Aeris Annual Report 2022

EXPLORATION
In FY2022, $13.5 million was spent on exploration projects
at Tritton Copper Operations.
AVOCA TANK EXPLORATION
Drilling at the Avoca Tank deposit has traced the
mineralised system to approximately 400m below surface.
Toward the base of drilling the sulphide mineralisation
is interpreted to change strike orientation.
An exploration drillhole (TAKD046) was completed
during the financial year, testing down plunge
continuity and confirmed the change in orientation.
The drillhole intersected two sulphide horizons,
including a 2.5m thick massive sulphide interval 65m
below the base of the current Mineral Resource.
Assay results reported from TATD046 includes:
• 2.5m @ 2.18% Cu, 0.87g/t Au, 11.3g/t
Ag (1.4) 1 from 514m.
• 17m @ 0.83% Cu, 0.69g/t Au, 8.6g/t Ag (8.6) 1 from 559m.
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True Thickness (m)
A downhole electromagnetic (DHEM) survey was
completed during the financial year on drillhole
TATD046. The DHEM survey detected a large EM
conductor with dimensions of approximately 50m x 175m,
located directly along strike from the massive sulphide
intersection at 514.8m downhole (2.5m @ 2.18% Cu).
The Avoca Tank mineralised system has now been traced
520m below surface and remains open at depth.
CONSTELLATION EXPLORATION
The Constellation deposit is located approximately 45km
north-east of the Tritton processing plant. The deposit
was first detected via an airborne electromagnetic
(AEM) survey and a follow-up ground based
moving loop electromagnetic (MLTEM) survey.
The MLTEM survey verified that the EM response from
the airborne survey represented a legitimate bedrock
conductor and identified two separate bedrock conductors.
Drilling commenced in November 2020, with the first drill
hole intersecting mineralisation. Following the discovery,
several drill rigs were operating at Constellation with a
shallow RC program and a deeper diamond drill program.
Phase 1 of the RC drill program was completed in
FY2021 and totalled 52 holes, targeting mineralisation
over a 200m (north-south) x 200m (east-west) footprint
to a maximum depth of 130m below surface.
In FY2022, ongoing exploration activities continued at the
Constellation deposit. Phase 2 of the RC drilling program
totalled 58 RC holes and focused on defining the extents
of the oxide and supergene mineralisation. Drilling across
both RC campaigns successfully intersected copper
mineralisation, within oxide and supergene horizons over
a nominal 250m (north-south) x 200m (east-west) footprint.
In December 2021, a maiden Mineral Resource was
reported at the Constellation deposit of 3.3Mt at
1.4% copper and 0.3 g/t gold for 47kt of contained
copper metal and 36koz of contained gold metal.
Ongoing drilling throughout the first half of CY2022
culminated in an updated Mineral Resource estimate
released in August 2022.
The updated Mineral Resource totals 6.7Mt at 1.9%
copper and 0.6g/t gold for 123kt contained copper
metal and 125koz contained gold metal.
The Mineral Resource incorporates potential open-pitable
mineralisation to 200m below surface and includes a
combination of oxide, supergene and some sulphide
copper. The Inferred Mineral Resource extends a further
250m below the base of the conceptual pit design. The
Constellation deposit remains open down plunge and
along strike at depth below the base of drilling. Several
modelled DHEM conductors extend several hundreds
of metres below the deepest drillhole at Constellation.
There is significant potential to increase the Constellation
Mineral Resource inventory with further drilling.
Copper mineralisation at Constellation has now
been traced 1,100m down plunge and remains
open down plunge and along strike (at depth).
Further resource definition drilling is planned at Constellation.
The initial focus will continue to target the sub-vertical lens
along the northern margin of the known deposit. An update
Mineral Resource estimate will be release late FY2023.
ADVANCING AERIS
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