Anax lifts Whim Creek resource

ANAX Metals has reported the first JORC 2012 resource for the Whim Creek deposit, part of the Whim Creek copper-zinc project near Port Hedland.
Anax lifts Whim Creek resource Anax lifts Whim Creek resource Anax lifts Whim Creek resource Anax lifts Whim Creek resource Anax lifts Whim Creek resource

Whim Creek near Port Hedland

Staff reporter

The indicated and inferred copper resource for the project is 2.41 million tonnes at 0.95% copper, using a 0.4% cut-off, while the zinc resource is 170,000t at 3% zinc, using a 2% zinc cut-off.

The resource was completed following a database audit and verification of historical data and a single diamond drill hole completed by Anax in late 2020, which intersected 5m at 2.43% copper and 1.02% zinc from 52m and 7m at 1.19% copper from 60m.

The Whim Creek project resource, comprising the Whim Creek, Mons Cupri and Salt Creek deposits, now stands at 8.25Mt at 1.03% copper and 1.28Mt at 6.63% zinc, a 37% rise in copper tonnage.

More than 70% of the resource is in the indicated category.

The updated geological interpretation coupled with a review of historical data has highlighted an area west of the existing pit that is prospective for possible strike extensions.

The possible SW extension has only been tested with two shallow drill holes, despite surface expressions of the mine horizon having been mapped over more than 300m.

The company plans to complete field reconnaissance and a detailed review of historical data in order to facilitate potential future drill targeting.

Anax is progressing a feasibility study at Whim Creek.

Bulk sorting tests on ore from Mons Cupri produced high-grade pre-concentrates grading up to 6.15% copper, 9.6% zinc and 7.4 grams per tonne gold.

Comminution and metallurgical test work on Mons Cupri ore sorting products is underway.

Mine designs for the three deposits is underway, as are environmental assessments.

Anax is preparing a mining proposal, which it is aiming to submit in the September quarter.

During the March quarter, Anax signed a non-binding term sheet with Anglo American Marketing which, if finalised, would allow Anglo to acquire a 1% net smelter return over Whim Creek for US$2 million.

The term sheet also includes a potential funding and offtake package worth up to $20 million.

Anax earned an 80% interest in Whim Creek from Venturex Resources.

Venturex is free-carried through to the start of mining.

Shares in Anax dropped 9% to A10c after hitting a 52-week high of 12c yesterday. Venturex shares rose 8.1% to 79.5c, but peaked at 84.5c earlier in the session.