MOUNT Isa region explorer Aeon Metals plans to push ahead its flagship Walford Creek base metals project with a funding package that, if approved at an EGM next month, will see them through pre-feasibility.
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Aeon picked the assets up from associates of Nathan Tinkler in 2014. The project is not far from the Century zinc project, whose closure could cause a substantial shortfall in the zinc market.
Aeon (ASX: AQR) plans an EGM on October 29 to consider two resolutions which, if approved, will secure $4.85 million of debt to advance the Walford Creek project, 350km from Mount Isa.
Aeon says the new funding will position Aeon strongly for the future. The resolutions involve the issue of new warrants to OCP Group (Aeon’s largest shareholder).
Walford Creek’s resource includes 300,000t of copper, 639,000t of zinc, 637,000t of lead and 57m oz of silver.
Managing director Ham- ish Collins said Aeon was one of very few resource players with producer potential.
“The Walford Creek project is an emerging bright spot in Australian base metals, with a significant JORC resource and an advanced development plan. Aeon is a long-term prospect and will be a feature of Australian base metals for many years.”
The $4.85 million would be “critically important” and, with the $3.26 million it raised in a recent rights Issue, meant Aeon would have about $8 million cash.
“Development of the project will be fully financed, with work continuing on our drilling program, studies in metallurgical processing, pit optimisation and environmental and infrastructure planning,” he said. “We are making great progress”.
