Aeris Resources (ASX:AIS) share price slides on exploration update

Exploring for resources comes with plenty of misses between the bigger hits.

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The Aeris Resources Ltd (ASX: AIS) share price is falling today, down 1.32%.

Below we take a look at the ASX resource share’s latest exploration update.

What update did Aeris provide?

The Aeris Resources share price is moving lower after a market update on its exploration work in the Cobar region in New South Wales.

According to the release, Aeris’ five-hole drill campaign at Canbelego extends the envelope of copper sulphide mineralisation both down dip and along strike.

While assays are still pending for three of the drill holes, the company said it had intersected several intervals of copper mineralisation in one diamond drill hole (CANDD005). This included “zones with visual estimates of between 1-3% copper sulphide (chalcopyrite) mineralisation”.

However, Aeris Resources shares may be sliding after the company also reported that:

Continuation of the massive high-grade chalcopyrite shoots intersected in CANDD002 were not intersected within this complexly deformed and folded host sequence. Further interpretation and modelling is required to determine controls and potential extensions to the high-grade mineralisation, prior to further drilling.

The five diamond drill holes completed so far since the exploration campaign kicked off in April total 1,913 metres. The company says the assay results for the remaining holes are subject to a five to eight week laboratory turnaround time. This lag is being experienced across the entire sector.

Aeris Resources share price snapshot

Aeris Resources’ share price has gained a remarkable 368% over the past 12 months. It has far outpaced the 22% gains posted by the All Ordinaries Index (ASX: XAO).

A sharply rising copper price has been among the tailwinds helping drive investor interest. One year ago, copper was trading for US$6,486 per tonne. Today that same tonne of the red metal is worth US$9,336, or 44% more.

Year to date the Aeris Resources share price has continued to outperform, up 70% so far in 2021.

Incidentally, Aeris’ shares have gained 87% since 30 April.

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The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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