Aeon Metals Limited.

Published : October 26th, 2016

Resource Estimates for shallow, high grade Zone at Walford

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Keywords :   Australia | Cobalt |

Resource Estimates for shallow, high grade Zone at Walford

Aeon Metals Limited

ABN 91 121 964 725

Suite 32, 88 Pitt St, Sydney NSW 2000, Australia PO Box 8155, GCMC Qld 9726, Australia P: 61 7 5574 3830 F: 61 7 5574 3568

E: [email protected]

ASX Code - AML

25 October 2016

Market Announcements Office Australian Securities Exchange Level 4, Exchange Centre

20 Bridge Street Sydney NSW 2000

New Shallow High Grade Resource at Walford Creek

6.1Mt @ 1.26% Cu, 0.16% Co, 0.77% Zn, 0.78% Pb, and 25gt Ag

Category

Mt

Cu %

Co %

Pb %

Zn %

Ag gt

Measured

0.6

1.34

0.17

0.77

0.71

26.7

Indicated

2.5

1.29

0.17

0.83

0.84

25.8

Inferred

3.1

1.22

0.16

0.75

0.72

24.8

Total

6.1

1.26

0.16

0.78

0.77

25.4

Figure 1: Map shows Vardy Zone relative to 2016 drilling and the global Resource for Walford from 2015.

Aeon Metals Ltd ("Aeon" or "the Company") is pleased to announce an updated and increased Mineral Resource Estimate (reported in accordance with the 2012 JORC Code and Guideline) for a zone of the 100% owned Walford Creek Base Metals Project.

The new estimate is for a 1km eastern zone now referred to as Vardy.

The work by geological consultant H&S Consultants Pty Ltd follows the recent infill Diamond drilling undertaken in May/June 2016 within the Vardy zone. That program consisted 20 holes for 3,451m predominantly closely spaced on 25m centres for a selected portion of the Vardy mineral zone. Vardy has a strike of approximately 1km on the eastern end of the larger global mineral Resource previously stated for Walford Creek of 73Mt @ 1.43% Cu Equiv (73Mt @ 0.4% Cu, 0.85% Pb, 0.85% Zn, 23.5 gt Ag and 0.08% Co) in March 20151.

The Vardy high-grade Resource contains significant copper and cobalt with lower grades of lead, zinc and silver.

The new high-grade Vardy Resource is calculated on all drilling completed over this 1km of strike and includes the May/June 2016 drilling results but not the recent (September/October 2016) program.

Managing Director, Hamish Collins, noted that the Resource opens the possibility of an initial mining development focussed on the Vardy Resource which would benefit significantly from the high grade and shallowness of the mineralisation.

The following figures illustrate the location of the mineral deposits up against the Fish River Fault and the distribution of the copper grades within the Resource blocks.

Figure 2: Vardy Zone showing copper mineral deposits with Py1 in yellow, dolomite unit in red, Upper Py3 in blue and main Py3 in pink. View is towards the NNE.

1 See the Company's announcement dated 6th March 2015. Categories of this Resource are as follows - Inferred 16.2 Mt and Indicated 57.1 Mt

Figure 3: The Vardy Zone showing the copper block grade distribution looking towards the SSE.

Figure 4: The Vardy Zone showing the copper block grade distribution looking towards the NNE.

Background information

The Walford Creek deposit is hosted in Mid Proterozoic sediments of the Fickling Group. The mineralisation is stratabound but also spatially related to the down throw side of the steep south dipping Fish River Fault. Host sediments comprise massive bedded pyrite, black siltstones, dolomite and dolomitic siltstones with varying amounts of both sedimentary and hydrothermal brecciation. Three pyrite-rich stratigraphic units with base metal mineralisation have been delineated from geological interpretation, namely the PY1 Unit, the Dolomite Unit and the PY3 Unit. There are indications of metal zonation within all mineral bodies. Mineralisation appears primarily spatially related to the Fish River Fault with the fault itself seemingly unmineralised save for breccia clasts of sulphide mineralisation. Base metal minerals comprise chalcopyrite, galena, sphalerite and

cobaltiferous pyrite. The strike length of the mineralisation is over 4km although down dip extensions are much more limited to generally

For more information, please contact:

Hamish Collins

Managing Director

[email protected] www.aeonmetals.com.au

Hole id

gda94 East

gda94 Northing

Azimuth

Dip

Depth

WFDD216

213205

8031888

355

-60

46.90

WFDD217

213257

8031893

355

-60

58.90

WFDD218

213308

8031899

355

-60

66.70

WFDD219

213357

8031911

355

-60

59.40

WFDD220

213406

8031918

355

-60

65.00

WFDD221

213457

8031926

355

-60

81.20

WFDD222

213705

8031982

355

-60

97.80

WFDD223

213755

8031985

355

-60

102.60

578.50

Figure 5: Details of shallow Walford drilling completed in September and October 2016. Results from this drilling expected in November.

COMPETENT PERSONS' STATEMENTS

The data in this report that relates to Mineral Resource Estimates for the Walford Creek Deposit including the Vardy zone 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 Aeon Metals Limited's exploration results is based on information compiled by 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 Limited and consents to the inclusion in the presentation of the exploration results in the form and context in which they appear.

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Australia | Georgia | All
Gold and Silver Prices for these countries : Australia | Georgia | All

Aeon Metals Limited.

CODE : AML.AX
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Project news of Aeon Metals Limited.
9/14/2016Further Drill Results from Walford Creek
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