Aeris Resources has released an updated mineral resource estimate (MRE) for the Constellation deposit within its Tritton copper operation in NSW.
Constellation now comprises 7.6 million tonnes (Mt) at 2.01 per cent copper, 0.66 grams per tonne (g/t) gold and 2.5g/t silver, equating to 153,000 tonnes of copper and 161,000 ounces of gold.
This represents a 24 per cent increase in contained copper and a 29 per cent increase in contained gold from the previous MRE released in August 2022.
Aeris has significantly increased Constellation’s indicated resources (5.3Mt at 1.75 per cent copper), which now make up 70 per cent of the resource. This provides a strong basis for conversion to probable ore reserve.
“This is a great outcome for Aeris and confirms our confidence in Constellation becoming a major ore source for Tritton in the near future,” Aeris executive chair Andre Labuschagne said.
“Focus will now turn to completing the feasibility study on the deposit and declaring a maiden ore reserve. With over 5Mt now in indicated status, we have a strong foundation for this initial ore reserve.”
The updated MRE is further benefited by the fact that it includes a large open-pit deposit, increasing 46 per cent to 4.7Mt at 1.9 per cent copper and 0.6g/t gold.
Labuschagne said this could “transform” Tritton’s future mine plan.
“This expansion could support a significantly longer life open-pit operation than initially anticipated, with potentially 3.2Mt of feed to the Tritton mill grading more than 2.5 per cent copper and 0.8g/t gold,” he said.
“The revised pit shell now incorporates the high-grade mineralisation associated with the complex subvertical zone, simplifying the mine plan.”
The updated Constellation MRE is based on the completion of an additional 91 drill holes, which formed part of a resource definition program that aimed to elevate inferred resources into the indicated category.
Aeris is trading at $0.18 per share with a market capitalisation of $179 million.
Subscribe to Australian Resources & Investment and receive the latest news on commodity prices, resource developments, executive movements and more.