Aeris Resources has announced a maiden open pit Probable Ore Reserve for its Constellation Project in New South Wales, underpinning a 5-to-7-year mine life and leveraging existing Tritton processing infrastructure.
- Probable Ore Reserve of 2.3 million tonnes at 2.0% copper, 0.6 g/t gold, 3 g/t silver
- Ore Reserve supports 5-7 years of open pit mining with potential underground expansion
- Project to utilise existing Tritton processing plant, reducing capital intensity
- Pre-Feasibility Study confirms technical and economic viability
- Environmental approvals progressing; construction expected mid-2026
Maiden Ore Reserve Announcement
Aeris Resources Limited (ASX – AIS) has delivered a significant milestone with the declaration of a maiden open pit Probable Ore Reserve for its Constellation Project, located in the Cobar Basin region of New South Wales. The reserve comprises 2.3 million tonnes grading 2.0% copper, 0.6 grams per tonne gold, and 3 grams per tonne silver, containing approximately 47,000 tonnes of copper, 49,000 ounces of gold, and 228,000 ounces of silver.
This Ore Reserve estimate is derived exclusively from Indicated Mineral Resources and excludes Inferred Resources, which remain subject to further drilling and upgrade efforts. The reserve underpins a 5-to-7-year open pit mine life, with ongoing studies exploring potential underground mining opportunities targeting deeper mineralisation.
Leveraging Existing Infrastructure and Confirmed Viability
One of the project's key strengths lies in its proximity, approximately 45 kilometres, to the established Tritton Copper Operations processing plant. This allows Constellation ore to be processed using existing infrastructure, significantly reducing capital expenditure and operational risks. The Pre-Feasibility Study (PFS) completed for the project confirms that the mine plan is technically achievable and economically robust, with all relevant modifying factors appropriately considered.
Metallurgical testwork indicates strong recoveries for copper and gold across oxide, supergene, and primary sulphide ore types, supporting the processing assumptions. The Tritton plant's long operational history with similar ore types further bolsters confidence in processing outcomes.
Environmental and Regulatory Progress
The Constellation Project is classified as a State Significant Development under New South Wales legislation. The Environmental Impact Statement was submitted in mid-2024, with public exhibition completed and amendments lodged. Key approvals are anticipated before construction commences in mid-2026. The project benefits from comprehensive environmental management plans, including biodiversity offsets, progressive rehabilitation, and minimal surface disturbance, aligning with Aeris’s commitment to sustainable development.
Community and Indigenous engagement is ongoing, with social and economic benefits expected for the Bogan Shire region. Infrastructure plans include waste rock storage, ore stockpiles, a solar farm, and water management systems, ensuring operational efficiency and environmental stewardship.
Outlook and Potential Upside
While the maiden Ore Reserve focuses on open pit mining of Indicated Resources, the presence of Inferred Resources within the pit shell offers upside potential pending further drilling and resource conversion. Additionally, underground mining studies targeting deeper mineralisation are underway, which could extend the project’s life and enhance value.
Commodity price volatility and operational scheduling remain typical uncertainties at this stage but are not expected to materially impact the project's viability. Integration within the Tritton hub-and-spoke operating framework mitigates execution risks and supports a streamlined path to production.
Bottom Line?
Constellation’s maiden Ore Reserve sets the stage for a new chapter in Aeris’s growth, with underground studies and regulatory milestones next in focus.
Questions in the middle?
- How will ongoing drilling impact the conversion of Inferred Resources to Ore Reserves?
- What are the timelines and risks associated with underground mining studies?
- How sensitive is the project’s economics to fluctuations in copper, gold, and silver prices?