Aeris Resources welcomes Canbelego JV results that confirm potential to host economic copper sulphide quantities

Aeris Resources Ltd (ASX:AIS) welcomes the latest drilling results from the Canbelego Joint Venture Project with Helix Resources Ltd in the highly prospective Cobar Copper Basin in central New South Wales that confirm copper mineralisation within the northern and central shoots. As well as returning up to 13 metres at 1.29% copper from 295 metres downhole in hole CANDD03, DHEM surveying of CANDD005 identified a large-scale conductive anomaly, which is open at depth and likely associated with the 20-metre-thick zone of high-grade copper mineralisation intersected in CANDD002. Both JV parties believe this demonstrates the prospective nature of the Canbelego project and the adjacent electromagnetic (EM) anomalies, which continues to build confidence that the project has potential to host economic quantities of copper sulphide. Helix has 70% and Aeris has 30% with the project in the same prolific copper area that hosts Aeris' Tritton Copper Operations. Strong results Apart from the 13-metre intersection, other notable results from Northern Shoot include: 6 metres at 1.26% copper from 286 metres; and 5 metres at 1.56% from 272 metres. The Central Shoot has returned 5 metres at 1.56% copper from 272 metres, including 1-metre at 6.98% from 272.6 metres. Schematic long section of the Canbelego Copper deposit. Confidence buoyed Helix managing director Mike Rosentreich said it was “exceptionally pleasing” to deliver these high-grade copper intersections across both the northern and central shoots of the project. “This prospect has been dormant since 2013 and over the past few months, we have seriously extended the mineralisation envelope and highlighted with the regional VTEM data the opportunities to find adjacent mineralisation to the main Canbelego lode. “The new Helix exploration team are continuing to demonstrate that this zone has the capacity to host thick, and potentially economic quantities of copper sulphide. “Our confidence is further buoyed by the modelling of a large-scale conductive body from the DHEM data which is adjacent to the mineralisation discovered in hole two. “While weather and COVID-19 restrictions have seen us pause further drilling at Canbelego, we have had time to progress surface and DHEM surveying, geological logging, and interpretation at Canbelego. “In addition, drilling at the CZ deposit has commenced and we intend to follow up this promising resource area soon.” Drilling status and outlook Further drilling to follow up on the recent drill results and to test the surrounding EM anomalies remains planned for later this year. On August 6, after a short break, the drill rig commenced a drill program at the CZ Deposit, on the Collerina Trend. This comprises: Metallurgical drilling of four diamond core holes for 600 to 700 metres to generate samples for metallurgical test-work - to date there has been no metallurgical test-work on the deposit; and  Resource extension drilling of 15 to 20 drill holes, mixture of RC-with diamond core tails and solely RC totalling 2,500-3,000 metres. The metallurgical drilling program also kicked off on August 6. Aeris shares have been as much as 5% higher today to 21 cents while the company's market cap before opening was approximately $446 million.