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Aeon Metals attracts $30 million for one of Australia’s biggest undeveloped copper cobalt projects

The company is planning an expanded drill program of at least 30,000 metres in 2018.

map of Queensland
Bankable feasibility study work to continue

Aeon Metals Ltd (ASX:AML) is raising $30 million via a significantly oversubscribed institutional share placement to new and existing investors, at $0.28 per share.

The company is the owner of one of Australia’s biggest undeveloped copper cobalt projects in north-west Queensland, the Walford Creek project.

Aeon is planning an expanded drill program in 2018, engaging at least 3 drilling rigs to drill 30,000+ metres to advance the known mineralisation to development status.

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

Aeon had 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.

Highest copper and cobalt grades yet at Walford Creek

Earlier this month, Aeon revealed the highest drilled copper and cobalt grades yet at Walford Creek - 30 metres at 3% copper, 0.44% cobalt and 50 g/t silver from 188 metres.

These results 900 metres west of the existing Vardy Resource confirm expectations of a large mineral system with potential for significant additional resources beyond those currently defined.

Importantly, Aeon’s latest fund raising will enable the bankable feasibility study work to continue and broaden in scope.

The balance of the funding will be available to pay down the vendor debt owed to OCP Asia (Hong Kong) Limited and thereby position the Walford Creek Project for development financing.

Quick facts: Aeon Metals Ltd

Price: 0.135 AUD

ASX:AML
Market: ASX
Market Cap: $91.47 m
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