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AIS - AERIS RESOURCES LIMITED


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despite the corporate flurry, with the SOL stake on board, AIS came out with somewhat disappointing update, and has been marked down 10% to 41c

The turnaround strategy at Tritton continues to deliver with 5,126t of copper produced in the June quarter, enabling the production guidance to be achieved.  Unfortunately, Cracow again underachieved on its production targets, primarily due to lower gold grades realised.  Despite a challenging operating environment, including COVID impacts, a tight labour market and inflation related price increases, there were numerous significant achievements for Aeris in FY22.

... The transformational acquisition of Round Oak Minerals .... means we start FY23 with four operating mines, a long life development project in Stockman, strong cash balance and no debt.

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  • 3 weeks later...

Aeris Resources (ASX: AIS) says it has struck high grade copper-zinc  silver mineralisation at its wholly owned Jaguar operations Turbo Lens and Java Deeps target in Western Australia.

Resource definition drilling also extended high grade copper zinc mineralization at the Bentley deposit, it added.

Diamond drilling had found five separate intersections of note in two diamond drill holes at the Turbo Lens prospect.

The best was 36.8 metres of 2.24% copper, 8.22% zinc, 49 grams a tonne of silver, and 0.73 grams of gold from 36.8 metres in one hole at the Turbo Lens. Another had found 21 metres of 2.19% gold, 4.69% zinc, 87 ounces of silver and 0.70 grams of gold to the tonne.

The while Java Deeps prospect saw drilling which returned high grade intersections including 2.15% copper, 16.7% zinc, 228 grams a tonne of silver, and 1.98 grams of gold to the tonne over 7.05 metres.

Aeris said that multiple sulphide lenses remain open down plunge and along strike and have the potential to extend the Bentley mineral resource.

Executive Chair Andre Labuschagne, said in the ASX statement :

Quote

The recently discovered, high grade Turbo lens has doubled in strike length and is still open down plunge. Turbo offers excellent potential to extend the life of the Bentley underground mine and will be a priority for further drilling in this financial year. An update of the Turbo Mineral Resource is expected this quarter. Also, a number of other lenses have been identified at depth but have had limited drilling. The latest drill results from Java Deeps show exciting, high-grade intersections that will be followed up with further exploration drilling.

 

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