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Aeon Metals assays high-grade cobalt at Walford Creek

The latest results point towards a material increase in Aeon's resource.
Aeon Metals assays high-grade cobalt at Walford Creek
Aeon recently completed a positive preliminary economic study

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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