Aeon Metals’ flagship is the 100% owned Walford Creek
– one of Australia’s largest base metals projects

The Flagship


The Walford Creek Project is located approximately 350km north west of Mount Isa in Northwest Queensland, close to the Northern Territory border. The closest town is Doomadgee, approximately 70km to the east, which is accessed by a sealed road from Cloncurry. Doomadgee has a commercial airstrip connecting to other major centres within Queensland.

Aeon Metals’s Tenement Holdings

Aeon Metals’s Northwest Tenement Holdings and Walford Creek Project Location

Geological Code Unlocked


During the 2017 drill program the geological team developed a revised Walford Creek geological model (announced 28 July 2017), which is closely associated with the Zambian Copperbelt sediment hosted copper-cobalt style mineralisation. Consistent with this, the lower pyrite unit 3 (“Py3”) at Walford Creek contains the best copper grades. The Py3 is the first favourable site for mineral bearing hydrothermal fluids, driven from deep within the sedimentary basin to drop their metals. This has enabled better definition of the high-grade copper-cobalt zones along the Fish River Fault and hence improved drill targeting.

Schematic cross section of Walford Creek showing zonation of metals and drill effectiveness.

The targeting of the high-grade mineralisation schematically represented in image shows four possible hole positions on the schematic geological model section. In this regard holes A&C intersect high grade components of PY1 and PY3 respectively and are the target holes.

This refined targeting was subsequently implemented in the second-round of 2017 drilling, which commenced on 22 September 2017 and completed on 29 October 2017. The second-round drill program conclusively confirmed the sediment hosted Copper-Cobalt model with outstanding results achieved in all 9 holes drilled. Examples of significant intersections for the second-round of 2017 drilling included:

 

  • WFDD263: 25m @ 2.20% Cu, 0.16% Co and 18gt Ag from 169m, including;
    • 10m @ 4.63% Cu, 0.14% Co and 22gt Ag from 184m
  • WFDD264: 31m @ 1.10% Cu, 0.21% Co and 33gt Ag from 186m; and
    • 22m @ 1.26% Cu, 0.25% Co and 36gt Ag from 189m
  • WFDD265: 38m @ 1.07% Cu, 0.15% Co and 26gt Ag from 226m, including;
    • 20m @ 1.41% Cu, 0.16% Co and 25gpt Ag from 244m
  • WFDD266: 36m @ 1.26% Cu, 0.20% Co and 43gt Ag from 275m, including;
    • 20m @ 1.86% Cu, 0.30% Co and 64gpt Ag from 288m
  • WFDD267: 10m @ 1.45% Cu, 0.13% Co, 1.43% Zn and28g/t Ag from 196m
  • WFDD268: 22m @ 2.00% Cu, 0.31% Co and37g/t Ag from 201m
  • WFDD269: 13m @ 1.56% Cu, 0.30% Co and 28g/t Ag from 98m
  • WFDD270: 45m @ 2.21% Cu, 0.32% Co and43g/t Ag from 185m, including;
    • 30m @ 2.99% Cu, 0.44% Co and 50g/t Ag from 188m

 

As a result of the successful 2017 drill campaigns, on 24 January 2018 the Company announced the results of an updated independent Resource estimation. The updated Resource estimates have two components, namely a Copper Lode Resource and a Cobalt Peripheral Resource. The Copper Lode Resource is over double the size of the previous Vardy Resource (6.6mt @ 1.25% Cu and 0.16% Co) announced in December 2016. This combined with the additional Cobalt Peripheral Resource shows Walford Creek to have one of the highest grade and largest tonnages of cobalt metal content among the cobalt sulphide deposits in Australia. The Copper Lode and Cobalt Peripheral Resources are as follows:

CategoryMtCopper
%
Lead
%
Zinc
%
Silver
g/t
Cobalt
%
Pyrite
%
Total15.71.240.980.8233.50.1541.3
Measured1.21.250.890.8126.30.1644.4
Indicated3.81.190.690.8823.60.1441.4
Inferred10.71.251.090.8137.80.1640.9

CategoryCopper
Kt
Lead
Kt
Ziinc
Kt
Silver
Mozs
Cobalt
kt
Pyrite
Kt
Total19415412917246,480
Measured1410912509
Indicted452634351,575
Inferred1341188613174,396

Table 2: Copper Lode Resource
(minor rounding errors)

Copper Lode Resource Long Section

CategoryMtCopper
%
Lead
%
Zinc
%
Silver
g/t
Cobalt
%
Pyrite
%
Total180.160.851.0321.80.1139.2
Measured1.80.130.541.1617.40.1247.4
Indicated6.50.170.661.1317.80.139.5
Inferred9.70.161.030.9525.20.1237.6
CategoryCopper
Kt
Lead
Kt
Zinc
Kt
Silver
Mozs
Cobalt
Kt
Pyrite
Kt
Total3015218613207,046
Measured2102112853
Indicated114373462,548
Inferred16100928113,645

Table 3: Cobalt Peripheral Resource
(minor rounding errors)

Cobalt Peripheral Resource Long Section

Copper Lode & Cobalt Peripheral Resources Long Section

A 2018 drill campaign commencing in April is utilising 3 drill rigs to drill at least 30,000m to advance the known mineralisation to development status as well as to test the +20kms of potential extension of the current Resources on the Company’s 100% owned tenements.

Fish River Fault Long Section