Mineral exploration company Aeon Metals have announced a doubling of their expected resources at Walford Creek in North West Queensland.
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In a statement to the Australian Stock Exchange this week Aeon Metals said Walford Creek, near Doomadgee, now had one of the highest grade and largest tonnages of cobalt metal content among the cobalt sulphide deposits in Australia.
The highlight of the ASX statement was a 15.7 Mt copper lode resource at 1.24% copper and 0.16% cobalt with the company saying it was more than double the size of the previous 6Mt Vardy resource they announced in December 2016
Aeon says Walford Creek also has a cobalt peripheral resource of 18.0Mt at 0.11% cobalt which is good news as the price of cobalt surges due to its use in electric vehicles.
The results came in Aeon Metals’ updated independent resource estimation work following recently completed drilling at the Walford Creek project which one of Australia’s biggest undeveloped base metals projects.
In 2017 they drilled 44 holes in selected portions of the deposit with the new estimates based on 262 holes (Aeon and historical).
Aeon’s Managing Director Hamish Collins said they were delighted with the results of last year’s drilling and pleased with the resulting substantial increase in the Resource base at Walford.
“The wide spacing within the Marley zone gives us considerable encouragement with defining additional higher grade copper and cobalt in the PY3 (high grade copper-cobalt geological zone),” Mr Collins said.
“The consistency of the mineralisation is also providing us with many drill options along strike.”
Aeon picked the assets up from associates of Nathan Tinkler in 2014 and secured almost $5m of debt to advance the project in 2015 with positive drilling results through to 2017.
The current JORC Resource has been defined along a 5km strike length of the Fish River Fault Zone, which extends for 25km within the Walford Creek Project tenements.