Mid-tier base and precious metals producer Aeris Resources Ltd (ASX:AIS, OTC:ARSRF) has met production guidance for the 2024 financial year at Tritton Gold-Copper Operations in central New South Wales, producing 19,700 tonnes of copper, helped by a strong June quarter with 5,400 tonnes.
June quarter production of 11,800 ounces also saw Aeris meet annual guidance at the Cracow Gold Project in Queensland with 45,900 ounces of gold produced in the 12 months.
Mt Colin extended
Encouragingly, the company was also able to extend the mine life of the Mt Colin deposit in North Queensland, which was expected to close in May but will now operate to October with new mineralisation identified in the 'Cave Zone' and remnant stopes (ore remaining in dug-out shafts).
Ore production at Mt Colin exceeded expectations by more than 20% but copper recovered (6,800 tonnes) was stymied by the limited availability of toll processing slots.
At the end of June ore stockpiles at Mt Colin totalled +200,000 tonnes at +2% copper for 4,000 tonnes of contained copper.
Ends "on a positive note"
“Despite a challenging year for the company it was pleasing to end the year on a positive note with improved production at Tritton and with Mt Colin and Cracow continuing to deliver,” Aeris Resources executive chair Andre Labuschagne said.
“Mt Colin was originally planned to close in May but thanks to great work done by the site and corporate technical teams, additional ore has been identified, meaning that not only has FY24 ore production been about 20% higher than plan but production will now continue through to October 2024.”
AIS held $24.8 million in cash at the end of the June quarter, up from $19.4 million in the March quarter, plus an additional $10 million in restricted cash for environmental bonding.
The company is advancing several assets in addition to its Tritton and Cracow operations, having recently fielded positive metallurgical test work results for the Stockman Project in Victoria.
Read: Aeris Resources tests demonstrate opportunity to improve Stockman Project economics
According to the company’s tests, metal leaching of bulk concentrate in an Albion Process™ produced leach recoveries of more than 98% for copper and zinc.
Aeris is also advancing a feasibility study for the Barbara Project in North Queensland, a pre-feasibility study for the Jaguar Project in Western Australia and has kicked off resource infill drilling at Tritton’s Constellation prospect.
Read: Aeris Resources maintains solid exploration pace at copper-gold projects