Aeon Metals Limited announced the results of the Airborne Electromagnetic (AEM) survey flown at the Company's Walford Creek Project in July. The intensively drilled Marley and Vardy zones (approximately 4 km in length) along the Fish River Fault host approximately 39.3 Mt of Mineral Resources.1 The sparsely drilled Le Mans and Amy zones (approximately 6 km in length) host approximately 5.1 Mt of Mineral Resources1, an estimate which is expected to be updated at the conclusion of this year's drilling program. The analysis of AEM survey results has identified a previously unrecognized 14 km long, highly conductive (a common proxy for sulphide mineralisation at Walford Creek) structure that has many features in common with the known mineralisation that abuts the Fish River Fault trend.

Importantly, recognition of this structure is new, with no groundwork completed by any previous explorers in the area. In addition, a number of conductive and highly prospective `linking structures' have been identified from this survey that further enhance prospectivity. Aeon has previously conducted high resolution magnetic and gravity surveys at Walford Creek in 2021, which identified distinct geophysical signatures associated with the known mineralisation adjacent to the Fish River Fault.

A number of new target areas exhibiting similar geophysical signatures were also highlighted. This dataset significantly enhanced Aeon's understanding of the geology and thus prospectivity of the wider Walford Creek region. The Walford Creek mineralisation is hosted within stacked pyritic shales identified as the PY1 and PY3 units which are good conductors of electrical current.

Electro- Magnetics (EM) is an excellent tool for identifying electrical conductors up to several hundred metres below surface. In 1998 the CSIRO collected wide-spaced AEM limited to the Marley-Vardy trend. This data identified a broadly flat-lying, strong conductor that clearly delineates the pyritic shales of the PY1 unit, even at depth.

With the financial assistance of a Queensland Government CEI funding grant, Aeon contracted Xcalibur Multiphysics to undertake a high resolution AEM survey in July 2022. The survey covered approximately 1,034 linear kilometres on 200 ­ 500 metre line spacings. This high resolution survey was performed using a HELITEM2 electromagnetic system supplemented by a high-sensitivity caesium magnetometer.

Geodiscovery Group was contracted by Aeon to process the raw data and to provide analysis of the results. The processed data highlights the known nearer surface PY1 mineralisation along the Fish River Fault. Importantly, it has also highlighted a 14 km long trend further to the south possessing a similar AEM signature.

Follow-up geological investigations are set to commence immediately to evaluate the newly identified targets. It is expected that this will involve further ground geophysics as well as laterite and gravel (LAG) sampling.