Aeon Metals has reported significant alteration and copper mineralisation being observed in its first diamond drill hole at the Beauchamp Iron-Oxide-Copper-Gold (IOCG) target.
The target, about 100km west of Mount Isa, is described as having clear similarities with the geophysical signatures of a number of world-class IOCG deposits including Olympic Dam, Ernest Henry and Carrapateena.
Aeon said its first drill hole at Beauchamp had been completed to a downhole depth of 991.2m. This was extended beyond the initial target depth of 800m down-hole because of significant alteration and
copper mineralisation being observed.
This comprised IOCG red rock alteration and veining intercepted over hundreds of metres with trace chalcopyrite throughout, and occasional minor bornite, the company said.
“This is a fantastic result first-up,” Aeon managing director and chief executive officer Hamish Collins said.
“To have been provided substantive evidence of a potential largescale IOCG system is very exciting. We look forward to completing the next two holes at Beauchamp and reporting on all assay results as they become available.”
A second Beauchamp drill hole is underway about 1km to the south-west of the initial hole. A third drill hole is planned to test approximately 1.3km to the south of the current hole.
Aeon has been granted $200,000 of Collaborative Exploration Initiative funding by the Queensland Government to be applied to the drilling of the Beauchamp Tier 1 target anomaly.
The company says its core focus remains on the advancement of the world-class Walford Creek copper-cobalt project.
It says the Beauchamp target represents a low-cost opportunity for Aeon to leverage its proven exploration discipline into potential large-scale regional exploration upside.