Resource estimation work has doubled the size of the copper resource at Aeon Metals’ Walford Creek project, regarded as one of Australia’s biggest undeveloped base metals projects in north-west Queensland.
The Copper Lode resource now comes in at 15.7Mt at 1.24% copper and 0.15% cobalt. This is over double the size of the previous Vardy Resource (6.6Mt at 1.25% Cu and 0.16% Co) announced in December 2016.
Additionally, Aeon reported a cobalt peripheral resource of 18Mt at 0.11% Co.
According to Aeon, the updated 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 news comes after a recently completed drilling program at the Walford Creek project of 44 holes for 6,428m, on 25m and 50m centres for selected portions of the deposit.
“We are delighted with the results of last year’s drilling and very pleased with the resulting substantial increase in the Resource base at Walford,” Aeon’s Managing Director Hamish Collins said.
The wide spacing within the Marley zone gives us considerable encouragement with defining additional higher-grade copper and cobalt in the PY3. The consistency of the mineralisation is also providing us with many drill options along strike.
A drill campaign is forecast to commence in April utilising 3 drill rigs to drill at least 30,000m to advance the known mineralisation to development status as well as to test the 22kms of potential extension of the current resources on the company’s tenements.
The stock (ASX: AML) climbed 2% to close the day at 28c.
