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Aeon raises $5.5m for Queensland project

11th August 2017

By: Creamer Media Reporter

     

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JOHANNESBURG (miningweekly.com) – Base metals explorer Aeon Metals on Friday said it had agreed to place 39.2-million shares at 14c each to sophisticated and institutional investors to raise A$5.5-million before costs.

“The Aeon board is very happy to broaden the share register with a good mix of domestic and international long-term resource focused institution investors along with new and existing sophisticated investors,” a statement to the ASX reads.

The funds will allow Aeon to advance drilling at its Walford Creek project and to progress a bankable feasibility study at the Vardy resource.

Walford Creek, in Queensland, has a mineral resource estimated at 6.6-million tonnes grading 1.25% copper, 0.74% lead, 0.76% zinc, 25.6 parts per million (ppm) of silver, 1 640 ppm of cobalt and 39.8% pyrite.

The preliminary economic assessment completed on the project proposes the development of an openpit mine and on-site processing of the Vardy zone, at Walford Creek. The Vardy Zone development is based on a resource that will allow for six years of openpit mining at a production rate of 600 000 t/y of run-of-mine material.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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