Anax Metals Limited (ASX: ANX) Releases December 2024 Quarterly Activities Report
Exploration Highlights
Anax Metals Limited (ASX: ANX) has reported significant exploration achievements in its December 2024 Quarterly Activities Report. High-grade polymetallic intersections were identified during diamond drilling at the Evelyn deposit, with notable results including 1.1m at 4.62% CuEq from 191.6m. The company also discovered rock chips at Evelyn South with grades up to 14.6% Cu.
Additionally, Anax has pinpointed three new copper-zinc-cobalt anomalies through UltraFine™ soil surveys and provided initial evidence of base metal mineralization along a significant conductive horizon at Evelyn West.
Production Updates
The company received all regulatory approvals for the crushing of previously mined waste rock to produce road base and aggregates. Commercial negotiations are ongoing, with expectations to commence production in early 2025. Anax aims to generate immediate revenue from this operation while simultaneously advancing its copper projects.
Project Financing and Strategic Partnerships
Anax has engaged US investment bank Roc Global LLC to help identify strategic partners for financing and development of its Whim Creek Copper Zinc Project. The company successfully finalised a milestone payment to Develop Global Limited to secure an 80% ownership interest in Whim Creek.
Future Outlook
Looking ahead, Anax plans to extend exploration activities with a Reverse Circulation drilling programme scheduled for early 2025 to further evaluate the potential at Evelyn. The company also intends to consolidate its position as a base metals production hub within the Pilbara region, collaborating with other regional asset owners to enhance processing capabilities.
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