The Aeris Resources Ltd (ASX: AIS) share price is charging higher, up 3.2% in late morning trade.
This as the All Ordinaries Index (ASX: XAO) remains down 0.1%, after regaining some heftier earlier losses.
Below, we take a look at what’s driving ASX investor interest in the resource explorer and producer.
What did Aeris report?
The Aeris Resources share price is leaping higher after the company announced a maiden Mineral Resource estimate for its Constellation deposit. That deposit is located in its 100% owned Tritton tenement package in New South Wales.
The Mineral Resource estimate for Constellation totals 3.3 million tonnes at 1.4% copper, for 47,000 tonnes of copper metal.
According to the release that includes:
- Indicated Mineral Resource for high-grade Supergene mineralisation of 0.5 million tonnes at 3.4% copper, for 18,000 tonnes of copper metal; and
- Indicated and Inferred Mineral Resource for Sulphide (Primary) mineralisation of 1.4 million tonnes at 1.6% copper, for 23,000 tonnes of contained copper
The Aeris Resources share price could also be getting a lift from the company reporting that it has defined an Exploration Target for primary mineralisation below the reported Mineral Resource.
Commenting on the results, Aeris’ executive chairman, Andre Labuschagne said:
This maiden Mineral Resource and Exploration Target for the Constellation deposit confirms our long-held view that Constellation is a significant copper deposit and will play an important role in extending the life of our Tritton Copper Operation.
To go from initial discovery to maiden Mineral Resource in just over 12 months is a fantastic outcome by our exploration team. What is also exciting is that Constellation remains open down-plunge.
Labuschagne said the company is continuing with its resource definition drilling and hopes to provide an updated Mineral Resource by the end of the March 2022 quarter.
“Preliminary indications from the metallurgical test work appear positive and we are targeting to deliver detailed results by the end of January 2022,” he added.
Aeris Resources share price snapshot
The Aeris Resources share price is up 57% over the past 12 months, well outpacing the 0% gains posted by the All Ords during that same period.
Over the last month, Aeris Resources shares have lost 7%.
The post Here’s why the Aeris Resources (ASX:AIS) share price is shooting higher today appeared first on The Motley Fool Australia.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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