Aeris Resources (ASX: AIS) has announced a substantial increase in the Mineral Resource estimate (MRE) for its Constellation deposit, located within the Tritton tenement package in New South Wales. The updated MRE now totals 7.6 million tonnes at 2.01% copper, 0.66g/t gold, and 2.5g/t silver, containing 153kt of copper metal, 161koz of gold metal, and 608koz of silver metal. This represents a 24% increase in contained copper and a 29% increase in contained gold compared to the previous estimate.
Notably, the Indicated Mineral Resource has grown significantly to 5.3Mt at 1.75% copper, 0.66g/t gold, and 2.7g/t silver, holding 94kt of copper metal and 112koz of gold metal. This marks a substantial 279% increase in contained copper and a 333% increase in contained gold in the Indicated category. The open pit resource also saw a 46% increase to 4.7Mt at 1.9% Cu and 0.6g/t Au, including 3.2Mt of potential high-grade mill feed.
Aeris’ Executive Chairman, Andre Labuschagne, expressed confidence in Constellation becoming a major ore source for Tritton, with focus shifting to completing the feasibility study and declaring a maiden Ore Reserve. Metallurgical test work also showed high gold recoveries into concentrate of 83% from primary ore, significantly greater than recoveries from historic Tritton deposits of around 50%.
The updated MRE incorporates results from 91 additional drill holes and updated economic parameters, including metal prices of USD $10,337/t for copper, USD $2,797/oz for gold, and USD $33.67/oz for silver, with an AUD:USD exchange rate of 0.682. The company is now focused on completing the feasibility study by Q2 FY26, which will inform the release of a maiden Ore Reserve estimate. The Environmental Impact Statement (EIS) has been lodged, with approvals expected within CY25, positioning the project for a final investment decision by the Aeris Board.
