Canbelego JV

Aeris Resources Limited, through its subsidiary company Tritton Resources Pty Ltd, holds a 30% interest in the Canbelego Project (EL 6105), a joint venture ( JV) with Oxley Resources (70% interest), a subsidiary company of Helix Resources (ASX:HLX). Exploration activities and management of the Exploration Licence are completed by Helix Resources, our joint venture partner.

Within the exploration licence, the most advanced of several projects is the Canbelego deposit. Copper mineralisation at Canbelego occurs from surface to approximately 300 metres below surface. Copper mineralisation within the primary sulphide horizon is associated with chalcopyrite, forming a range of sulphide textures including disseminations, stringers, veins and semi to massive accumulations. The mineralised system remains open along strike (north and south) and down plunge. There has been some drilling completed previously, the most recent in 2012.

Exploration activities recommenced during the FY2021 year with an airborne electromagnetic survey flown over the entire tenement package. Several high priority anomalies were identified and flagged for follow-up exploration. At the Canbelego deposit a five-hole diamond drill program (CANDD001 to CANDD005) was completed. DHEM surveying was completed on the first three drill holes. All five drill holes intersected copper sulphides, with several drill holes intersecting multiple mineralised lenses. The drill holes targeted interpreted high grade copper shoots based on previous drilling and re-modelled historical DHEM plates.

Significant assay results include:

• CANDD001 – 2m @ 3.07% Cu; and
• CANDD002 – 14m @ 4.22% Cu.

The completed DHEM surveys identified multiple moderate to strong off-hole conductors. The orientation and dimensions of the modelled EM plates are supportive of copper mineralisation extending up and down dip from the current drilling footprint.