Aeon Metals Limited provided an update on the progress of the 2022 exploration program at its Walford Creek Copper-Cobalt Project (Walford Creek Project) in north-west Queensland. 14 exploration drill holes have now been completed for over 7,000 metres of drilling, with results received for the first three drill holes. A total of 19,000 metres is planned for the 2022 season.

At the completion of the 2021 in-fill drilling program at Vardy and Marley, three exploratory holes were drilled that stepped out some 345 metres to the west of the existing Marley Resource Estimate (MRE), into the Le Mans zone. These step-out holes demonstrated the previously unrecognised (but expected) presence of continued mineralisation within the PY1 unit, with a 60-metre periphery zone intersected over 50 metres away from the Fish River Fault (FRF). The Walford Creek geological model, based on the extensive drilling completed to date, predicts a continuation of the higher-grade mineralisation within the PY1 adjacent to the fault along the entire 2.1 km of strike in this untested zone.

These initial two drill holes were designed to validate the model predictions. The initial results announced below have demonstrated further mineralisation along strike and are consistent with the geological model predictions. A further drill hole located 500 metres west of the existing MRE is known to contain peripheral mineralisation.

Assay results from this drill section are still outstanding. The importance of correct targeting within the Walford Creek system was fully realised in 2016, where the geological model currently being used was first proposed. Assay results for the first three drill holes of the 2022 drilling program at Walford Creek are reported below.

Two drill holes, WFDH530 and WFDH531, are located on section 210330 metres east, with drilling being completed on the same section as the initial Le Mans holes drilled in 2021. This represents a step out of 345 metres from the western boundary of the existing MRE. The preliminary holes completed in 2021 failed to intersect the higher grade portions of PY1 and PY3 adjacent to the FRF, however they did intersect lower tenor base metal mineralisation distal from the fault.

Using the model described above, Aeon targeted the potential for higher tenor mineralisation proximal to the FRF. The results reported here confirm that the model-based targeting method works well into Le Mans section of the FRF. A third drill hole, WFDH532, located on section 210180 metres east is also being reported.

This hole intersected peripheral mineralisation. Further drilling has subsequently been completed on this section with results expected shortly. Aeon has completed the Collaborative Exploration Incentive (CEI) joint funded airborne electromagnetic (AEM) survey over the Walford Creek Project area.

The analysis of this new geophysical dataset is underway with the results expected to be announced once the work is completed, likely early September. Once the analysis is completed on the new data and it is combined with the other geophysical datasets, an updated assessment of regional targets within the Walford Creek Project will be developed. It is expected that the focus of drilling will then shift towards testing these new targets.