Established Australian copper-gold producer and explorer Aeris Resources Limited (ASX: AIS) has delivered more success with announcements about further voluntary debt repayments and more exceptional results from the Constellation copper deposit, part of the Tritton operation in NSW.
Aeris announced this morning it had made further voluntary debt repayments of about A$20.5m from existing cash reserves in advance of its original debt repayment obligations.
Executive chairman Andre Labuschagne commented:
“FY21 has been an exceptional year for Aeris, including our steps taken to continue to de-lever the balance sheet. We have now repaid A$48m since 1 July 2020 and will finish this financial year with remaining debt of US$20m.
“Resetting the business over the last 12 months now allows us to focus on extending the mine lives at both operations by progressing projects in our development pipeline and continuing to aggressively explore.”
Aeris today also provided an update on exploration activities at the Constellation deposit, located within the company’s 100% owned Tritton tenement package in New South Wales.
Diamond drilling at Constellation has continued, with a further five holes completed since the previously reported diamond drill results last month. All five drill holes intersected copper sulphide mineralisation – TAKD022 and TAKD024 intersected approximately 20m-thick sulphide packages with visual chalcopyrite (assays pending) along the southern margin – and the copper mineralisation at Constellation can now be traced 200m along strike (previously 120m to 150m).
Mr Labuschagne commented:
“These latest results, which indicate strike and depth extensions, further increase the potential for the Constellation deposit to be a significant discovery. There is more work to do but we like what we see so far.”