Anax Metals Confirms Promising High-Grade Results at Evelyn Project
ANX (ANX) Share Update November 2024 Tuesday 26th
Anax Metals Announces High-Grade Polymetallic Intersections at Evelyn
Anax Metals Limited (ASX: ANX) has released promising assay results from its recent drilling at the Evelyn Project, part of the Whim Creek Project in Western Australia. These results highlight significant high-grade polymetallic intersections, including copper, zinc, silver, and gold.
Instant Summary:
- 9.7m @ 2.65% CuEq from 180.3m in hole 24AED002A.
- Substantial precious metal enrichment: up to 432 g/t Ag and 4.30 g/t Au.
- Evelyn remains open down-plunge, with further drilling planned.
- Reconnaissance and soil sampling completed at Evelyn South.
Drilling Results
Anax Metals has announced the results of four diamond drill holes completed in August 2024 at the Evelyn Project. The standout result came from hole 24AED002A, which returned an intersection of 9.7 meters at 2.65% copper equivalent (CuEq) from a depth of 180.3 meters. This includes a high-grade section of 3.15 meters at 5.63% CuEq from 186 meters.
The drilling program aimed to test down-plunge extensions and increase drill density for resource conversion. The results revealed substantial zinc and precious metal grades, with the upper mineralized zone showing 5.52% zinc, 432 grams per tonne (g/t) silver, and 3.7 g/t gold.
Exploration and Future Plans
Managing Director Geoff Laing expressed excitement about the results and the potential to expand exploration in the Evelyn region. The deposit remains open at depth, and further reverse circulation (RC) drilling is planned for the next quarter to explore these extensions.
Additionally, reconnaissance fieldwork and a soil sampling program have been completed at Evelyn South. These efforts aim to identify new targets with similar high-grade potential.
Regional Exploration
Regional exploration has intensified at Evelyn, focusing on several priority targets identified through historical data reviews. Field reconnaissance has uncovered encouraging exposures, including copper-stained spoil around a prospector's shaft at Evelyn South.
A soil sampling program over Evelyn South has collected 244 samples, which are currently being analyzed. This comprehensive exploration strategy underscores Anax Metals' commitment to unlocking the full potential of the Evelyn Project.
The announcement of high-grade intersections is likely to positively impact Anax Metals' stock price as it indicates strong resource potential at the Evelyn Project. The company's plans for further drilling and exploration could enhance investor confidence and attract new investments.
Investor Reaction:
Analysts are optimistic about Anax Metals' exploration strategy and the potential for further high-grade discoveries at Evelyn. The company's proactive approach to expanding its exploration footprint is seen as a positive move in the current market.
Conclusion:
Investors should keep an eye on Anax Metals' upcoming drilling activities and the results of the soil sampling program. The company's strategic focus on high-grade targets at Evelyn could lead to significant resource upgrades and value creation.