Copper, gold, and silver producer Aeris Resources [ASX:AIS], together with project partner Helix Resources [ASX:HLX], shared an update on their Canbelego joint venture in Cobar, New South Wales.
A high-grade copper zone has been found within 16 metres by 150 metres in the down dip of the Upper Canbelego Main Lode.
Investors were inspired by the results released today, upvoting the AIS share price by more than 6% on Thursday in early afternoon trade.
HLX — though much, much lower in market cap — increased by 25%.
Aeris has dropped more than 15% in share value over the last week, and 25% in the past 12 months:
Source: TradingView
Aeris Resources and Helix share high-grade copper results
Earlier on Thursday, the precious metals miner updated investors on the Canbelego Copper Project, located in southeast NSW.
The partners said the ‘Upper Canbelego Main Lode’ RC (reverse circulation) drilling program was a success, mapping out high-grade copper, near surface to more than 120 metres down-dip.
Copper sulphides were discovered over nearly 22 metres downhole of the diamond drill core.
These were the highlights:
- ‘6m at 4.72% Cu from 103m within 10m at 3.02% Cu from 100m (CBLRC062)
- ‘4m at 3.27% Cu from 70m within 10m at 1.58% Cu from 68m (CBLRC063)
- ‘3m at 2.45% Cu from 78m within 23m at 0.75% Cu from 62m (CBLRC058)
- ‘9m at 1.3% Cu from 108m within 16m at 0.9% Cu from 108m (CBLRC059)’
Aeris said the diamond core intersected 22 metres of ‘medium to strong intensity’ for copper sulphides, which could offer potential to extend the down-dip another 40 metres, to more than 150 metres total.
New high-grade ‘oxide’ copper was also flagged at the intercept, 13 metres below the surface. This is open 130 metres to the south, stretching to the group’s pre-existing underground copper activities.
Commenting on the latest copper assays for Canbelego, Helix’s Managing Director Mike Rosenstreich said:
‘These new copper intervals from the RC drilling confirm the extension of shallow high-grade copper zone identified in October last year; 16m at 3.2% Cu. Reviewing the drill cross-section and including the visual copper mineralisation in diamond hole 17 — this zone looks to extend from almost surface to over 150m down dip and remains open at depth.
‘Furthermore — one of the very shallow intercepts, just 13m beneath surface with 5m at 5.4% Cu within 25m at 1.9% Cu is open to the south for 130m to the historical underground workings.
‘These results are highly encouraging for increasing the copper grade in this area compared to the current mineral resource estimated in 2010 — which should add copper tonnes to our inventory.’
Rosenstreich expects resource estimates to be completed before the June quarter. He also added that resource updates really depend on testing extensions, which could add significantly increase copper volume.
Aeris reported $310 million in group revenue for H1 FY23, up from $195.9 million in 1H FY22.
The miner took a net loss after income tax of $49.8 million, more than $14.1 million the prior year, as higher D&A (depreciation and amortisation) and transaction costs weighed down the group’s budget.
Source: AIS
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Regards,
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For The Daily Reckoning Australia
