Projects

Walford Creek Project

The flagship asset and highest priority tenement holding of the Aeon assets is the 100% owned Walford Creek Project, which is a large base metals project with significant 2012 JORC Indicated and Inferred Resources of 73Mt at 1.43% Cu Equiv1.

In late 2014, Aeon drilled 19 holes (6,021m) on its Walford Creek licences, 17 infill and 2 extension holes, using a combination of RC percussion and core drilling (the mineralised zones being diamond drilled).  This takes the drilling metres at Walford Creek to over 40,000 and, using the new drill hole data, H&S Consultants Pty Ltd (“H&SC”) recently (6 March 2015) completed an updated Resource estimate.

The H&SC report, using the same resource modelling methodology as the previous Resource estimates, showed a 52% increase in the size of the indicated and Inferred Resources including a 13.5% increase in the Indicated Resources.

Since 2010, Walford Creek has been held in private hands, with 14,992 metres of drilling undertaken along a 5km zone. The current JORC Resource has been defined along this 5km strike length of the Fish River Fault Zone, which extends for 25km within the Walford Creek Project tenements. The mineralisation is largely structurally controlled thus there is substantial potential for Resource extensions along the strike-length of the fault.

Competent Person Statement
The data in this report that relates to Mineral Resource Estimates for the Walford Creek Deposit is based on information evaluated by Mr Simon Tear who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM) and who 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 Competent Persons as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Mr Tear is a Director of H&S Consultants Pty Ltd and he consents to the inclusion in the presentation of the Mineral Resources in the form and context in which they appear.

The information in this report that relates to exploration results for the Walford Creek Deposit is based on information compiled Mr Dan Johnson who is a Member of the Australian Institute of Geoscientists and who 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 in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Mr Dan Johnson is a full-time employee of Aeon Metals Queensland Limited and consents to the inclusion in the presentation of the Exploration Results in the form and context in which they appear.

1. Contained Metal Equivalents
It is the Company’s opinion that all the elements included in the metal equivalents calculation below have a reasonable potential to be recovered. The following metal prices were used for the calculation of copper equivalent – A$3.53/lb – Cu, A$1.05/lb – Pb, A$1.06/lb- Zn, A$23/oz – Ag, A$15.7/lb – Co.

Cu Equiv Formula = Copper grade + (Pb grade*(Pb price/Cu price) + (Zn grade*(Zn price/Cu price) + Ag grade*((Ag price/0.0625)/Cu price) + (Co grade*(Co price/Cu price).

Constance Range Project

• Tenements are adjacent to Termite Range Fault, which is coeval with the Mount Isa between 150Km and 300Km N of Mount Isa.
• Comprises a number of disconnected tenements included in the Western Isa Agreement with Summit.
• Comprises two key prospects – Musselbrook Copper-Gold region and Gregory. The prospects are located approximately 30km north of the Century Mine.
• Exploration is at an early stage, but the tenements have copper, gold and zinc-lead-silver mineralisation potential.

Isa North Project

The Isa North Mining Rights Agreement, between Summit Resources (Aust) Pty Ltd (Summit”) and Aeon, covers the Isa North Project’s EPM’s. In accordance with the agreement, Aeon has earned an 80% interest in the non-uranium mineral potential within the Isa North Co-operativer area through exploration and expenditure. Summit retains 100% ownership of the tenements and sole and exclusive rights to uranium.

• Prospects located adjacent to splays off the Mount Isa Fault zone North of Mount Isa
• Consists of tenements from the Isa North Agreement between Summit and Aeon (the Isa North Co-operative Area), and the Mount Kelly Tenement (EPM14694) from the Western Isa JV Agreement with Summit.
• Drilling at the Hero prospect has intersected wide zones of copper mineralisation over 180m to 310m widths with similarities to both the Isa Copper system and IOCG deposits

Isa West Project

• Located along the May Downs Fault West of Mount Isa and the parallel Yaringa fault (Beauchamps).
• Comprises a number of tenements from the Western Isa Agreement with Summit and tenements held 100% by Aeon.
• The tenements contain mostly Lawn Hill Platform sediments (MacNamara Group)
• Significant coincident gravity magnetics feature at Beauchamps.
• Surficial mapping and geochemistry along the May Downs Fault corridor has identified a number of highly copper anomalous zones.
• At Carters Ridge, down hole geochemistry has indicated anomalous copper in Silica dolomite alteration with similarities to Mount Isa.
• In addition, there are a number of other areas of interest along the May Downs Fault.

Isa South Project

• The tenement package straddles the Mount Isa fault corridor south of the Isa Mine Lease.
• Numerous VTEM anomalies have been modelled and ranked for drill testing.
• In addition, copper-gold mineralisation around Waverley Basin and Blue Hills may represent the upper portions of a Mount Isa style system, being within equivalent Isa Group sediments and within the same fault corridor.
• Other key prospects include Mount Guide Copper, which lies directly South of the Xstrata Mine Lease and adjacent to the Mount Isa Fault and the Waverley Basin. hinge zone covered by the Annable and Blue Hills tenements. These lie further to the South of Mount Guide and straddle the Mount Isa Fault corridor.

South East Queensland Portfolio

The South East Queensland base metals tenement package lies approximately 30kms west of the town of Monto. Monto is a town of 1,300 people and located approximately 115kms south west of Gladstone, a deep-water port. The region hosts exceptionally good infrastructure including a mining-oriented town with a willing workforce, bitumen highways that pass through the permit areas, a viable rail system, extensive power grid and large scale water resources.

The Group controls 7 EPMs; 14628, 15920, 15921, 15922, 17001, 17002 and 17060 all of which are held 100% by the Company. In 2012 the Company entered into an earn-in and joint venture with Rio Tinto Exploration Pty Ltd on EPM17060.

The South East Queensland base metals priority projects comprise Ben Hur, Greater Whitewash, 7B, and the 60% Aeon owned SLWQ Limited.

The priority project in the South East Queensland portfolio is the Ben Hur Copper Project. After a 17 hole drill campaign undertaken in early 2012, Aeon announced the major new discovery of a large porphyry related hydrothermally altered mineralised body at Ben Hur. On 12 November, 2013 Aeon announced a maiden Ben Hur JORC compliant Mineral Resource estimate for the John Hill copper-silver-molybdenum deposit within the Ben Hur Project. It contains 190,000 tonnes of copper, 2,700,000 ounces of silver and 16,665,000lbs of molybdenum (at a 0.24% copper cut-off). The Mineral Resource estimate was completed by geological consultant SRK Consulting in accordance with the guidelines of the JORC Code (2012 edition). The Resource comprises:

The bulk of mineralisation occurs as a halo of disseminated sulphide and stockwork quartz veins, hosted by monzo-granodiorite marginal to a quartz-feldspar porphyry seen below in the plan diagram showing the current outlines of the John Hill deposit:

The information in this report that relates to Exploration Results and Mineral Resources for Ben Hur is based on information compiled by Mr Robin Simpson, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Simpson is employed by SRK Consulting.

Mr Simpson has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC, 2012). Mr Simpson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Whitewash Gordon’s Resources is based on information compiled by Danny Kentwell, a full time employee of SRK Consulting (Australasia) who is a Member of The Australasian Institute of Mining and Metallurgy and who has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity undertaken to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

The information in this report that relates to exploration results is based on information compiled Mr Martin I’Ons who is a Member of the Australian Institute of Geoscientists and who has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity undertaken to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Martin I’Ons is a self-employed consultant who consults to Aeon and has consented to the inclusion in this report of the matters based on this information in the form and context which it appears.

Upside remains with the extent of the John Hill deposit largely set by the drilling coverage, instead of defined geological or grade limits. With further drilling, there is potential to add to the current interpretation of mineralised volume, both laterally and at depth.

The John Hill deposit is a small component of the overall Ben Hur Project and lies 1km south of the area drilled by Kennecott (1970’s). Kennecott drilled 59 holes all of which were shallow, targeting the copper oxide mineralisation.

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