Aeon Metals Announced Final Assay Results For 26 Holes At Walford Creek

  • Dec 21, 2018 AEDT
  • Team Kalkine
Aeon Metals Announced Final Assay Results For 26 Holes At Walford Creek

On December 21, 2018, Aeon Metals Limited announced the assay results from the final 26 holes of resource drilling conducted during 2018 inside the current resource at the Company’s 100% owned Walford Creek Project. The major outcomes of the results are:

  • WFDH345: 20m @ 1.72% Cu, 0.30% Co and 26gt Ag from 265m.
  • WFDH355: 19m @ 0.91% Cu, 0.19% Co, 2.19% Zn and 23gt Ag.
  • WFDH407: 11m @ 1.36% Cu, 0.21% Co and 27gt Ag from 261m.

Aeon Metals Limited (ASX: AML) is in the Mining sector. The company engages in the exploration and development of mineral mines. The company got listed in 2007. The company’s mining sites are potential for Copper, Cobalt, Gold, Lead, Zinc, Molybdenum, and silver. Its highest priority site is the 100% owned Walford Creek Project, which is an advanced world-class Copper-Cobalt project and it is one of the highest-grade significant cobalt deposits in Australia. 

As stated by Aeon Metals Managing Director Hamish Collins, that during April- October 2018, Aeon Metals undertook Australia’s most massive base metals drilling campaign. The excellent results from the final 26 holes of resource drilling covering 36,032 meters clearly demonstrate the massive copper-cobalt potential of the Walford Creek project. The company is looking forward to updating the market in early Q1 2019 with an upgraded Resource which will utilize all the 2018 Resource drilling results.

On December 19, 2018, the company has announced the assay results on other 17 holes out of 26 holes of exploration drilling undertaken during 2018 at the Walford Creek Project. That round of results included:

  • WFDH406: 20m @ 0.76% Cu, 0.13% Co and 31gt Ag from 320m
  • Incl 10m @ 1.14% Cu, 0.18% Co and 35gt Ag 322m.

On December 12, 2018, the company provided the results from another 17 holes within a 3.6km strike of the Walford Resource which currently comprises the Vardy and Marley Zones at the Walford Creek Project. These results continue to confirm 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.

Quarterly Performance: During the Quarter, the company expended approx. $4.439 Million on exploration and evaluation activities. As at 30 September 2018, the company had available cash of approx. $7.0 Million.

FY18 Financial Performance: The company generated a total loss of $13.9 million in 2018, representing a further downside of 68.6% over the loss of $8.242 million recorded in the corresponding period in 2017. The Impairment loss for the year is $10.6 million, representing a further downside of 56.6% over the loss of $6.751 million recorded in the corresponding period in 2017. Loss per share (cents per share) for the year stood at $2.82, representing a further downside of 19% over the prior year which was $2.37.

On Balance Sheet front, Net Assets has increased by 146% to $59.91 million in FY18 over the $24.32 million in the corresponding period in 2017. The company ended the year with $12.65 million in cash over the $1.87 million in the corresponding period in 2017.

In the last six months, the share price of the company has shown a negative return of 23.94 percent as on 20 December 2018 and 22.86 percent down over the past three months. The company’s shares closed at $0.250 today with a market capitalization of $158.62 million.


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