Aeon Metals’ Shares Climbed Up After Announcing Assay Results For 17 Holes Outside The Resource At Walford Creek


Aeon Metals Limited (ASX: AML) is involved in the operations of discovering, acquiring and development of natural resources. On 19 December 2018, Aeon Metals announced the assay results from 17 holes of exploration drilling undertaken during 2018 outside the current Resource at the Company’s wholly-owned Walford Creek Project. Following this news, the share price of the company increased by 1.961 percent as on 19 December 2018.

Notable assays in this round of results include:

WFDH406 (Drill Hole)  

  • 20m @ 0.76% Copper, 0.13% Co and 31gt Ag from 320m.
  • Incl 10m @ 1.14% Copper, 0.18% Co and 35gt Ag 322m.

The company has completed 36,032 meters of drilling at Walford Creek between April 2018 and the end of the drill program in October. Currently, there are 26 holes (including pre-collars, geotechnical, kinetics, and sighter holes) left which are still waiting for the assay results from the drilling at Walford Creek.

Recently, on 12 December 2018, the company announced the assay results from 17 holes within the 3.6-kilometer strike of the Walford Resource which currently comprises the Vardy and Marley Zones at the Walford Creek Project. The assay results have confirmed the strong geological continuity and its relationship to both the Cu-Co mineralization and the peripheral Pb-Zn-Co-Ag mineralization through the current Resource.

The company held its Annual general meeting on 12 November 2018 at which the company’s Chairman Mr. Paul Harris informed that the last 12 months has been a significant period of development for Aeon Metals as drilling in 2018 has greatly enhanced the size and continuity of the company’s high-grade Tier 1 Copper Cobalt project. He further added that the company’s Walford Creek Project in northwest Queensland represents one of the best, new world-class Copper Cobalt mineral systems outside the DRC.

In FY 2018, the company completed two significant capital raising event for the total amount of $36.5million which enabled a recapitalization of the Company by paying down debt, while also broadening the register and, importantly, funding the company’s 2018 drill program. During FY 2018, the company also completed its Drill Program which was commenced in April 2018 and completed on 31 October 2018. The company believes that successful results from the drill campaign will lead to a material increase in the high-grade Marley and Vardy Resource. Further, the company also believe that it is well placed to add significant shareholder value in 2019 with a Resource upgrade and release of a Feasibility Study for Walford Creek.

In the last six months, the share price of the company decreased by 26.09 percent as on 18 December 2018. AML’s shares traded at $0.260 with a market capitalization of circa $149.8 million as on 19 December 2018 (AEST 4:00 PM).


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