Established Australian copper-gold producer and explorer, Aeris Resources Limited (ASX: AIS) (Aeris or the Company) is pleased to provide an update on key development projects underway at its Tritton Copper Operations in NSW.

Aeris' Executive Chairman, Andre Labuschagne, commented 'the team at Tritton have done a fantastic job to bring Avoca Tank into production on time. This highgrade ore source will be a major contributor to lifting copper grades at Tritton going forward. The recent high-grade drill results at Avoca Tank also indicate the potential for higher grades and a larger metal inventory within the initial mining areas.'

Unfortunately, geotechnical issues continue to delay the Budgerygar ventilation raise, with completion now expected in early Q1 FY24, enabling a significant rampup in production from the mine in FY24.' 'Scheduled ore and Cu metal production from Budgerygar in quarter 4 however is not at risk as the scheduled tonnes can be mined with existing infrastructure, prior to completion of the primary ventilation shaft.'

AVOCA TANK

Escape ladderway installation to surface has been completed as planned, enabling stoping to commence. Trucking of the first Avoca Tank stope, delivering 11kt at 3.0% Cu ore, commenced on 28th May. This high-grade ore will contribute to the significant increase in copper production forecast at Tritton for Q4

An active diamond drill program is continuing at the Avoca Tank mine. Resource definition and grade control drilling has focused on targeting a 60m high vertical section covering the initial production front. To date, the drill program has exceeded expectations with assays returned from most drill holes intersecting high-grade copper and gold and is associated with three massive sulphide lenses: two copper-gold and one, smaller gold only. The lenses remain open down-plunge. Drilling has confirmed a dominant high-grade copper-gold massive sulphide lens with a smaller less continuous off-shoot. The larger massive sulphide lens has been traced 100m along strike and extends vertically beyond the 60m vertical drilling window. The drill program has not closed off the lens along strike to the north. High-grade intersections from the dominant high-grade copper-rich massive sulphide lens include1

Contact:

Tel: +61 7 3034 6200

About Aeris

Aeris Resources is a mid-tier base and precious metals producer. Its copperdominant portfolio comprises four operating assets, a long-life development project and a highly prospective exploration portfolio, spanning Queensland, Western Australia, New South Wales and Victoria, with headquarters in Brisbane. Aeris has a strong pipeline of organic growth projects, an aggressive exploration program and continues to investigate strategic merger and acquisition opportunities. The Company's experienced board and management team bring significant corporate and technical expertise to a lean operating model. Aeris is committed to building strong partnerships with its key community, investment and workforce stakeholders

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Brad Cox. Mr Cox confirms that he is the Competent Person for all Exploration Results, summarised in this Report and he has read and understood the requirements of the 2012 Edition of the Australasian Code for Reporting of Exploration Targets, Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition). Mr Cox is a Competent Person as defined by the JORC Code, 2012 Edition, having relevant experience to the style of mineralisation and type of deposit described in the Report and to the activity for which he is accepting responsibility. Mr Cox is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM No. 220544). Mr Cox has reviewed the Report to which this Consent Statement applies and consents to the inclusion in the Report of the matters based on his information in the form and context in which it appears. Mr Cox is a full-time employee of Aeris Resources Limited. Mr Cox has disclosed to the reporting company the full nature of the relationship between himself and the company, including any issue that could be perceived by investors as a conflict of interest. Specifically, Mr Cox is entitled to 688,450 Performance Rights issued under the Company's equity incentive plan (details of which were contained in the Notice of Annual General Meeting dated 20 October 2020). The vesting of these Performance Rights is subject to certain performance and employment criteria being met.

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