Aeon Metals Limited (ASX: AML) (Aeon or the Company) is pleased to provide an update on the outcomes of 2021 field activities undertaken on its Walford Creek Copper-Cobalt Project (Walford Creek Project) in north-west Queensland

All assay results for the Pre-Feasibility Study (PFS) metallurgical and geotechnical test work program have now been received. On 30 June 2021, Aeon announced the completion of a Scoping Study on the Walford Creek Project which highlighted the potential to develop a long life, major mining project focussed on producing a portfolio of battery metals headed by copper and cobalt.

This study formed the basis for directing the 2021 field program at the Walford Creek Project. A metallurgical sample collection program was split between the Vardy and Marley zones, while the Amy zone was excluded. Limited geotechnical and exploration drilling was also conducted. The program commenced with a single, multi-purpose drill rig operating on double shift from 3 June 2021. A second rig was added on 18 September 2021.

A total of 46 new drill holes were completed during the 2021 drilling program plus an additional diamond tail to a historic drill hole. This represents a total of 8,951 metres of drilling. Geochemical analysis for 18 drill holes additional to those previously reported have now been received. Results of these are documented within this release. Results from the remaining 3 holes, which were focussed on an initial assessment of the exploration potential for resource extension along strike at Marley are to be finalised and reported in due course

Aeon Managing Director and CEO, Dr Fred Hess, commented: 'Aeon is pleased to confirm that all of the assay results for the 2021 metallurgical and geotechnical drilling have finally been received, and that the results are consistent with or better than expectations. Work on updating the mineral resource estimates has now commenced. 'The samples collected are crucial for completing the metallurgical testwork program to optimise the processing route and to quantify performance over a range of possible feed types. 'The Aeon operations team are now planning the 2022 field season, scheduled to begin in May. An overview of the objectives of this program will be provided once planning has been finalised, however we are excited to have completed the required metallurgical test work sampling drilling. The focus during 2022 will be on confirming the further copper and cobalt resource exploration potential of this outstanding project area.'

Drilling Summary Assay results for both metallurgical sample collection and geotechnical data collection from the 2021 drilling campaign have now all been received. All results being reported are from new drill holes located within the limits of the existing deposit. 2021 drilling included 30 holes at the Vardy Deposit and 12 holes at the Marley Deposit. An additional 4 holes were drilled for exploration west of Marley, and 1 hole targeting potential mineralisation within the new target horizon of the Walford Dolomite, directly beneath the Vardy Deposit. For consistency, recovered copper equivalent assay results continue to use the previously reported commodity prices and metal recoveries. The final assay results for the metallurgical sample collection and geotechnical data drilling are reported in this release. Results for a further three exploration drill holes completed to the west of Marley are yet to be finalised and are expected to be reported in late January. The existing drill spacing at Vardy is variable. Where possible, the metallurgical drill holes were designed to tighten drill hole spacing with the objective to achieve a spacing approaching 20 metres.

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