Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Aeon Metals (AML) identifies fresh drill targets at its flagship Walford Creek project in Queensland thanks to two geophysical surveys
  • The surveys were completed over 400 square kilometres at the Walford Creek project area in May and June this year
  • Aeon says it has interpreted the results and found some “exciting” new insights into potential extensions to the project’s mineral resource estimates
  • Managing Director and CEO Fred Hess says Aeon plans to “immediately” turn its focus to testing these new targets
  • Nevertheless, in a tough day for the wider materials sector on the ASX, Aeon shares closed red by 1.72 per cent and at 5.7 cents each

Junior explorer Aeon Metals (AML) says it has identified some fresh drill targets at its flagship Walford Creek project in Queensland thanks to two geophysical surveys.

The company took on the two surveys over the 400-sqkm Walford Creek project area in May and June this year.

Today, Aeon said it had interpreted the results of the survey with some “exciting” new insights into potential further extensions to the project’s mineral resources estimates (MREs).

Walford Creek is prospective for copper and cobalt.

Aeon told shareholders the survey results highlighted new targets in areas dubbed the Vardy Deeps and Marley Deeps, the Amy West Splay, the Vardy East and the Eastern Dog Leg Trend.

These targets are set to be drilled in the coming months.

Aeon Managing Director and CEO Fred Hess said the Walford Creek mineralisation has been defined over 10 kilometres of strike so far.

“In the Vardy, Marley and Amy zones, mineral resource estimates are already defined which have the potential to support an initial 14-year mine life, as evidenced in the recent revised scoping study for Walford Creek,” Mr Hess said.

“The increased resolution and coverage of the new geophysical datasets demonstrate the potential for the Walford Creek resources to be substantially larger than currently delineated.”

He said the company planned to “immediately” turn its focus to testing these new targets, starting with a section known as the Vardy Lower Walford Dolomite which has been drilled in the past and returned chalcopyrite mineralisation.

He said the potential to grow the MREs at the Walford Creek project provided promising tailwinds to advance the project towards development.

Nevertheless, in a tough day for the wider materials sector on the ASX, Aeon shares closed red by 1.72 per cent and at 5.7 cents each this afternoon. The company has a $44 million market cap.

AML by the numbers
More From The Market Herald
The Market Herald Video

" Bannerman Resources (ASX:BMN) raises $12M for Etango-8

Bannerman Resources (ASX:BMN) has successfully tapped investors for an extra $12 million in funding for its…
Barton Gold (ASX:BGD) - Managing Director, Alexander Scanlon

" SA Govt. awards Barton Gold (ASX:BGD) $300k grant for exploration

Barton Gold (ASX:BGD) has been granted a $300,000 boost from the South Australian Government.
Barton Gold (ASX:BGD) - Managing Director, Alexander Scanlon

" Barton Gold ASX:BGD) to trial CSIRO exploration technology

Barton Gold Holdings’ (ASX:BGD) subsidiary signs agreements to trial new geochemical and machine learning techniques at…

" Barton Gold (ASX:BGD) kicks off new round of drilling at Tunkillia project

Barton Gold (ASX:BGD) has begun a drilling program at its Tunkillia gold project in South Australia.