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On 1 February 2019, Aeon Metals Ltd (ASX:AML) has published a seismic survey report. The seismic survey was conducted in 2018 at Walford Creek Project.
Aeon Metals Limited, domiciled in Australia, is a metal and mining company. AML is engaged in extracting minerals such as Gold, Copper, Cobalt, Lead, Silver, Zinc, and Molybdenum. Its portfolio consists of three projects, all located in Queensland.
Its flagship project, the Walford Creek Project possesses high-grade copper, cobalt, silver, and many other minerals. It is located at Northwest Queensland, 350km northwest of Mount Isa and is 100% owned by AML.
AMLâs tenement package includes various exploration permits in Northwest Queensland covering an area of about 2,184 square km. Located in Mt Isa minerals province in North West Queensland, it has been split into 4 main project areas, namely Isa North, Isa South, Constance Range, and Isa West.
AMLâs tenement package also includes various exploration permits in Southeast Queensland which is located about 30 km west of the town of Monto, Queensland. EPM holds 100% interest in 5 EPMs and 1 MDL over the region.
Velseis Pty Ltd acquired a 2D seismic survey within EPM 14220 and EPM 14854 at Walford Creek. The acquisition was conducted for Aeon Metals Limited in June 2018. This survey comprised of 32.14 kilometers of Envirovibe source data over 6 lines. During June and July 2018, the data was subsequently processed and interpreted, and the results are the subject of this report.
The seismic survey utilized a small footprint Envirovibe source, and it is positioned at the surface to generate the sound waves (seismic energy). This technique holds pros and cons within it. The advantages are that the acquisition of high fold data without expensive shot hole drilling and a lower level of environmental impact. The disadvantages are like those of any surface energy source method. The seismic data quality may be susceptible to adverse surface and near-surface conditions.
The report mentioned that the data quality gathered varies across the area. The data quality depends on which side of the Fish River Fault (FRF) was acquired. Â The data to the north on the upthrown portion of the FRF is marginal in quality while the data to the south of the FRF is quite good.
Interpretation and findings: The main objective of interpretation was to locate the FRF fault. The FRF is a major regional structure and has been mapped across the study area. Also, of interest was to map any lithological units encountered in boreholes, which mainly populate the E-W strike line (2018-05), so that they can understand the depth of stratigraphy and favorable structures.
Looking at Aeon Metals Limitedâs stock performance and the return it has posted over the last few months, AML has generated a negative return of 21.43% during the past six months. The shares of AML closed the dayâs session at A$0.285 (as at 1 February 2019). The company has circa 587.47 million shares outstanding with the market capitalization of circa $161.55 million. The 52-week high for AML is marked at $0.450.
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