Mid-tier base and precious metals producer Aeris Resources [ASX:AIS] has provided an update on its key development projects underway at its Tritton Copper Operations in NSW.
Shareholders were upping the AIS stock by more than 2% by the early afternoon on Tuesday.
Looking over the last year, the miner has declined in share prices by 29%, trending low both in its sector and against the wider market average by 28%:
Source: TradingView
Aeris Resources reports on progress at Tritton
Aeris shared that its ladderway installation has been completed at the Avoca Tank. This allows the Avoca Tank stope to begin trucking to deliver 11,000 tonnes at 3.0% Cu ore — a process that began last week.
The miner expects the high-grade ore in this deposit will contribute to a significant increase in copper production which has been forecast at Tritton for Q4.
Diamond drilling also continues at the Avoca Tank mine. Resource definition and grade control drilling will focus on targeting a 60-metre-high vertical section, which also covers the initial production front.
Aeris says that the drill program has so far exceeded expectations, with assays returned from most drill holes intersecting high-grade copper and gold.
These have been associated with three massive sulphide lenses — two copper-gold, and one smaller gold. These lenses remain open down-plunge.
A dominant high-grade copper-gold sulphide lens has been traced 100 metres along the strike, and some of the high-grade copper-rich results included:
Source: AIS
The group also touched on its Budgerygar ventilation shaft, which is still running into some geotechnical issues and causing slower progress than planned.
The vent shaft is expected to be completed Q1 FY2024, but Aeris insists production in Q4 FY23 is not at risk.
Completion of the ventilation shaft is expected to bring higher production rates with multiple headings going forward, and overall, ore development activities remain on track at Budgerygar.
Aeris chairman, Andre Labuschagne said:
‘The team at Tritton have done a fantastic job to bring Avoca Tank into production on time. The recent high-grade drill results at Avoca Tank also indicate the potential for higher grades and a larger metal inventory within the initial mining areas.
‘Unfortunately, geotechnical issues continue to delay the Budgerygar ventilation raise, with completion now expected in early Q1 FY24, enabling a significant ramp-up in production from the mine in FY24.
‘Scheduled ore and Cu metal production from Budgerygar in Q4 however is not at risk as the scheduled tonnes can be mined with existing infrastructure, prior to completion of the primary ventilation shaft.’
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