http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Mon, 16 Jul 2018 13:05:02 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Aeon Metals intersects high-grade lead and zinc at Walford Creek project ]]> http://www.proactiveinvestors.com.au/companies/news/199639/aeon-metals-intersects-high-grade-lead-and-zinc-at-walford-creek-project-199639.html Aeon Metals Ltd (ASX:AML) has intersected high-grade lead, zinc and silver at its Walford Creek Copper-Cobalt Project in northwest Queensland.

The assay results come from a hole drilled 2.5 kilometres along strike to the west of the resource.

It was re-entered based on a revised geological model that tested for peripheral mineralisation.

Assays include 17 metres at 3.18% lead, 2.91% zinc and 42 g/t silver from 350 metres, and 12 metres at 4.01% lead, 3.02% zinc and 47 g/t silver from 351 metres.

Chalcopyrite-rich mineralisation intercepted

Following confirmation of the peripheral mineralisation, a second hole was successfully positioned and intercepted around 20 metres of overprinting chalcopyrite-rich mineralisation.

The entire 20 metre interval is estimated at around 40% total sulphide content.

It comprises overprinting chalcopyrite and interpreted cobaltiferous pyrite with layers of massive pyrite, semi-massive pyrite, laminated pyrite and inter-fingered siltstone and shale horizons.

A similar hole drilled a further 1.2 kilometres to the west hit a similar chalcopyrite-rich interval.

Results confirm geological model

These intercepts confirm the presence of mineralisation seen within the current resource as well as the revised geological model from 2017.

The drilling campaign commenced in April utilising three drill rigs to drill at least 30 kilometres to advance the known mineralisation to development status.

READ: Aeon Metals fancied by Bell Potter with imminent news flow and prospect of production in 2020

It also aimed to test the potential extension of the current resources on the company’s tenements.

The Walford geological model first announced in July 2017 is closely associated with the sediment hosted copper-cobalt style mineralisation of the Zambian Copperbelt in Africa.

 

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Wed, 27 Jun 2018 16:12:00 +1000 http://www.proactiveinvestors.com.au/companies/news/199639/aeon-metals-intersects-high-grade-lead-and-zinc-at-walford-creek-project-199639.html
<![CDATA[News - Aeon Metals fancied by Bell Potter with imminent news flow and prospect of production in 2020 ]]> http://www.proactiveinvestors.com.au/companies/news/193820/aeon-metals-fancied-by-bell-potter-with-imminent-news-flow-and-prospect-of-production-in-2020-193820.html Aeon Metals Ltd (ASX:AML) has caught the attention of Bell Potter with the broker maintaining its buy recommendation and upgrading its price target from 48 cents to 50 cents.

The company’s Walford Creek Copper-Cobalt Project near Mt Isa is at an advanced stage of exploration, having defined a resource of 15.7 million tonnes at 1.24% copper and 0.15% cobalt.

This equates to 194,000 tonnes of contained copper and 24,000 tonnes of contained cobalt.

The resource was updated in January, showing Walford Creek has one of the highest grade and largest tonnages of cobalt metal content among Australia's cobalt sulphide deposits.

Bell Potter analyst David Coates sees the potential for ‘very positive’ near-term news flow from Aeon through confirmation of material extensions to the current resource.

Potential resource extension

Coates points out that Aeon is about to start the single largest drilling campaign ever undertaken in North Queensland, and indeed, Walford Creek.

The 30,000-metre diamond core and reverse circulation drilling program will begin in coming weeks.

Coates believes copper-cobalt to be the best exposures to the electric vehicle and renewable energy theme, highlighting that Walford Creek is one of few such projects in Australia.

Even split between copper and cobalt

Crunching the numbers, Bell Potter estimates that at current prices the life of mine revenue split between copper and cobalt would be similar at about 45% each.

One of the interesting aspects about Aeon is that Bell Potter believes it could be in production as early as 2020, generating net profit of $14 million, equating to earnings per share of 3 cents.

In summing up the company Coates said: “AML has entered an exciting period of cost-effective discovery and growth, and there are strong expectations news flow from the upcoming drill program can deliver strong positive catalysts for the share price.”

The revised share price target implies upside of 85% to Monday’s closing price of 27 cents, implying a forward PE multiple of nine relative to Bell Potter’s 2020 forecasts.

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Tue, 27 Mar 2018 08:18:00 +1100 http://www.proactiveinvestors.com.au/companies/news/193820/aeon-metals-fancied-by-bell-potter-with-imminent-news-flow-and-prospect-of-production-in-2020-193820.html
<![CDATA[News - Aeon Metals attracts $30 million for one of Australia’s biggest undeveloped copper cobalt projects ]]> http://www.proactiveinvestors.com.au/companies/news/188851/aeon-metals-attracts-30-million-for-one-of-australias-biggest-undeveloped-copper-cobalt-projects-188851.html Aeon Metals Ltd (ASX:AML) is raising $30 million via a significantly oversubscribed institutional share placement to new and existing investors, at $0.28 per share.

The company is the owner of one of Australia’s biggest undeveloped copper cobalt projects in north-west Queensland, the Walford Creek project.

Aeon is planning an expanded drill program in 2018, engaging at least 3 drilling rigs to drill 30,000+ metres to advance the known mineralisation to development status.

READ: Aeon Metals continues to drill high-grade copper from Walford Creek

Aeon had completed a preliminary technical and economic study on the potential viability of the Vardy Zone within the global Walford Creek Resource.

The Vardy Zone is expected to produce 38,158 tonnes copper, 28,848 tonnes zinc and 3,196 tonnes of cobalt over a six-year mine life.

This is based on a resource of 3.6-million tonnes grading 1.15% copper, 1.06% zinc and 0.18% cobalt.

Highest copper and cobalt grades yet at Walford Creek

Earlier this month, Aeon revealed the highest drilled copper and cobalt grades yet at Walford Creek - 30 metres at 3% copper, 0.44% cobalt and 50 g/t silver from 188 metres.

These results 900 metres west of the existing Vardy Resource confirm expectations of a large mineral system with potential for significant additional resources beyond those currently defined.

Importantly, Aeon’s latest fund raising will enable the bankable feasibility study work to continue and broaden in scope.

The balance of the funding will be available to pay down the vendor debt owed to OCP Asia (Hong Kong) Limited and thereby position the Walford Creek Project for development financing.

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Fri, 15 Dec 2017 15:19:00 +1100 http://www.proactiveinvestors.com.au/companies/news/188851/aeon-metals-attracts-30-million-for-one-of-australias-biggest-undeveloped-copper-cobalt-projects-188851.html
<![CDATA[News - Aeon Metals continues to drill high-grade copper from Walford Creek ]]> http://www.proactiveinvestors.com.au/companies/news/183165/aeon-metals-continues-to-drill-high-grade-copper-from-walford-creek-183165.html Aeon Metals Ltd (ASX:AML) has revealed assay results confirming and extending the high-grade copper mineralisation encountered at its Walford Creek Project in northwest Queensland.

Significant mineralisation assayed from a drill hole close to the fault within the Vardy resource included;

12 metres at 5.07% copper, 0.1% cobalt, 0.5% lead, 0.16% zinc and 37.25 g/t gold from 34 metres.

The latest drilling has also extended the high-grade mineralisation in one of the holes drilled in July, which assayed 20 metres at 4.45% copper and 0.20% cobalt from 35 metres.

Earlier this month, Aeon secured commitments to raise $5.5 million via the placement of shares to investors at $0.14 per share.

The funds will enable further drilling at Aeon’s Walford Creek project during 2017 and progress the bankable feasibility study on the Vardy resource.

Aeon recently completed a preliminary technical and economic study on the potential viability of the Vardy Zone within the global Walford Creek Resource.

The Vardy Zone is expected to produce 38,158 tonnes copper, 28,848 tonnes zinc and 3,196 tonnes of cobalt over a six-year mine life.

This is based on a resource of 3.6-million tonnes grading 1.15% copper, 1.06% zinc and 0.18% cobalt.

Aeon’s share price increased by 3% on Wednesday and closed at $0.155.

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Thu, 31 Aug 2017 08:38:00 +1000 http://www.proactiveinvestors.com.au/companies/news/183165/aeon-metals-continues-to-drill-high-grade-copper-from-walford-creek-183165.html
<![CDATA[News - Aeon Metals bags A$5.5M to progress Walford Creek project ]]> http://www.proactiveinvestors.com.au/companies/news/182300/aeon-metals-bags-a55m-to-progress-walford-creek-project-182300.html Aeon Metals Ltd (ASX:AML) has secured commitments to raise A$5.5 million via the placement of shares to investors at A$0.14 per share, to progress its Walford Creek copper-zinc-cobalt project in Queensland.

Interestingly, the placement was oversubscribed enabling Aeon to upsize the offer.

The new shareholders include a mix of domestic and international long-term resource focused institutional investors along with new and existing sophisticated investors.

Importantly, the funds will enable further drilling at Aeon’s Walford Creek project during 2017 and progress the bankable feasibility study on the Vardy resource.

Aeon recently completed a preliminary technical and economic study on the potential viability of the Vardy Zone within the global Walford Creek Resource.

The Vardy Zone is expected to produce 38,158 tonnes copper, 28,848 tonnes zinc and 3,196 tonnes cobalt over six-years, based on a resource of 3.6 million tonnes at 1.15% copper, 1.06% zinc and 0.18% cobalt.

Aeon recently drilled a high-grade copper intersection within the current Vardy resource.

The company intersected: 16 metres at 2.10% copper, 0.11% cobalt, 1.31% lead, 0.86% zinc and 46.65 g/t silver from 120 metres, including a high-grade section of 5 metres at 5.12% copper.

The increasing confidence of the geological model together with the large and robust database is expected to deliver a compelling bankable feasibility study for the project.

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Fri, 11 Aug 2017 13:21:00 +1000 http://www.proactiveinvestors.com.au/companies/news/182300/aeon-metals-bags-a55m-to-progress-walford-creek-project-182300.html
<![CDATA[News - Aeon Metals continues to drill high-grade copper from Walford Creek ]]> http://www.proactiveinvestors.com.au/companies/news/180886/aeon-metals-continues-to-drill-high-grade-copper-from-walford-creek-180886.html Aeon Metals Limited (ASX:AML) has received a high-grade copper drilling result from its Walford Creek Project in Queensland.

This hole was drilled as an infill hole together with several others to test the high grade pyritic unit against the Fish River Fault (FRF) within the current Vardy resource.

Aeon intersected 16 metres at 2.10% copper, 0.11% cobalt, 1.31% lead, 0.86% zinc and 46.65 g/t silver from 120 metres including high-grade copper of 5 metres at 5.12% copper.

The increasing confidence of the geological model together with the large and robust database is now enabling the geological team to better target holes where mineralisation juxtaposes the FRF.

Since drilling commenced in early May, 18 diamond drill holes have been completed for a total of 2,159 metres.

To date 10 reverse circulation holes have also been drilled for 1,058 metres.

The focus of the drilling has now turned to testing other potentially high-grade mineral zones to the west of Vardy.

Aeon recently completed a preliminary technical and economic study on the potential viability of the Vardy Zone within the global Walford Creek Resource.

The Vardy Zone is expected to produce 38,158 tonnes copper, 28,848 tonnes zinc and 3,196 tonnes of cobalt over a six-year mine life, based on a resource of 3.6-million tonnes grading 1.15% copper, 1.06% zinc and 0.18% cobalt.

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Fri, 14 Jul 2017 16:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/180886/aeon-metals-continues-to-drill-high-grade-copper-from-walford-creek-180886.html
<![CDATA[News - Aeon Metals assays high-grade cobalt at Walford Creek ]]> http://www.proactiveinvestors.com.au/companies/news/178742/aeon-metals-assays-high-grade-cobalt-at-walford-creek-178742.html Aeon Metals (ASX:AML) has received high-grade cobalt results from the first two holes of its 2017 drilling program at the Walford Creek Project in Queensland.

Both holes, located outside of the Vardy Resource to the northeast, have intersected significant mineralisation and returned assay results including:

- 67 metres at 0.20% cobalt and 0.40% copper from 57 metres including 16 metres at 0.5% cobalt and 0.86% copper from 58 metres.

- 11 metres at 0.14% cobalt, 0.43% copper and 3.45% zinc from 62 metres.

Aeon recently completed a preliminary technical and economic study on the potential viability of the Vardy Zone within the global Walford Creek Resource.

The Vardy Zone is expected to produce 38,158 tonnes copper, 28,848 tonnes zinc and 3,196 tonnes of cobalt over a six-year mine life, based on a resource of 3.6-million tonnes grading 1.15% copper, 1.06% zinc and 0.18% cobalt.

The initial focus of the 2017 drill campaign has been to test the newly interpreted fault splays from the Fish River Fault (FRF) to the northeast.

A total of 1130 metres has been completed since drilling commenced in early May.

Importantly, based on the two assay results and geological logging of the other 7 holes, it is expected that material tonnage will be added to the Vardy Zone.

Aeon’s shares were last trading 3% higher intra-day, at $0.16.

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Mon, 05 Jun 2017 11:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/178742/aeon-metals-assays-high-grade-cobalt-at-walford-creek-178742.html
<![CDATA[News - Aeon Metals reveals economic potential of Walford Creek ]]> http://www.proactiveinvestors.com.au/companies/news/173159/aeon-metals-reveals-economic-potential-of-walford-creek-173159.html Aeon Metals (ASX:AML) has indicated that its Walford Creek Project in north west Queensland is a technically conventional and economically robust project, from a preliminary economic assessment.

Importantly, the company has projected a life of mine revenue from copper, zinc, silver and cobalt of $579 million through the development of the high grade Vardy Zone within the project.

The projected life-of mine net cash flow is $84 million with an average EBITDA of $39 million per year (initial mine life of 6 years).

Aeon’s estimated capital cost to first production is $97 million and operating cost is $97/tonne of run-of-mine production.

The company’s drilling in 2016, which was focused on the eastern portion of the Walford Global Resource, referred to as the Vardy Zone, successfully identified high value shallow mineralisation.

The project currently has a resource of 3.6 million tonnes grading 1.15% copper, 1.06% zinc, 0.18% cobalt, and 26 g/t silver.

Significantly, over 70% of the tonnes included in the current resource inventory are in the measured and indicated category.

The company has identified three areas for Q2/Q3 2017 drilling: infill at Vardy, drilling to the northeast and targeting of the high grade zones within the current resource west of the Vardy Zone.

Aeon is aiming to complete the bankable feasibility study by Q4-2017 and targeting to commence the production of copper (with silver credits), zinc and cobalt concentrates in Q1 2019.

The company is well funded with a cash balance of about $4 million as at 31 December 2016.

Aeon’s share price has increased by more than 40% over the past six months, last trading at $0.19.

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Wed, 15 Feb 2017 11:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/173159/aeon-metals-reveals-economic-potential-of-walford-creek-173159.html