The prospects for copper and cobalt are good for Aeon Metals in North West Qeensland.
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Aeon says it has drilled three diamonds holes with a fourth in progress in the second round of its 2017 drilling at its Walford Creek base metals project near Doomadgee.
The company told the ASX they had delivered samples to the laboratory with first assay results available towards the end of the month of October.
Drilling is targeting the largely untested high grade copper-cobalt Py3 zone at depth outside the central Vardy zone. The aim is to drill around 2500m of predominantly diamond core before the wet season commences.
Aeon’s acquired the project from the receivers to the unlisted Aston Metals formerly owned by Nathan Tinkler and this year they developed a revised geological model similar to the Zambian copper belt model.
The company told the ASX the first three holes have all intercepted the Py3 within a few metres of what was forecast from the revised geological model and visual inspection of the cores indicates copper mineralisation in all three holes.
Aeon’s Managing Director, Hamish Collins, said the accuracy of targeting by the geological team and its successful strike rate, given the visual estimations of mineralisation from logging of the core, provided further evidence of the rapid advancement towards a world class copper-cobalt-zinc development project.
Aeon believes it can turn Walford Creek in to a world class copper-cobalt deposit targeting depths of 120m on the 25 km strike of Fish River Fault.
The Walford Creek project is close to the Northern Territory border, north west of Lawn Hill and south of Doomadgee.
Since 2010, Walford Creek has been held in private hands, with 14,992 metres of drilling undertaken along a 5km zone.
The current JORC Resource has been defined along this 5km strike length of the Fish River Fault Zone, which extends for 25km within the Walford Creek Project tenements