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Aeon Metals continues to drill high-grade copper from Walford Creek

Earlier this month, Aeon raised $5.5 million via a placement of shares.

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The Vardy Zone within the project is expected to produce 38,158 tonnes of copper

Aeon Metals Ltd (ASX:AML) has revealed assay results confirming and extending the high-grade copper mineralisation encountered at its Walford Creek Project in northwest Queensland.

Significant mineralisation assayed from a drill hole close to the fault within the Vardy resource included;

12 metres at 5.07% copper, 0.1% cobalt, 0.5% lead, 0.16% zinc and 37.25 g/t gold from 34 metres.

The latest drilling has also extended the high-grade mineralisation in one of the holes drilled in July, which assayed 20 metres at 4.45% copper and 0.20% cobalt from 35 metres.

Earlier this month, Aeon secured commitments to raise $5.5 million via the placement of shares to investors at $0.14 per share.

The funds will enable further drilling at Aeon’s Walford Creek project during 2017 and progress the bankable feasibility study on the Vardy resource.

Aeon recently completed a preliminary technical and economic study on the potential viability of the Vardy Zone within the global Walford Creek Resource.

The Vardy Zone is expected to produce 38,158 tonnes copper, 28,848 tonnes zinc and 3,196 tonnes of cobalt over a six-year mine life.

This is based on a resource of 3.6-million tonnes grading 1.15% copper, 1.06% zinc and 0.18% cobalt.

Aeon’s share price increased by 3% on Wednesday and closed at $0.155.

Quick facts: Aeon Metals Ltd

Price: 0.165 AUD

ASX:AML
Market: ASX
Market Cap: $111.8 m
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