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.