QUARTERLY ACTIVITIES REPORT - DECEMBER 2023
Released
Released
Announcement PDF
Quarterly Activities Report | For the period ended 31 December 2023
Quarterly Activities Report
For the period ended 31 December 2023
Highlights
Copper equivalent production of 9.7kt for the quarter at AISC of A$5.40/lb
Tritton performance impacted by skilled labour and equipment availability
Gold production and costs at Cracow in line with plan – tailings dam lift completed
in early January ahead of schedule and under budget
Mt Colin mine production in line with plan. Third-party ore processing behind
schedule leading to lower than planned metal produced – cash flow impacts
mitigated by part payment for stockpiles
Jaguar on care and maintenance – restart studies underway
Stockman feasibility update released – focus on revised processing flowsheet
Updated Mineral Resource estimate for Avoca Tank deposit (Tritton) increasing
copper grade by 35% and contained copper metal by 16%
Successful $30 million equity raise to provide general working capital and
strengthen the balance sheet
Maintaining FY24 guidance
Unit
Sep 23
Qtr
Dec 23
Qtr
FY24
YTD
FY24
Guidance
/mmhrs
1.04
1.72
-
-
Copper produced
kt
8.1
6.4
14.5
28 - 35
Zinc produced
kt
3.1
-
3.1
1.2 - 1.5
Gold produced
koz
15.2
13.2
28.4
48 - 60
Silver produced
koz
121.3
39.2
160.5
181 - 227
Cu eq production
kt
12.9
9.7
22.6
40 - 50
Mining
A$M
60.1
48.7
108.8
202 - 243
Processing
A$M
28.9
18.2
47.1
84 - 101
Site & G&A
A$M
12.9
10.4
23.3
43 - 52
TC/RCs
A$M
11.4
3.7
15.1
28 - 34
Product handling
A$M
7.3
5.2
12.4
24 - 29
A$M
21.8
16.3
38.2
76 - 91
Growth
A$M
10.1
9.5
19.6
34 - 41
Exploration
A$M
2.6
1.7
4.3
12 - 15
Projects inc. Stockman
A$M
1.1
0.6
1.7
2-3
AISC
A$M
154.4
115.4
269.8
-
AISC
$/lb Cu eq
5.44
5.40
5.42
-
LTIFR
Operating Costs
Capital Costs
Sustaining
Aeris Resources Limited
1
Group Safety, Environment and Community
Aeris recorded two lost time injuries during the December quarter, bringing the 12month rolling LTIFR to1.72. Both injuries were muscle strains related to lifting loads.
There was one Reportable Environmental Incident recorded in the December quarter
due to the water level in a sediment dam at Mt Colin not meeting the design storage
allowance.
Note that a restricted work injury at Tritton in February 2023 has been reclassified to a
Lost Time Injury and is now captured in the group statistics.
Figure 1: Group LTIFR
3
No of LTI
LTIFR
2
1
0
2
Tritton Operations (NSW)
Key points for quarter:
Copper, gold and silver production below plan for the quarter due to skilled labour
and mining equipment availability and delayed ramp up of production from the
Avoca Tank mine
Operating costs under control
Total copper production of 4.8kt at improved AISC of A$5.37/lb
Updated Mineral Resource for Avoca Tank increasing copper grade by 35% and
contained copper metal by 16%
Sep 23
Dec 23
FY24
Qtr
Qtr
YTD
kt
301.2
319.5
620.7
% Cu
1.59
1.57
1.58
Ore Milled
kt
332.1
315.6
647.7
Milled Grade
% Cu
1.63
1.60
1.62
Recovery
Cu
95.3%
95.2%
95.3%
Copper Produced
kt
5.2
4.8
10.0
19 – 24
Gold Produced
koz
1.0
1.2
2.3
6–7
Silver Produced
koz
36.9
39.2
76.1
148 – 185
Mining
A$M
25.3
25.1
50.4
113 – 136
Processing
A$M
8.7
6.8
15.5
31 – 37
Site G&A
A$M
5.1
3.9
9.0
22 – 27
TC/RCs
A$M
5.4
4.6
10.0
19 – 23
Product Handling
A$M
3.3
3.8
7.1
16 – 20
By-Product Credit
A$M
(4.1)
(4.6)
(8.7)
Royalties
A$M
1.6
1.6
3.2
Corporate G&A
A$M
0.5
0.5
1.1
Inventory Movements
A$M
1.7
1.8
3.4
Sustaining Capital1
A$M
17.2
13.5
30.7
A$M
64.7
57.0
121.7
A$/lb
5.68
5.37
5.53
Growth Capital
A$M
3.0
1.3
4.3
10 – 12
Exploration
A$M
0.6
0.7
1.3
7–9
A$M
68.3
59.0
127.2
A$/lb
5.99
5.55
5.78
Production Summary
Unit
Ore Mined
Mined Grade
FY24 Guidance
Cost Summary
All-In Sustaining Costs2
All-In Costs2
57 – 69
1.
Includes sustaining capital, capitalised mine development and financing payments (principal and interest) on
leased assets
2.
All-In Sustaining and All-In Costs are based on copper produced
3
Operations
While higher quarter on quarter, mining equipment availability and skilled manning
constraints impacted ore production compared to plan, particularly at Murrawombie
and Avoca Tank. Labour availability impacted by unplanned absenteeism (covid
related in part) and skilled manning levels below plan. These challenges are being
addressed through recruitment activities and the rental of additional equipment.
The ramp up of production from the Avoca Tank mine has been slowed due to
increased grade control drilling required in the early stages of the mine life. The Avoca
Tank Mineral Resource is high grade but with complex shapes and requires good
geological information before stope design. Drilling and data collection requirements
will reduce with improved ore body knowledge over time.
Mining operations are forecast to improve in the second half of FY24, with significantly
higher contributions from the high-grade Avoca Tank and Budgerygar mines. Tonnes
milled were in line with volumes mined and metallurgical recoveries remained strong.
Optimisation of the Jameson cell continued with concentrate grades up by 2% since
commissioning.
Costs
All-in sustaining costs were lower quarter on quarter and lower than plan, partly due
to unplanned lower manning levels. Lower growth capital spend, mostly related to
feasibility studies on Constellation, was incurred during the quarter.
Exploration
Avoca Tank
During the quarter, an updated Mineral Resource estimate (MRE) was released for the
Avoca Tank deposit. The updated MRE resulted in a 35% increase in copper grade
and 16% increase in contained copper metal. High-grade copper is associated with
massive sulphide lenses, of which eight have been modelled and incorporated into
the MRE figures. The MRE is shown in Table 1 below.
Table 1: October 2023 Avoca Tank Mineral Resource12345
Tonnage
(kt)
Cu
(%)
Au
(g/t)
Ag
(g/t)
Cu
metal
(kt)
Au metal
(koz)
Ag metal
(koz)
-
-
-
-
-
-
-
420
3.3
1.0
16
14
13
211
Inferred
300
3.5
1.2
17
11
11
171
Total
720
3.4
1.1
17
24
24
382
Resource
Category
Cut-off
grade
(Cu%)
Measured
Indicated
0.6
1 Refer to ASX announcement “Avoca Tank Mineral Resource Update” dated 25th October 2023
2 Angela Dimond MAusIMM takes Competent Person responsibility for this Mineral Resource Estimate in accordance
with the JORC Code (2012).
3 The underground cut-off of 0.6% Cu is currently used for life-of-mine planning at most deposits at the Tritton
Operation.
4 The Competent Person considers that the Mineral Resource has reasonable prospects for eventual economic
extraction at the reported cut-off grade.
5 Numbers may not sum due to rounding.
4
The October 2023 MRE is based on 158 diamond drill holes for 28,890m of which 64
(11,480m) have been completed since the reporting of the previous MRE in 2013.
The MRE has been classified as Indicated and Inferred. The resource classification was
developed in accordance with the JORC Code (2012) Definitions. Criteria considered
to classify the MRE included drill spacing, confidence in the interpretation in 3D, the
quality of the resulting grade estimate and the quality of the input data. The resulting
Indicated category has approximately less than 20 m × 20 m drill spacing, while the
Inferred category has approximately between 20m × 20m and 40m × 40m drill
spacing. No Measured material has been classified at this stage.
Figure 2: Cross section view (A) and long section view (B) showing the Avoca Tank MRE by
resource classification looking northwest and southwest respectively (green – Indicated, blue
– Inferred)1
The Avoca Tank mineralised system remains open down-plunge. Mineralisation has
been traced 340m down-plunge, and there remains significant potential to increase
the MRE with further drilling.
Underground diamond drilling will continue at Avoca Tank, initially focused on further
grade control drilling to de-risk upcoming mining fronts. Resource extension drilling will
commence toward the end of FY24 targeting mineralisation below the base of the
current MRE.
Constellation
During the quarter, the current drill program at the Constellation deposit was
completed with assays from the final three drill holes received.
The six diamond drill hole program targeted the deeper primary sulphide portion of
the deposit below the current MRE. Five of the six holes intersected copper
mineralisation, successfully extending the known sulphide mineralisation 100m along
strike and 200m down-plunge of the current MRE.
1 Refer to ASX announcement “Constellation Drilling Update” dated 7th November 2023
5
Drilling was completed to a nominal 80m x 80m drill spacing. Work is commencing to
convert the mineralisation identified in the drill program into Inferred Mineral Resource
category.
Drilling activities will recommence in early 2024 targeting improved resource
confidence in the upper portion of the deposit.
Figure 3: Long section view of Constellation showing drill hole pierce points (holes from the
current program are labelled)
6
Cracow Operations (QLD)
Key points for quarter:
Gold production of 11.1koz at AISC of A$2,407/oz, in line with plan
Operating and capital costs on track
Tailings dam lift completed in January, ahead of schedule and under budget,
extending the life of the operation
Sep 23
Dec 23
FY24
Qtr
Qtr
YTD
kt
115.6
106.1
221.5
Mined Grade
g/t
3.29
3.28
3.29
Ore Milled
kt
149.4
135.0
284.6
Milled Grade
g/t
2.84
2.80
2.82
Recovery
Au
93.3%
91.9%
92.6%
Gold Produced
koz
12.7
11.1
23.9
Gold Sold
koz
12.8
11.4
24.2
Mining
A$M
15.0
13.0
28.0
50 - 60
Processing
A$M
6.4
5.9
12.3
26 - 31
Site G&A
A$M
2.7
3.0
5.7
12 - 15
By-Product Credit
A$M
(0.3)
(0.3)
(0.5)
Royalties
A$M
2.1
2.0
4.1
Corporate G&A
A$M
0.4
0.4
0.8
Inventory Movements
A$M
2.4
0.7
3.0
Sustaining Capital1
A$M
2.0
2.8
4.8
A$M
30.7
27.5
58.2
A$/oz
2,398
2,407
2,402
Growth Capital
A$M
7.1
8.2
15.3
23 - 28
Exploration
A$M
1.1
0.7
1.8
4-5
A$M
38.9
36.4
75.3
A$/oz
3,038
3,191
3,110
Production Summary
Unit
Ore Mined
FY24
Guidance
38 - 48
Cost Summary
All-In Sustaining Costs2
All-In Costs2
18 - 22
1.
Includes sustaining capital, capitalised mine development and financing payments (principal and interest) on
leased assets
2.
All-In Sustaining and All-In Costs are based on gold sold
Operations
Ore mined and milled was in-line with plan, with run of mine ore supplemented with
low grade stockpiles. Mined grade was slightly below schedule due to challenging
ground conditions in high grade areas. Metallurgical recovery and gold production
was also to plan.
In early January, the tailings storage facility (TSF) upgrade was completed ahead of
schedule and under budget, adding 1 million cubic metres of capacity to extend the
mine life.
7
Figure 4: Completed TSF
Costs
Operating costs for the quarter were in line with plan. Sustaining capital was kept to a
minimum during the quarter to focus on the TSF construction project (growth capital).
Sustaining capital is expected to increase from current levels in Q3 and Q4.
Exploration
During the quarter assay results were received from the underground exploration
drilling completed in the prior quarter at the Western Vein Field. Five priority near-mine
exploration targets were selected for drill testing based on a systematic and ongoing
review of historical drilling and geophysical data collected across the Western Vein
Field. Significant drill hole intersections include:
KLU279 0.8m1 @ 4.12g/t Au (Killarney Deeps structure)
IMU148 1.7m1 @ 2.75g/t Au (Coronation West structure)
RPU163 0.4m1 @ 8.42g/t Au (Emu structure)
RPU164 0.4m1 @ 1.27g/t Au (Emu structure)
BZU183 0.4m1 @ 3.04g/t Au (Bazsickle structure)
The drill results exceeded expectations. Intersecting anomalous, and in several cases
high-grade, gold mineralisation from early-stage exploration drill programs is a great
outcome. Follow-up drilling is planned for the current quarter.
1 True thickness estimate
8
Figure 5: Plan view of the Cracow Western Vein Field showing the near-mine exploration drill
targets tested in FY24 Q1
9
North Queensland Operations (QLD)
Key points for quarter:
Mining operations at Mt Colin ahead of plan due to strong performance from the
“cave” zone material
Only one of the two processing runs originally scheduled was completed resulting
in copper production significantly below plan at 1.6kt at AISC of $5.38/lb
Ore stockpiles (at the mine site and the processing facility) of 133kt at quarter
end yet to be processed
To assist with working capital management the company has agreed with
Glencore to undertake monthly part payment for ore stockpiles, in between
processing runs
Production Summary
Unit
Sep 23
Dec 23
FY24
Qtr
Qtr
YTD
FY24
Guidance
Ore Mined
kt
106.9
124.3
231.2
Mined Grade
% Cu
2.01
2.26
2.14
Ore Milled
kt
127.4
81.0
208.4
Milled Grade
% Cu
1.96
2.52
2.18
Recovery
Cu
95.2%
77.0%
87.0%
Copper Produced
kt
2.4
1.6
3.9
8 - 10
Gold Produced
koz
1.1
0.8
1.9
4-5
Mining
A$M
10.9
9.2
20.1
34 - 41
Processing
A$M
5.9
5.8
11.7
25 - 30
Site G&A
A$M
1.7
1.1
2.8
7-8
TC/RCs
A$M
1.8
1.2
3.0
7-9
Product Handling
A$M
1.9
1.2
3.2
7-9
By-Product Credit
A$M
(1.3)
(5.9)
(7.2)
Royalties
A$M
1.3
0.9
2.3
Corporate G&A
A$M
0.3
0.3
0.6
Inventory Movements
A$M
(3.4)
4.7
1.3
Sustaining Capital1
A$M
(0.1)
0.0
(0.1)
A$M
19.0
18.6
37.8
A$/lb
3.66
5.38
4.35
A$M
0.5
0.2
0.7
A$M
19.5
18.8
38.5
A$/lb
3.75
5.44
4.42
Cost Summary
All-In Sustaining Costs2
Exploration
All-In Costs2
0
0
1.
Includes sustaining capital, capitalised mine development and financing payments (principal and
2.
interest) on leased assets
All-In Sustaining and All-In Costs are based on copper produced
10
Operations
Ore mining at Mt Colin was strong, with year to date mined tonnes ahead of plan.
Production from the “cave” zone in the upper levels of the mine continues to perform
well.
Ore milled was well below plan with only a single processing run of 81kt completed (in
November) against the two runs originally forecast. Metallurgical recovery was
impacted by higher levels of transitional material from the cave being processed
although procedures have been implemented to improve recoveries in future
processing runs. As a result, copper production of only 1.6kt was achieved in the
December quarter.
At the end of the quarter, stockpiles of 133kt at the mine site and the mill were on
hand available for processing. Provisional payment on 84kt of these stocks was
received through an ore sale agreement with Glencore with final payment to be
received following processing.
Costs
Operating costs for the quarter were in line with plan. Processing costs were lower
quarter on quarter based on reduced tonnes milled although this was offset by
increased ore crushing and haulage volumes.
Exploration
No material exploration activities were undertaken in North Queensland during the
quarter.
11
Jaguar Operations (WA)
Key points for quarter:
Operation now on care and maintenance
Pre-feasibility work on restart options underway
Exploration activities focused on gold prospectivity of tenement package
Sep 23
Dec 23
FY24
Qtr
Qtr
YTD
FY24
Guidance
kt
% Zn
kt
% Zn
Zn
kt
kt
koz
koz
55.2
7.05
66.8
5.92
78.2%
3.1
0.6
0.4
84
-
55.2
7.05
66.8
5.92
78.2%
3.1
0.6
0.4
84
1.2 - 1.5
0.2 - 0.3
0.2 - 0.3
33 - 42
A$M
A$M
A$M
A$M
A$M
A$M
A$M
A$M
A$M
A$M
8.8
7.8
3.4
4.3
2.0
(12.6)
1.0
0.0
4.2
2.7
1.5
(0.2)
2.4
(2.2)
0.1
1.4
-
10.3
7.6
5.8
2.1
2.1
(11.2)
1.0
0.0
4.2
2.7
A$M
21.6
2.9
24.5
A$/lb
3.17
-
3.59
A$M
A$M
0.0
0.5
0.1
0.0
0.6
A$M
22.1
3.0
25.0
A$/lb
3.24
-
3.68
Production Summary
Unit
Ore Mined
Mined Grade
Ore Milled
Milled Grade
Recovery
Zinc Produced
Copper Produced
Gold Produced
Silver Produced
Cost Summary
Mining
Processing
Site G&A
TC/RCs
Product Handling
By-Product Credit
Royalties
Corporate G&A
Inventory Movements
Sustaining Capital1
All-In Sustaining Costs2
Growth Capital
Exploration
All-In Costs2
1.
2.
5-6
3-4
2-3
2-3
1-2
1–2
1–2
1–2
Includes sustaining capital, capitalised mine development and financing payments (principal and interest) on
leased assets
All-In Sustaining and All-In Costs are based on zinc produced
Care and Maintenance
Final ore processing was completed in September for Jaguar with the site transitioned
into care and maintenance. A team of 8 people are on site to manage ongoing
activities including mine dewatering at Bentley and Jaguar.
12
Pre-Feasibility Study (PFS)
Aeris has commenced PFS work on options to restart Jaguar Operations, focusing on
increasing ore production rates, maximising mill throughput, improving metal recovery
and enhancing product quality. Considerable work on various options for improving
the ore processing performance was completed by previous owners. Aeris will
leverage this existing knowledge to move rapidly to feasibility study for the project
restart.
The tenement package remains highly prospective for base metals and gold with
numerous targets identified. An exploration project plan is being prepared to test the
attractive gold targets and later the base metals targets.
Stockman Project (VIC)
Key points for quarter:
Feasibility study and permitting activities continued during the quarter. Post-quarter
end, Aeris released updates on the Project.
New Mineral Resource estimates for the main Currawong and Wilga deposits were
released, increasing total tonnes by 7% and total contained copper by 6%1. The
Project tenements also include the Bigfoot and Eureka deposits and remain highly
prospective for further discoveries, with over 50 drill targets already identified.
The feasibility study is well advanced with a mine plan involving +12 years of ore
production from just the Currawong deposit at 850ktpa rate2. This simplified plan
reduces operational risk and reduces upfront capital costs.
All primary approvals for mining and onsite processing are in place and the project
has strong community support.
The complex metallurgy of the Stockman deposits, however, impacts metal
recoveries and processing costs. To address these issues, the Aeris technical teams
have identified an alternative processing flowsheet utilising ultrafine grinding and the
Albion Process3 oxidative leaching to potentially provide a step change in recoveries
and project economics.
The revised processing strategy will incorporate onsite production of a clean copper
concentrate for sale and a bulk Cu/Zn/Au/Ag concentrate for further processing. The
bulk concentrate is to be trucked to a regional offsite location with access to lower
cost power for further treatment into saleable copper, zinc and precious metal
products.
The next stage of the feasibility work involves further metallurgical test work and
engineering design to support the new processing flowsheet. Completion of the
feasibility study is expected in the second half of 2024.
1 Refer to ASX announcement “Stockman Project – Currawong and Wilga Deposits Mineral Resource Update” dated
17 January 2024
2 Refer to ASX announcement “Stockman Feasibility Study Update” dated 24 January 2024 for more information and
for the material assumptions underpinning the production target.
3 The Albion Process is owned by Glencore Technology
13
Corporate
In November 2023, Aeris undertook a $30 million fully underwritten equity raise,
comprising a $13.9 million institutional placement and a $16.2 million accelerated
non-renounceable entitlement offer. Net proceeds from the equity raise were used to
provide general working capital and increased financial flexibility.
The equity raise was supported by Aeris’ major shareholder Washington H Soul
Pattinson (WHSP), which subscribed for its full entitlement under the offer and provided
sub-underwriting up to an aggregate amount of $12.3 million. The offer successfully
completed in mid-December.
During the quarter, Sylvia Wiggins, non-executive director of Aeris, resigned effective
31 December 2023 for personal reasons.
Cash and Receivables
At the end of the quarter, Aeris increased useable cash and receivables to $44.7
million with a closing cash balance of $22.7 million. Cash flow from operations was
impacted by additional payments made during the quarter to reduce the balance
of trade creditors.
(A$ Million)
Sep
2023
Qtr
Dec
2023
Qtr
Closing cash
Jaguar - concentrate receivables
Mt Colin
Cracow - gold dore
Tritton - concentrate receivables
21.9
11.5
1.6
0.3
8.1
22.7
5.5
0.1
16.4
Useable Cash and Receivables
43.4
44.7
Sep
Dec
2023
2023
Qtr
Qtr
Opening cash
Cash flow from operations
Cash flow from capital expenditure
19.5
0.1
(32.0)
21.9
(0.3)
(26.1)
Cash flow from financing
34.3
27.1
Closing cash
21.9
22.7
(A$ Million) (Unaudited)
Since the beginning of the financial year Aeris has worked hard to reduce its creditor
position. The equity raise of $30 million in December 2023 has enabled the Company
to significantly reduce this balance. The Trade Payable and Other Creditors balance
has reduced by $33.5 million since 30 June 2023 to $87.3 million.
14
Debt and Hedging
At the end of the quarter, the Company’s debt position remained unchanged with
$40 million drawn on the WHSP facility. The Company had no hedges in place at the
end of the quarter.
Aeris has engaged Burnvoir Corporate Finance to advise on a process to refinance
the company’s debt and bonding facilities.
Authorised for lodgement by:
Andre Labuschagne
Executive Chairman
ENDS
For further information, please contact:
Andre Labuschagne
Executive Chairman
Tel: +61 7 3034 6200
Stefan Edelman
General Manager – Corporate Development
investorrelations@aerisresources.com.au
or visit our website at www.aerisresources.com.au
About Aeris
Aeris Resources is a mid-tier base and precious metals producer. Its copper dominant
portfolio comprises three operating assets, a mine on care and maintenance, a longlife development project and a highly prospective exploration portfolio.
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.
15
Competent Persons Statement – Cracow Operation Exploration Results
The information in this report that relates to Exploration Targets or Exploration Results is based
on information compiled by Craig Judson. Mr Judson 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 Judson 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 Judson is a Member of the
Australasian Institute of Mining and Metallurgy (MAusIMM No. 325510). Mr Judson 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 Judson is a full-time employee of Aeris Resources Limited.
Competent Persons Statement – Tritton Operation Exploration Results
The information in this report that relates to Exploration Targets or Exploration Results is based
on information compiled by Chris Raymond. Mr Raymond 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
Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition). Mr Raymond 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 Raymond is a Member of the Australian Institute of
Geoscience (MAIG No. 6045). Mr Raymond 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 Raymond is a full time employee
of Aeris Resources Limited.
Competent Persons Statement – Avoca Tank Mineral Resource
Information in this announcement pertaining to Estimation and Reporting of Mineral
Resources, has been reviewed and approved by Dr Andrew Fowler is a Chartered
Professional in the Geology discipline and Member of the Australasian Institute of Mining and
Metallurgy (MAusIMM No. 301401), who has 19 years relevant industry experience. Dr Fowler is
a full-time employee of the Company but otherwise, has no financial interest in the
Company, its related entities or joint venture partners. Dr Fowler has sufficient experience
relevant to the style of mineralisation and type of deposit under consideration, and to the
activity which he is undertaking to qualify as a Competent Person as defined by the 2012
Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves (the JORC Code). Dr Fowler consents to the inclusion in this announcement of
the matters based on this information in the form and context in which it appears. Dr Fowler
confirms that the Company is not aware of any new information or data that materially
affects the information included in the relevant market announcements, and that the form
and context in which the information has been presented has not been materially modified.
16
APPENDIX A: Summary of Western Vein Field near-mine
exploration drill holes
Hole ID
Easting1
(m)
Northing1
(m)
RL (m)
Total Depth
(m)
Azimuth
1
Dip
Comments
IMU145
224156.7
7201264.0
-254
12
229.6
-51.5
Abandoned
IMU146
224156.8
7201265.0
-253
98.5
228.6
-49
Abandoned
IMU147
224156.9
7201264.0
-254
95
229.6
-49
Abandoned
IMU148
224156.0
7201265.7
-253.4
723
270.3
-47.9
BZU183
224517.4
7200796.1
-211.4
285
150.9
-2
BZU184
224516.0
7200796.0
-211.7
336
189.0
-13.5
KKU719
224070.5
7200732.9
-518.8
275
225.3
-25
KLU278
223802.1
7199903.5
-437.6
285
293.3
-69.5
KLU279
223829.6
7199972.9
-369.8
345
306.1
-63
KLU280
223830.4
7199974.4
-369.7
408
343.6
-50.9
RPU163
224348.0
7202520.1
149.9
294
64.5
23.3
RPU164
224347.8
7202516.1
149.8
320
137.3
21.4
1 Easting and northing coordinates and bearings are reported in MGA94
2 All down hole surveys are reported in MGA94 grid.
APPENDIX B: Summary of Western Vein Field near-mine
exploration drill intercepts
Hole ID
From
(m)
To (m)
Interval
(m)
Est. true
Width (m)
Domain2
Au g/t 1
Ag g/t1
IMU148
77.30
86.00
8.70
4.4
ST
2.58
1.59
IMU148
298.00
300.50
2.50
1.7
CW
2.75
0.80
BZU183
189.94
190.44
0.50
0.4
BZ
3.04
9.00
BZU183
190.44
190.85
0.41
0.3
BZ
1.17
9.00
KKU719
27.70
29.70
2.00
1.2
KK
3.15
1.50
KKU719
38.50
40.30
1.80
1.0
KK
0.75
1.22
KKU719
42.00
44.10
2.10
1.3
KK
5.70
2.47
KLU278
62.00
63.35
1.35
0.5
KL
1.01
1.00
KLU278
86.50
88.00
1.50
0.7
KL
2.48
1.66
KLU278
187.00
188.00
1.00
0.3
KL
5.10
2.00
KLU278
237.00
239.00
2.00
0.7
KD
1.48
1.00
KLU279
51.30
52.30
1.00
0.5
KL
1.31
0.50
KLU279
295.55
296.35
0.80
0.4
KD
1.12
0.50
KLU279
312.20
314.00
1.80
0.8
KD
4.12
3.16
KLU280
8.60
12.00
3.40
1.8
KL
1.51
8.29
KLU280
44.50
46.20
1.70
1.0
KL
2.24
2.76
RPU163
219.10
219.50
0.40
0.4
EM
8.42
2.00
RPU164
100.25
100.70
0.45
0.4
EM
1.27
1.00
Comment
1 Reported significant intervals are based on a minimum width of 0.4m, minimum Au grade
1g/t Au and a maximum of 1m of below cut-off material (<1g/t Au)
2 KD Killarney Deeps, CW Coronation West, EM Emu, BZ Bazsickle, KK Kilkenny lode, KL Killarney
lode, ST Sterling lode
17
APPENDIX C
JORC Code, 2012 Edition – Western Vein Field Near Mine Exploration Drill Program
Table 1 Section 1 - Sampling Techniques and Data
Criteria
Commentary
Sampling
techniques
Drilling
1. All samples have been collected via diamond drilling.
2. A majority of the samples are collected at 1 metre intervals. A majority
of samples are full core samples. For wider spaced drill holes half core
samples are taken. Sample weights range from 2 kg to 4kg depending
on sample length and half or whole core.
3. Samples are sent to an independent and accredited laboratory (ALS
Brisbane). Samples less than 3kg are pulverised to a nominal 85% passing
75 microns. If sample weights exceed 3kg they are split via a rotary
splitter and an approximate 3kg sub sample retained and pulverised.
After pulverisation a 50g sample is collected for fire assay.
4. The sample size and sample preparation techniques are considered
appropriate for the style of mineralisation.
5. Industry prepared standards are inserted approximately 1 in 20 samples.
6. The samples are considered representative and appropriate for this type
of drilling.
Drilling techniques
1. Drill holes are completed via diamond drilling NQ diameter.
Drill sample
recovery
1. Core recoveries are recorded by the drillers on site at the drill rig. Core
recoveries are checked and verified by an Aeris Resources fi
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