
TKJD020 drilled 100m north of the interpreted massive sulphide horizon, intersected approx. 5m of stringer pyrite with minor chalcopyrite mineralization while TKJD021 and TKJD022 did not intersect notable sulphides.
The mineralization has now been traced over 1,100m down plunge and remains open in this direction and along strike to the north. The company is now focussing on developing a detailed geological interpretation and predictive model to assist with next phase of drill targeting.
On 21 August 2018, the company announced the results of its initial six-hole campaign over the same project with the target of more than 10Mt deposits.
The Aeris Resources Limited’s stock has performed impressively during the past 1 year, generating an outstanding positive return of 56.92%. It is currently trading at A$0.220 with a surge of 10% or 2 cents during the day’s performance (as on 15 January 2019, 2:54 PM AEST). The company has a market cap of circa $91.14 million with ~455.71 million shares outstanding. The 52-week high and low are marked at $0.286 and $0.088 respectively.
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