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Aeris Resources Limited (AIS)
is a publicly listed company on the Australian Securities Exchange (ASX).
Aeris Resources is an established mining and exploration company listed on the Australian Securities Exchange (ASX: AIS). It is currently Australia’s fifth largest, independent copper producer by volume produced.
Its flagship asset, the Tritton operations in New South Wales, has delivered record production in recent years and is targeting production of 28,000 tonnes of copper in FY2016. The operations include multiple mines and a 1.6 million tonne per annum processing plant.
Aeris’ Board and management team have a proven track record in corporate strategy and operational efficiency, and a clear vision to grow Aeris into a mid-sized, multi-mine company, delivering shareholder value through an unwavering focus on operational excellence.
A focus on planning, people and maintenance has seen production increase to record levels, unit costs decrease, extensions to the life of mine at the Tritton operations and the identification of new exploration targets in the Company’s extensive landholding in a highly prospective, under-explored copper region surrounding the Tritton operations.
Aeris Resources’ Tritton operations, located near Nyngan in New South Wales, have archieved record production of copper in recent years, with ore currently sourced from the Tritton, Larsens and North East underground mines. The operations are 100 per cent owned and operated by Aeris’ subsidiary, Tritton Resources Pty Limited.
At current production rates, the Tritton operations have an estimated mine life of eight years. This said, Aeris has an extensive portfolio of identified exploration and development projects, and remains confident about the long-term growth prospects at the Tritton Operation, and the potential for further discoveries in this highly prospective region.
All Copper concentrate is sold to Glencore, following a life of mine offtake agreement executed in September 2012.
The Company holds a number of prospective regional exploration tenements across Australia in New South Wales, South Australia and Queensland.
Blayney is one of Aeris’ key exploration assets outside of the Tritton operations area, and is located in the Lachlan Fold Belt of New South Wales, adjacent to Newcrest’s Cadia Valley operations which host the Ridgeway and Cadia porphyry deposits.
Exploration activities at Blayney are focused on discovering copper-gold porphyry and epithermal mineralised systems within an extremely prospective tenement package. Previous exploration efforts have already defined Mineral Resources at the Discovery Ridge and Bald Hills deposits.
The Blayney project is in joint venture with Macquarie Holdings No.1 Pty Ltd, which holds the right to earn up to 80 per cent of the project.
The Torrens Joint Venture between Argonaut Resources NL (ASX: ARE) and Aeris (70 per cent interest) and is another of Aeris’ key exploration projects.
The Torrens project (tenement EL 4296) is exploring for iron-oxide copper gold systems in the highly prospective Stuart Shelf region of South Australia. The project is located near the eastern margin of South Australia’s Gawler Craton region (Stuart Shelf), 50km from the Carrapateena copper gold deposit and 75km from BHP Billiton’s Olympic Dam mine.
Torrens contains strong magnetic and gravity anomalies with previous drilling by WMC Ltd intersecting intense magnetite and haematite alteration typical of Olympic Dam and Carrapateena style mineralised systems.
In early July 2010 the Torrens Joint Venture announced that its application under s23 of the Aboriginal Heritage Act 1988 in South Australia in respect of the Torrens project had been approved by the Minister for Aboriginal Affairs and Reconciliation. A judicial review of this decision was dismissed on 17 March 2011 in the Supreme Court of South Australia, ensuring that the original s23 authorisation stands.
The matter will eventually be returned to the ERD Court for a new decision. Aeris and our Joint Venture partner Argonaut, are active in preparing to obtain access to the land so exploration work can commence.
Straits Gold Pty Ltd (a wholly owned subsidiary of Aeris Resources Limited) is the 100 per cent holder of the tenements comprising the Yandan project. There has been no exploration activity on the project for several years.
The Yandan gold mine was operated by Ross Mining between 1985 and 1990 and produced over 350,000 ounces of gold by heap leach and from a carbon in leach plant. An initial resource estimate has been determined for the East Hill mineralisation:
- 4Mt at 2.4g/t for 308,000 ounces gold Inferred Resource with no lower cut-off
- 1.2Mt at 5.1g/t for 202,000 ounces gold Inferred Resource at a cut-off of 3g/t
Regional studies have defined other mineralised centres with significant potential to delineate economic gold systems. Two of these centres are host to the Illamahta deposit and the Northeast prospect.
The mining lease has significant water dams and rights to harvest water from the adjacent Sutor River.
The gold processing plant was removed before the company purchased the property. Rehabilitation of a portion of the tailing storage facility, dump leach pads remain to be completed. Cost effective ways to close the tailing storage facility are being investigated.
The company is considering future options for the asset.
The Canbelego project is in joint venture with Oxley Exploration Pty Ltd (70 per cent interest), a subsidiary of Helix Resources.
The Canbelego project covers approximately 40km2 and is located 45km south west of the Tritton operations. Tenement EL6105 covers a 10km long, north-west trending magnetic complex, which is very prospective for base metal VMS deposits. Exploration activities have been focused on targeting mineralisation extensions below the historical Canbelego workings and regional geophysical and geochemical surveys to define regional targets within the tenement.
Significant intersections at Canbelego include 9m at 2.5% copper from 36m in CANRC001, 10m at 2.0% copper from 145m in CANRC002 and 15m at 1.1% copper from 140m in CANRC004.
Cheesemans Creek, NSW
The Cheesemans Creek Project (EL 5979 and EL7321) is located approximately 22km to the northwest of Orange. Exploration activities have been focused on defining porphyry/skarn and epithermal related copper gold mineralisation within a tenement package of 35km2. Prospective copper gold mineralisation within the tenement package includes the Printhie and Rowena prospects.
The Printhie project is the most advanced target, defined by low level soil geochemical anomalies over a large 800m diameter IP chargeability anomaly. Host rocks and alteration assemblages are consistent with porphyry and skarn mineralised systems and include feldspar porphyries and epidote/siderite skarns with primary sulphides and secondary copper mineralisation.
Aeris owns the Cheesemans Creek Project through its wholly owned subsidiary Templar Resources Pty Ltd.
Aeris Resources Limited
520 Wickham Street
Fortitude Valley, QLD
+61 7 3034 6200
The General Overview, Services, Products and Projects information for this profile was last edited on 22 Jan 2016.