Aeris Resources Ltd (ASX:AIS, OTC:ARSRF) has delivered a revised mineral resource estimate (MRE) for its Currawong and Wilga deposits within the wholly-owned Stockman Project in northeast Victoria.
The updated MRE reflects significant changes in the estimates, primarily based on revised geological interpretation and updated metallurgical and metal price assumptions.
The Currawong deposit shows a remarkable increase, with a 9% rise in tonnes, 14% in contained copper metal, 6% in gold and 4% in silver.
The Wilga deposit remains stable in tonnage but reports a decrease in metal content, including a 10% reduction in both contained copper and silver metals.
The combined estimates for both deposits result in a 7% increase in tonnage, 6% in contained copper, with modest increases in gold and silver, and zinc remaining stable.
Furthermore, Aeris has identified ‘significant’ potential to increase the mineral resource with additional drilling at the project.
Percentage changes in current 2023 MRE compared with previous MRE.
“Well understood and robust”
Aeris executive chairman Andre Labuschagne said “We are very pleased with how the Stockman Project is progressing.
“Since we acquired Stockman as part of the Round Oak Minerals acquisition in July 2022 our technical teams have significantly advanced the project.
“The updated mineral resource estimates have reinforced our view when acquiring the project that the geology for both the Currawong and Wilga deposits is well understood and robust.
“These updated estimates have also enabled us to optimise the mine plans for each deposit, particularly for Currawong."
MRE summary
The updated MRE for the Currawong and Wilga deposits is primarily based on a revised geological interpretation, along with updated metallurgical and metal price assumptions.
The Currawong deposit now stands at 11.3 million tonnes at 2.06% copper, 3.90% zinc, 1.10 g/t gold and 38.4 g/t silver.
This includes 232,000 tonnes of copper metal, 439,000 tonnes of zinc, 397,000 ounces of gold and 13.9 million ounces of silver.
More than 90% of this deposit is categorised as indicated.
The Wilga deposit, on the other hand, contains 3.5 million tonnes at 2.16% copper, 4.29% zinc, 0.43 g/t gold and 28.2 g/t silver.
This encompasses 76,000 tonnes of copper metal, 152,000 tonnes of zinc, 48,000 tonnes of gold, and 3.2 million ounces of silver, with more than 90% classified as indicated.
2023 Currawong and Wilga combined reported mineral resource with a NSR cut-off of US$100/t.
Stockman Project
The Stockman Project is an advanced polymetallic development project about 300 kilometres northeast of Melbourne in the East Gippsland region of Victoria.
It contains the Currawong and Wilga deposits, which are the subject of this mineral resource upgrade, and the Bigfoot and Eureka satellite deposits.
The project remains highly prospective for the discovery of further VMS deposits.
The tenement package remains largely under-explored, with multiple surface geochemical and geophysical anomalies yet to be drill-tested.
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