Anax Metals' Evelyn Project: High-Grade Copper Discoveries and Future Prospects
ANX (ANX) Share Update December 2024 Tuesday 17th
Anax Metals Unveils Promising High-Grade Copper Discoveries at Evelyn Project
Anax Metals Limited (ASX: ANX) has announced significant high-grade copper discoveries at its Evelyn Project, part of the larger Whim Creek Project, located southwest of Port Hedland. These findings highlight the polymetallic potential of the region, with promising results from both rock chip samples and soil anomalies.
Instant Summary:
- Rock chip samples reveal up to 14.6% copper at Evelyn South.
- Three new copper-zinc-cobalt soil anomalies identified.
- RC drilling scheduled for early 2025 to test new targets.
- Potential for economic mineralization similar to existing Evelyn deposit.
Exploration Findings
Anax Metals' exploration at the Evelyn Project has yielded promising results, with rock chip samples indicating high-grade copper, zinc, cobalt, gold, and silver. Notably, sample 24WDR0048 returned 14.6% copper, 0.42% zinc, 0.12% cobalt, 0.47 g/t gold, and 79.9 g/t silver, while sample 24WDR0049 showed 12.2% copper, 0.85% zinc, 0.25% cobalt, 0.59 g/t gold, and 37.2 g/t silver.
In addition to these rock chip results, soil geochemical analyses have identified three new coincident copper-zinc-cobalt anomalies. These findings suggest a strong potential for further mineralization, particularly along a 2km corridor characterized by multiple VTEM anomalies.
Future Exploration Plans
Anax Metals is planning a reverse circulation (RC) drilling campaign in early 2025 to further explore these targets. The drilling will focus on areas with strong geochemical signatures and historical electromagnetic data, aiming to confirm the extent of mineralization and identify new resources.
The company is also modeling historical Fixed Loop Electromagnetic (FLEM) data at Evelyn North, which could provide further insights into subsurface mineralization patterns.
Regional Context and Resource Potential
The Evelyn deposit, part of the Whim Creek Project, currently has an Indicated and Inferred Mineral Resource Estimate of 590,000 tonnes at 2.54% copper, 3.90% zinc, 0.98 g/t gold, and 41 g/t silver. The recent discoveries at Evelyn South and the identification of new soil anomalies underscore the potential to expand this resource base significantly.
The high-grade copper discoveries at Evelyn are likely to positively impact Anax Metals' stock, as they enhance the project's resource potential and attractiveness to strategic partners. The planned drilling and further exploration efforts could lead to increased investor interest and potentially higher stock valuations.
Investor Reaction:
Analysts are optimistic about the potential of the Evelyn Project, noting the high copper grades and the strategic location within the Pilbara region. The upcoming drilling campaign is expected to be a key catalyst for the company's stock performance.
Conclusion:
Investors should keep an eye on Anax Metals' progress at the Evelyn Project, particularly the results of the upcoming drilling campaign. The project's success could significantly enhance the company's resource base and market position.