EPM 17300 WAVERLY NORTH 10TH ANNUAL AND FINAL REPORT FOR PERIOD ENDING 28 May 2019 BY AEON WALFORD CREEK LIMITED Author: Dan Johnson, Aeon Metals Limited Prepared by: Chloe Porter, Elemental Exploration Pty. Ltd. Submitted by: Aeon Metals Limited on behalf of Aeon Walford Creek Limited Date: 3rd August 2018 Table of Contents 1. Summary .......................................................................................................................................... 2 2. Introduction ..................................................................................................................................... 3 Access and Location................................................................................................................................................ 3 Tenure..................................................................................................................................................................... 3 3. Regional Geology .............................................................................................................................. 6 4. Previous Exploration ......................................................................................................................... 8 5. Previous Exploration by Aeon Walford Creek Limited ......................................................................... 9 6. Exploration Completed During Year 10 ............................................................................................ 11 7. Discussion and Conclusion ............................................................................................................... 12 8. Statements ..................................................................................................................................... 14 Statements of resources/reserves ....................................................................................................................... 14 Statement of compliance ..................................................................................................................................... 14 Copyright statement ............................................................................................................................................. 15 ACKNOWLEDGEMENT AND WARRANTY .......................................................................................................... 15 9. References ...................................................................................................................................... 16 List of Tables Table 1: Current sub-block details, EPM 17300 ........................................................................................................ 3 Table 2: Previous Exploration within the vicinity of Mount Annable ....................................................................... 8 Table 3: Summary of previous exploration by Aeon Walford Creek Limited ......................................................... 10 List of Figures Figure 1: AWCL tenure, as at August 2017, including EPM 17300 and the Company’s key projects ....................... 4 Figure 2: Location of EPM 17300 over satellite imagery and 1:250,000 topography .............................................. 5 Figure 3: Regional geology (Oban 1:100,000 map sheet) and major structures within EPM 17300 ......................... 7 Figure 4: Map shows Mt Annable Prospect (in red) and the untested Cu in soils anomaly to the north .............. 13 1 1. Summary EPM 17300 is located 65 km south of Mount Isa, straddling the extension of the mineralised Mount Isa Fault System. The EPM was acquired to explore primarily for structurally controlled, sediment-hosted Cu ± Au near the historic Mount Annable workings. Aeon Walford Creek Limited is the holder of EPM 17300 and operator of exploration activities within the tenement. This report is the tenth annual and final report, which details exploration activities conducted by Aeon Walford Creek Limited since grant of EPM 17300 (6 July 2009) to surrender (28 May 2019). No field work was undertaken during the last year period due to ongoing exploration activities at the Companies’ Walford Creek Base Metals Project. Following an internal review of AWCL’s tenement holdings it is now considered that there are no obvious targets worthy of follow up based on the information currently at hand and the tenement should be relinquished immediately. 2 2. Introduction The tenement is situated south of Mount Isa straddling the crustal-scale Mount Annable Fault; the southern extension of the mineralised Mount Isa Fault System. EPM 17300 was acquired to explore for structurally controlled, mid-Carpentarian gold and base-metal mineralisation. The tenement, along with EPMs 14821, 17297 & 15911, forms part of Aeon Walford Creek Limited’s, Waverly Basin Project. The Waverly Basin is a small, narrow, north-south trending sedimentary basin abutting the Mount Annable, Rufus and Wonomo Fault Systems. Outcropping geology within the basin includes lower units of the highly prospective Mount Isa Group. Potential exists for: • Shale hosted Pb-Zn-Ag – George Fisher and Hilton; and • Sediment breccia hosted Cu ± Au – Mount Isa Copper and Gunpowder. Access and Location EPM 17300 is situated approximately 65 km south of Mount Isa (Figures 1 & 2). The tenement overlies the boundary between the Ardmore and Ashover stations. Access is via the sealed Diamantina Development Road and by various station tracks on Ardmore and Ashover. EPM 17300 is located on the Oban (6755) 1:100,000 and Urandangi (SF-5405) 1:250,000 map sheets. Tenure EPM 17300 originally consisted of 5 sub-blocks and was granted to Aeon Metals Walford Creek Limited (“AWCL”), formerly Aston Metals, on 6 July 2009 for an initial period of 4 years. The EPM was subsequently renewed for a five-year period and was due to expire on 5 July 2018. A renewal application was pending approval when the holder withdrew the renewal resulting in EPM 17300 being surrendered on 28 May 2019. EPM 17300 consisted of a total of 3 sub-blocks as listed below in Table 1 at the time of surrender. This report details the work completed in last year of tenure and is the final report for this tenement. Table 1: Current sub-block details, EPM 17300 BIM Block Sub-block Number 1097 x, y 2 CLON 1169 c 1 Total 3 3 EPM 17300 Figure 1: AWCL tenure, as at August 2017, including EPM 17300 and the Company’s key projects 4 Figure 2: Location of EPM 17300 over satellite imagery and 1:250,000 topography 5 3. Regional Geology The tenement lies within the Leichhardt River Subprovince of the Western Fold Belt of the Mount Isa Inlier. In the area to the south of Mount Isa, the Subprovince is bound by the Georgina Basin to the west and the Kalkadoon-Leichhardt Province to the east. The EPM covers an area of outcropping lower Mount Isa Group sediments within the SSW plunging synformal Mount Annable Syncline. The syncline is parallel to, and truncated to the west by the Mount Annable Fault zone. Continuing west from the fault, minor plutonic outcrops associated with the large Sybella Batholith and Eastern Creek Volcanics (ECV) of the Haslingden Group outcrop. The eastern margin of the syncline is also defined by a Haslingden Group unit, the Mount Guide Quartzite. The Mount Annable Cu-Au prospect occurs within the eastern limb of the interpreted syncline, within 100m of the interpreted trace of the syncline axis. The following units outcrop within the tenement and are shown in Figure 2 below: • Mount Isa Group – Moondarra Siltstone (PLim) • Warrina Park Quartzite (PLiw) • Sybella Batholith Suite – Sybella Granite (PLgs and PLgs/3) • Haslingden Group – Eastern Creek Volcanics (PLhe) and interbedded Quartzite Member (PLhe/q), and Mount Guide Quartzite (PLhg). Within the tenement area the Eastern Creek Volcanics (ECV) comprise massive to amygdaloidal metabasalt, purple siltstone, feldspathic quartzite, quartzite, tuff, volcanic-sandstone and schist. Overlying the ECV, Mount Isa Group sediments define the Mount Annable Syncline. The Warrina Park Quartzite forms the limbs of the structure, forming distinctive ridges which gradually widen to define the Waverly Basin in the south. The Warrina Park Quartzite comprises orthoquartzite, feldspathic quartzite, pebbly sandstone, conglomerate, ferruginous siltstone, minor arenite, sericitic metasiltstone, breccia and silty greywacke. Overlying the Warrina Park Quartzite, the Moondarra Siltstone comprises thinly-bedded fine to medium orthoquartzite, feldspathic sandstone, siltstone, dolomitic siltstone, dolomite, limestone, pyritic siltstone and minor shale. The core of the Mount Annable Syncline is interpreted to contain Breakaway Shale though outcrops are indicated to occur further south of EPM 17300. The Mount Isa Group and Haslingden Group units within the Mount Annable Fault zone are highly sheared and schistose. North-south trending Sybella Granite outcrops west of the Mount Annable Fault, forming part of the regionally-distributed Sybella Batholith which intrudes the Haslingden Group metabasalts. The Sybella Granite is a local phase of the Sybella Batholith and comprises foliated porphyritic granite, minor pegmatite, leucogranite, gneissic granite, granodiorite and diorite. 6 Figure 3: Regional geology (Oban 1:100,000 map sheet) and major structures within EPM 17300 7 4. Previous Exploration Exploration along the Mount Annable Fault has occurred sporadically over the past 30 years. Activity includes exploration conducted by