Confidence in brownfields exploration has been buoyed after Australian copper-gold junior miner, Aeris Resources announced an updated Mineral Resource for the Roses Pride deposit at the company’s 100 percent owned Cracow Gold Operations in Central Queensland.
The resource estimate represents a 260 percent increase in total contained gold ounces compared to the previously reported Mineral Resource in December 2019, said Aeris’ Executive Chairman, Andre Labuschagne.
The updated Mineral Resource contains 177,000 tonnes at 4.6 grams per tonne gold for 26.1 thousand ounces of gold, Mr Labuschagne said.
A surface RC drill program completed in June 2020 targeting mineralisation along strike (north) from the mined Roses Pride deposit was largely responsible for the increased Mineral Resource and further drilling was planned in the first half of 2021, he said.
“The increased Mineral Resource at Roses Pride is a pleasing result and demonstrates the brownfields exploration opportunities that we believe exist at Cracow,” Mr Labuschagne said.
The Roses Pride high grade deposit represents the northernmost deposit mined at Cracow since modern mining commenced in 2004.
Underground activities at Roses Pride accessed and mined the deposit to 200 metres below surface.
The company included the following validation.
Gold mineralisation is hosted in steeply dipping low sulphidation epithermal veins along fault structures.
Vein textures include colloform, crustiform, cockage, breccia channels and massive quartz. Mineralisation at Roses Pride forms along one prominent fault traced over one kilometre along strike, with several minor mineralised splays in the footwall and hanging wall.
A surface RC drill program completed in June 2020 was designed to test the up plunge and along strike (north) continuity of the mineralised system beyond the current mine footprint.
An updated geological interpretation and Mineral Resource estimate was completed after the 2020 drill program.
Aeris Resources Limited is a diversified mining and exploration company.
The Company has a growing portfolio of copper and gold operations, development projects and exploration prospects.
Headquartered in Brisbane, in FY21 Aeris is forecasting to produce between 70,000 and 75,000 ounces of gold from its Cracow Gold Operation in Queensland.
The ASX listed stock closed yesterday at AUD0.12.