Cracow

Aeris acquired the Cracow Gold Operation from Evolution Mining in June 2020. Cracow has a long history of resource and reserve replenishment and has consistently extended the life of mine, with a three to five-year mine life maintained since 2011.

Aeris has allocated $13 million for targeted drilling and near mine exploration, as well as a re-evaluation of material that is not currently in a resource category.

Aeris has a detailed exploration plan for near mine brownfields targets over a two-year period, and will be exploring greenfield targets in its highly prospective tenement package.

Near mine opportunities – open pit targets

In FY2021, Aeris will resume exploration of near mine open pit opportunities at the Golden Plateau target, a large mineralised system with about 800-850,000oz mined to date. The mineralisation remains open down plunge, and modest amount of drilling can improve the deposit knowledge to report an Inferred Mineral Resource.

The Klondyke and Roses Pride targets will also be explored in 2021. Both targets were previously mined underground, with up plunge extensions to mineralisation. The company will spend $2 million to achieve Mineral Resource status at the targets.

Aeris will aim to convert all open pit targets to Indicated Mineral Resource status for Feasibility Studies by June 2021.

Underground targets

The company has multiple drill-ready underground targets identified on the peripheries of the current Mineral Resource, which will further define the feed for the years to come.

At the Kilarney target, mineralisation is open down plunge beneath the current Mineral Resource.

At Kenneth, a new drill target has been identified between Kilarney and Kilkenny which, based on an updated stratgraphic model, places a favourable lithology window below the current drilling footprint.

The Sterling target is sparsely drilled in comparison to other underground deposits, and the Baz, Phoenix and Griffin targets are all along strike and down plunge from the current Mineral Resource.

By June 2022 Aeris will aim to have drill tested all currently identified near mine exploration targets and converted them to Mineral Resource status.

Longer term targets

In the longer term, greenfield exploration opportunities will be developed through Aeris’ highly prospective tenement package, which remains largely underexplored.

Starting in 2020, Aeris will commence drilling at the Ballymore target to test the structure further along strike. The Ballymore target is a newly identified structure along the southern margin of the current mining footprint. Limited drilling at the site has returned encouraging evidence of epithermal vein textures, and anomalous pathfinder elements including gold.

The North West Corridor has shown outcropping epithermal quartz veining and alteration, as well as anomalous pathfinder elements from rock chip sampling. There is more than 1.5 kilometres of untested strike, within prospective lithology.

At the Boughyard target, a large (~3.0kmx1.5km) alteration system is open to the south and west. It is regionally analogous to the alteration system, and spatially related to the 2.5-3.0Moz Cracow Goldfield.

In the longer term, Aeris will evaluate the exploration potential of the highly prospective tenement package that includes the New England Fold Belt, where there is excellent potential for near mine and regional exploration success.