Drilling over Aeris’s Torrens Project to Commence From Next Week

  • Jan 14, 2019 AEDT
  • Team Kalkine
Drilling over Aeris’s Torrens Project to Commence From Next Week

Aeris Resources Limited (ASX:AIS) is a metal and mining company based in Queensland, Australia. The company is into the process of mining and exploration of iron-oxide-copper-gold (IOCG) systems, copper, and other minerals and is the fifth largest company in Australia in terms of volume of copper production. The company is operating in two areas, Tritton Copper Operations in New South Wales being operated by its fully owned Tritton Resources Pty. Ltd. and Torrens Project, a joint venture between AIS with 70% interest and Kelaray Pty. Ltd. owned by Argonaut Resources NL. Argonaut Resources NL is an Australian metal and mining company. The company has two copper and zinc projects in Australia and one in Zambia. It also has two lithium projects in North America and one in South Australia.

The Tritton Copper Operations consists of two active copper producing underground mines, Tritton Underground Mine (Tritton) and Murrawombie Underground Mine (Murrawombie), and four additional mine projects that are planned for future exploration. The ore production is treated at the Tritton ore processing plant with a processing capacity of up to 1.8 million tpa.

The Torrens Project is engaged in the exploring of iron-oxide-copper-gold (IOCG) systems through 28 identified geophysical anomalies of which 12 are based on gravity only anomalies having a range of different geological rock/alteration features. It is located near the eastern margins of the Stuart Shelf region of South Australia.

Today, the company has come up with an update over its Torrens Project. The company is well prepared to begin the drilling of the first hole over the area from the next week, most probably by 16 January 2019.

All the key infrastructure and equipment including the heliportable drill rig which arrived last week, have been mobilized to the site. The heliportable drill rig is capable of drilling deep mineral exploration holes. The exploration camp which arrived on the site at the beginning of the year is now fully operational. The camp will accommodate the entire workforce of 27 men who will be engaged in Phase one of the drilling program.

Site-based activities are now focused on completing the remaining infrastructure requirements to support drilling on Lake Torrens, including the installation of the pontoon supported drill pad onto Lake Torrens and other infrastructure for drilling over the area. The company will transport the other sections of the drill rig through helicopter in the coming days coupled with the assembling of the drill rig.

The management is content with the progress made in the last four weeks including the Christmas/New Year period and is excited to start the drilling on this highly prospective exploration project from the next week.

Looking at the Aeris Resources Limited’s stock performance and the return it has posted over the last few months, the stock has generated an outstanding positive return of 82.03% during the past one year. It is currently trading at $0.200 with no change during the day’s performance (as at 3:07 PM, 14 January 2019). The company has ~455.71 million shares outstanding with the market cap of circa $91.14 million. Its 52-week high and low are marked at $0.310 and $0.097 respectively.


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