Aeris Resources - Tritton Deeps and Greenfields Exploration update
Aeris has approved the development of Tritton Deeps, which will extend the mine life at the Tritton Operations to 2023. To support this development, work has started on a $11.25M ventilation shaft to underpin mining at depth and to maintain current production volumes. Aeris also announced it would commit $7.5M to greenfields exploration activities over the next two years across its 184,600ha of tenements in the Tritton VMS district. The focus is on discovering Tritton size +10Mt orebodies.
Approval of Tritton Deeps triggers Tranche 2 (US$10M) of Working Capital Facility and commencement of a $11.25M Ventilation Shaft
- Aeris Board approves development of Tritton Deeps
- Tranche 2 (US$10M) of Working Capital Facility now available
- Tritton Deeps extends mine life at Tritton Operations to 2023
- Work on $11.25M Ventilation Shaft has commenced to support the Tritton Deeps development and underpin current production volumes from the Tritton Mine
The Board of Aeris Resources Limited (ASX: AIS) (Aeris or the Company) has approved the development of the Tritton Deeps, which will extend mining operations at the Tritton Orebody 175 metres below the current workings. The Tritton orebody is still open at depth and will be defined through future drilling as we go deeper.
In support of the current production volumes at Tritton and the planned deeper mining operations (Tritton Deeps) at the Tritton orebody, the Company has commenced the development of a new $11.25M ventilation shaft, which is expected to be operational by the end of the March quarter in 2017. The ventilation shaft will extend from the surface down to the RL4385m exploration drive. The drilling of the 880m deep, 5m diameter shaft will take up to eight months to complete, while the ventilation system supporting it will include twin centrifugal exhaust fans, each powered by a 1.3MW motor, which together are capable of displacing 400m3 per second.
Aeris Executive Chairman, Andre Labuschagne said “The approval of the Tritton Deeps project is a significant step forward for the Company. The approval of the Tritton Deeps not only extends the life at our Tritton Operations until 2023 but is also a condition precedent to Tranche 2 (US$10M) of our Working Capital Facility with our strategic partner, Special Portfolio Opportunity V Limited (PAG SPV), being made available.”
“The PAG SPV US$25M Working Capital provides the Company with significant financial flexibility over the next two and a half years as we concurrently extend mining deeper at Tritton and ramp-up production at the Murrawombie Underground Mine. These two mines will be the baseload sources of ore for the Tritton Operations for at least the next 6 years.”
Updated JORC 2012 Mineral Resources and Ore Reserve statements, including the results of the Tritton Deeps drilling program are currently being prepared.
Aeris to ramp-up greenfields exploration activities at Tritton
- Aeris holds 184,600 hectares in the prospective Tritton VMS district
- Aeris Board and its Financiers approve ramp-up of exploration activities
- Focus is on discovering “Tritton” size (+10Mt) orebodies
- $7.5M on greenfields exploration activities targeted over the next two years
- Highly prospective tenement package which has yielded more than 375kt of copper to date
Aeris Resources Limited (ASX: AIS) (Aeris or Company) is pleased to advise that the Aeris Board has approved a ramp-up of greenfields exploration activities on the Company’s highly prospective tenement package surrounding it’s Tritton Operations in NSW.
Aeris currently holds 184,600 hectares in the prospective Tritton VMS district (see Figure 1). This is made up of six exploration and three mining leases. Six major mafic complexes have been identified within a sequence of sedimentary rocks with a combined strike length of greater than 100km. The Tritton Tenement Package has to date yielded more than 375kt of copper.
Aeris Executive Chairman, Andre Labuschagne said “Our Tritton Tenement Package, despite already yielding multiple discoveries is still largely underexplored and remains highly prospective. Our constraint over the last three and a half years has been available funding rather than a lack of prospects / targets (see Figure 2). We are now in a position where we can start to focus on growing the Company, both organically and through M&A. The Aeris Board has approved a ramp-up in greenfields exploration activities on our Tritton Tenement Package with a $7.5M spend targeted over the next two years. The key focus of these activities will be to discover “Tritton” sized (+10Mt) orebodies, as we seek to extend the life of the Tritton Operations beyond 2023.”
“The Tritton VMS district hosts Besshi style VMS systems, which are characterised by repeats along strike, multiple horizons and lenses and significant depth potential. The exploration strategy has been steadily evolving and to date has been extremely effective in both identifying and testing VMS sulphide systems, as shown by the exploration success to date at Tritton, Avoca Tank, Kurrajong and Budgery. With new higher power electromagnetic geophysics technology (EM) now available we can also look deeper, below current EM survey data (see Figure 3).”