Substantial lift for Walford Creek resources

Aeon Metals has powered past the one million-tonne mark for contained CuEq metal at its Walford Creek project, flagged as hosting Australia’s highest grade, substantial cobalt deposit. The company today announced a 65 per cent lift in the global mineral resource to 72.6 Mt at 1.6 per cent CuEq for 1,173 Kt of CuEq metal. It said it would investigate proposed mine optimisations at increased production rates for the North-West Queensland site. Updated Mineral Resource estimates include: * Maiden Le Mans deposit mineral resource (inferred): - Copper rich: 5.3 Mt at 1.75 per cent CuEq (0.86 per cent copper, 0.09 per cent cobalt and 1.01 per cent zinc) - Cobalt Peripheral: 9.2 Mt at 0.95 per cent CuEq (0.22 per cent copper, 0.08 per cent cobalt and 0.75 per cent zinc). * Increased Amy mineral resource (inferred): - Copper Rich: 8.3 Mt at 2.95 per cent CuEq (1.35 per cent copper, 0.22 per cent cobalt and 0.74 per cent zinc) - Cobalt Peripheral: 3.5 Mt at 1.19 per cent CuEq (0.26 per cent copper, 0.08 per cent cobalt and 0.95 per cent zinc). Aeon managing director and chief executive officer Dr Fred Hess said the updated mineral resources at Walford Creek were underpinned by the excellent drill results delivered during 2022. This resulted in a 65 per cent increase in global mineral resources along 10km of strike, from Vardy/Marley to Amy. "We were able to add 337Kt of contained CuEq metal at a discovery cost of US$0.006/lb CuEq, a tremendous return on exploration investment," he said. "This substantial increase in contained metal across the in-situ Walford mineral deposits was accompanied by an overall increase in copper and cobalt grades for the copper mineral resources. "Of particular note is the high-grade Amy mineral resource, delivering 8.3Mt at 1.35 per cent copper and 0.22 per cent cobalt (2.95 per cent CuEq). "Globally, Walford Creek is now arguably the largest primary cobalt deposit in Australia, and the copper mineral resource at Amy is comfortably the highest grade substantial cobalt resource in Australia. "“Significant gaps in drilling remain along the Fish River Fault between the Marley/Vardy and Amy mineralisation, suggesting that further substantial growth in the mineral resources is readily achievable with additional drilling along this 10km strike extent. "In addition, we have a substantial pipeline of prospective regional targets covering 52km of untested potential strike.”

Substantial lift for Walford Creek resources

Industry Queensland

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