The Aeris Resources Ltd (ASX: AIS) share price is in the green today amid a company announcement on recent gold and copper assays obtained from the company’s Tritton tenement.
At the time of writing, the Aeries share price is trading 3.85% higher at 13.5 cents.
Golden results push Aeris Resources share price higher
Aeries provided an update on the latest assay results from the “ongoing resource definition drilling program” at the Constellation deposit. The deposit is located at the company’s Tritton tenement in New South Wales, not far from the Tritton processing plant.
The announcement notes the company has received assay results for a further ten diamond drill holes from the drill program at Constellation.
Results are promising and show extensions below the current mineral resource of both gold and copper deposits.
Specifically, the company intersected 5.21m @ 7.45% Cu, 3.19g/t Au, 59.4g/t Ag (from 354.10m) and 8.27m @ 4.76% Cu, 1.55g/t Au, 16.3g/t Ag (from 148.80m).
Data obtained from these tests has given Aeris further insight into the Constellation deposit at Tritton.
“The orientation of the majority of the Constellation deposit is a continuous gently dipping sulphide body. Toward the northern margin of the deposit, the primary sulphide envelope changes orientation, from a north-south trending gentle dipping envelope to a sub-vertical east-west trending system,” the company said.
On the back of these updates, the company confirmed that resource definition drilling at Constellation is nearly completed.
Consequently, investors can expect updates on the mineral resource “in the June quarter of this year”, according to the company’s announcement.
Management commentary
Speaking on the announcement, Aeris’ executive chair Andre Labuschagne said:
The Constellation drilling program continues to deliver excellent high-grade copper and gold assays. The latest assay results from the drilling within the current Mineral Resource continues to demonstrate that the near surface section of the deposit contain exceptionally high-grade copper and gold mineralisation. This provides the potential for significant early cashflows from open-pit mining. The latest drilling below the current Mineral Resource was focused on the southern margins of the deposit, with assays also showing both good copper and gold grades.
Aeris Resources share price snapshot
In the last 12 months, the Aeris Resouces share price has soared by around 35%. However, it is down more than 18% this year to date.
During the past month of trading alone, the company’s shares have collapsed almost 13%.
At its current share price, the company presides a market capitalisation of approximately $304 million.
The post Whopper copper! Why the Aeris (ASX:AIS) share price is higher today appeared first on The Motley Fool Australia.
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Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. 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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