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Aeon Metals upgrades resource estimate by 103% at Walford Creek Copper-Cobalt Project in QLD

The increases in the measured and inferred tonnages enable the company to complete a feasibility study during 2019 for a project with a mine life of 10 to 15 years.

The project is 350 kilometres northwest of Mount Isa, close to the Northern Territory border

Aeon Metals Ltd (ASX:AML) has upgraded resource figures at its Walford Creek Copper-Cobalt Project in north-west Queensland.

Geological consultancy H&S Consultants provided the previous mineral resource estimate in January 2018 and incorporated drill results from the 2018 infill drill campaign to complete the upgraded mineral resource.

The upgraded mineral resource includes the Vardy, Marley, Copper Lode and Cobalt Peripheral resources.



Geological continuity over 9.3-kilometre strike

Aeon Metals chief executive officer Hamish Collins said: “In 2018 we completed Australia’s largest base meals drill campaign at Walford Creek and we were able to do this on time, on budget and more importantly safely.

“The extensive drill campaign which included both exploration and infill drilling has enabled Aeon to upgrade the Walford Creek Project resource with a significant confidence level into measured and indicated.

“Importantly, remarkable geological continuity has now been proven over a 9.3-kilometre strike with further geological continuity known to continue both west and east of the new mineral resources for around an additional 20 kilometres.

“Exploration of this area will be the focus of our 2019 drilling effort.”

Upgraded mineral resources

The total Vardy and Marley resources are now 37.4 million tonnes at 1.53% copper equivalent over 3.6 kilometres with total measured and indicated increase of 103% to 26.9 million tonnes at 1.57%.

76% was within the Copper Lode resource, which increased from 15.7 million tonnes to 17.6 million tonnes.

The measured and indicated increased by 170% to 13.5 million tonnes at 2.09% at the Copper Lode resource.

The Cobalt peripheral resource increased from 18 million tonnes to 19.8 million tonnes, with measured and indicated increasing by 61% to 13.4 million tonnes at 1.05%.

Definition of new Amy resource

The additional exploration drilling conducted along strike outside the Vardy and Marley Resource was also used to define a new inferred resource, which extended the area now called Amy with around 5.7 kilometres strike west of Vary and Marley.

This area contains four pockets of inferred resource comprising a total of 1.8 million tonnes at 2.48% copper equivalent. 

Next steps

The material increase from the inferred resource to the measured and indicated facilitates future project development.

The large 2.6 million tonne at 1.57% copper equivalent of measured and indicated resources enables a long mine life with a forecast initial run-of-mine throughput rate of 1.25-1.5 million tonnes a year. 

- Jessica Cummins 

Quick facts: Aeon Metals Ltd

Price: 0.155 AUD

Market: ASX
Market Cap: $105.02 m

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