Base metals: Aeris finds more copper at Murrawombie, shares jump 27pc
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Aeris Resources (ASX:AIS) has unearthed more copper in a recent drilling program at Murrawombie, putting the company in good stead after a bumper FY19.
The company recently completed diamond drilling at its Murrawombie underground mine, part of the Tritton Copper Operations, and intersected high-grade copper beyond the site’s current mineral resource footprint.
That’s good news for the junior producer, which revealed in July that it had produced 26,852 tonnes of copper for the 2019 financial year, beating its target by nearly 10 per cent.
This was largely thanks to higher copper grades at the Tritton and Murrawombie underground mines.
Among the notable results along strike and down plunge from the latest drilling were intercepts of up to 4.46 per cent copper, as well as massive sulphides 60m along strike.
Aeris says further drilling will comprise two wide-spaced drill holes planned to plunge beyond the known extents.
“Results from both drill holes will assist in understanding the potential of the larger mineralised footprint and assist with future drill planning and mine design, and results will be included in an updated mineral resource estimate for Murrawombie, which will be completed before the end of the current quarter,” it said.
Executive chairman Andre Labuschagne, the father of Marnus Labuschagne — who made history this week when he was called into the Australian Ashes team mid-test after Steve Smith was ruled out with concussion — said the results were very promising.
“They demonstrate the prospectivity for further high-grade extensions along strike to the north and down plunge,” he said. “Since we commenced operations at the Murrawombie underground mine in FY17 it has consistently exceeded expectations on both tonnes and grade.”
Ausmex (ASX:AMG) finds sulphide system akin to China. Ausmex says it has potentially discovered a new magmatic sulphide mineral system in South Australia’s Burra region that compares with the Jinchuan deposit in China, the “largest single magmatic sulphide deposit on Earth”. That was enough to send shares in the company up 11 per cent this morning to 11c.
Aldoro Resources (ASX:ARN) getting ready to drill. Aldoro informed investors this morning that it would begin its maiden drilling program at the Firefly prospect, part of the Leinster nickel project, in September. High-priority nickel sulphide targets have been confirmed confirmed following a review of historical drilling.
Galileo Mining (ASX:GAL) is already drilling. Galileo has started reverse circulation drilling at its Subzero copper prospect near the town of Norseman in Western Australia. Surveying has previously defined a highly-conductive target beneath an historic prospecting shaft. The company says first assay results are expected in September.