Aeris Unveils High-Grade Copper Hits and Resource Upgrade at Constellation

Drill Program Completion and Results

Aeris Resources Limited (ASX: AIS) has successfully completed a comprehensive 70-hole resource definition diamond drill program at its Constellation copper-gold deposit in New South Wales. The program, initiated in May 2024, aimed to upgrade a significant portion of the deposit’s inferred resources to the more certain Indicated category and to better understand the geometry of the mineralised zones.

The drilling campaign returned several notable high-grade copper intercepts, including standout results such as 3.40 meters grading 15.20% copper, 3.83 grams per tonne gold, and 45.5 grams per tonne silver, and 7.65 meters at 5.46% copper with accompanying gold and silver credits. These results reinforce the deposit’s potential and align well with the existing geological model, particularly confirming the continuity of the main and stand-up mineralised zones.

Resource Upgrade and Development Outlook

The company is targeting an upgrade of 2 to 3 million tonnes from Inferred to Indicated Mineral Resource classification within the upper 250 meters of the deposit. This upgrade is critical as it will underpin a detailed mining study and support the maiden Ore Reserve Estimate, both key milestones ahead of a final investment decision by Aeris’ board.

The updated Mineral Resource Estimate is scheduled for release in the third quarter of fiscal year 2025. This update, combined with ongoing metallurgical test work, will inform mine design and scheduling, advancing the Constellation project closer to production readiness.

Environmental and Permitting Progress

Parallel to the drilling success, Aeris has made strong progress on the environmental and regulatory front. The company lodged its State Significant Development application with the New South Wales government in August 2024, accompanied by an Environmental Impact Statement (EIS) that was publicly exhibited. Aeris is currently preparing responses to submissions received from government agencies, local councils, and community stakeholders.

Further cultural heritage assessments are planned for the third quarter of FY25, with the EIS assessment and determination anticipated in the fourth quarter. Additionally, the company submitted a referral under the Commonwealth’s Environment Protection and Biodiversity Conservation Act (EPBC Act) in September 2024, with a decision expected following the submission of supplementary information.

Strategic Implications

Executive Chairman Andre Labuschagne highlighted the team’s efficiency in delivering the drill program on time and within budget, underscoring the company’s disciplined approach to advancing Constellation. The integration of new drilling data into the geological model and mine planning is expected to enhance the project’s value proposition significantly.

As Aeris moves toward completing the updated resource estimate and securing final environmental approvals, the Constellation project is positioned as a cornerstone for the company’s growth strategy in the copper-gold sector.