Precious metals producer Aeris Resources [ASX:AIS] and joint venture partner Helix Resources [ASX:HLX] have co-announced a positive update on the shared mineral resources at the Canbelego Project.
The Canbelego resource has been upgraded by a significant 77% in contained copper — 31,800 tonnes of copper via 1.83 million tonnes of mixed resources.
This was a 22% increase on the initial 2010 mineral resource estimate and a 45% increase in the copper grading.
AIS had opened on Wednesday at a 6% decrease in stock value, but by the early afternoon, it had backtracked at a 1% advantage on the previous trading day at 48 cents a share:
Source: tradingview.com
Copper MRE rises at Canbelego, a welcome sight for Aeris
Aeris Resources, who co-owns the Canbelego Project 30/70 with project partner Helix, was proudly sharing the news this morning that its copper inventory at the Canbelego Project, located in New South Wales, has been boosted by a mineral resource estimate (MRE) update with 77% more copper product.
The updated MRE for the Canbelego Main Lode is made up of 1.83 million tonnes at 1.74% copper for 31,800 tonnes of contained copper metal.
The partners harked back to the 2010 MRE and, in comparing results, found that it represented a 22% increase in tonnage and a 45% increase in copper grade — with the 77% being an increase in overall contained metal.
The update to the resource estimate also holds 18% indicated and 82% inferred categories, which have the potential to form via open-cut extraction at a depth of 70 metres beneath the surface and in underground mining past this depth.
The copper explorers said there will be further growth potential linked to these new findings, and they hope to boost resource growth around the Main Lode, which will be tested at nearby Western Lode targets.
These targets run parallel to this deposit, south along strike and include the Caballero prospect and other potential depth extensions as guided by modelling works.
Commenting on the new MRE, Helix Managing Director Mike Rosenstreich said:
‘We are very much focused on copper and finding new copper deposits. This new Mineral Resource estimate for the Main Lode at Canbelego creates a solid platform from which to start building up our copper inventory. It is critical that we now leverage our improved geological understanding of this deposit to find new deposits – and we are certainly generating some interesting new targets.
‘Looking outward from this resource we see additional potential with the Western Lodes, only 200m to the west of the Main Lode, as well as the prospects that we have to the south such Caballero where we still have unfinished business. Regional-scale exploration also continues to yield new, large anomalies which further add to the potential of Helix’s ground in this prolific copper region.
‘A solid, realistic Mineral Resource estimate provides a platform from which to assess any development opportunities possibly with a partner — which enables us to maintain our focus on discovery activities.’
Helix restarted work at Canbelego in early 2021, the first exploration work undertaken at the project since 2013.
A total of 68 drillholes were completed at the Main Lode and surrounding prospects, totalling 16,666 meters.
This drilling targeted depth extensions of the copper shoots, upping defined copper grades and mineralisation widths at shallower levels above the 2010 MRE.
Below is a table representing the updated 2023 Canbelego Main Lode MRE:
Source: HLX
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