Anax Metals (ASX:ANX) reports assay results from its recently completed drilling program at the Whim Creek Project, in Western Australia intersected ‘massive’ copper, zinc, gold and silver sulphide mineralisation at the Evelyn prospect.
The company was limited to completing 2 reverse circulation (RC) holes at Evelyn under a previously granted Plan of Works (POW), and it was unable to secure approval to drill additional holes at Evelyn due to significant backlogs experienced at the time by the relevant government department in processing POWs.
The initial hole (22AER005A) was terminated early after excessive deviation meant it was unlikely to intersect the target zone.
The next RC drillhole (22AER005B) was successfully completed at Evelyn to a depth of 232m, intersecting massive sulphide in the modelled target zone.
Hole 22AER005B intersected a discrete 13m continuous zone of ‘massive’ sulphides consisting of chalcopyrite, sphalerite, pyrite, pyrrhotite and minor galena over a true width of approximately 9.5m.
Hole 22AER005B passed into ‘fresh’ high-magnesium basalt at 11m before intersecting a hanging wall sequence of intermediate volcanic, gabbro, chert, sediment and further high-magnesium basalt from 187m.
The host sequence commenced at 201m downhole and comprised a variably mineralised sediment to 224m.
The massive chalcopyrite-sphalerite-pyrite-pyrrhotite horizon occurs centrally within the sedimentary sequence from 205m to 217m.
The hole was terminated in the footwall comprising an unmineralised, but ‘strongly’ chlorite altered schist.
Standard 1m RC split samples from hole 22AER005B were submitted for geochemical assay analysis at a commercial assay laboratory in Perth, confirming the visual massive sulphide intersection previously reported.
Results from hole 22AER005B combined with the recent modelling indicate that the main shoot is open down plunge.
The drilling was designed to test the down plunge extent of the main mineralised shoot at approximately 50m below previous ‘high-grade’ drill intercepts.
In June 2022, Anax reported that modelling at Evelyn indicated that the ‘high-grade’ main shoot may be open down plunge, which the current drilling has now confirmed.
Historical drillhole JER056, is believed to have intersected the ‘high-grade’ shoot at its margin and 22AER005B has lent further weight to the interpretation.
Further drilling will focus further on down plunge resource extensions by refining the plunge orientation at depth.
In addition, Anax is undertaking a full review of all historical geophysical data collected within the Evelyn tenement.
Several ‘strong’ discrete conductors have been identified south and southwest along strike of the Evelyn deposit, using both airborne and ground based electromagnetic surveys.
These conductors occur beneath a thin veneer of recent transported alluvium and have never been effectively tested.
Further modelling and investigation of these conductors will be undertaken to define targets for future drill testing.
Anax Managing Director Geoff Laing said extensional drilling at Evelyn has delivered an outstanding result and this significantly enhances the potential value and overall prospectivity of Evelyn, which remains open at depth.
“This, coupled with numerous untested EM anomalies, makes Evelyn an exciting target for adding high-grade tonnes to the Whim Creek Project.
“The depth extension at Evelyn brings underground mining into play, either from surface or from the base of the proposed open pit”
The depth extension at Evelyn brings underground mining into play, either from surface or from the base of the proposed open pit, and underground mining studies will be initiated as soon as possible.
We are very pleased with the results of the drilling and the updated resource estimate and near-term sustainable production remains the focus of the Anax team.”
An initial JORC 2012 Mineral Resource Estimate (MRE) was announced by Anax in January, and an updated MRE has now been completed for Evelyn.
The September MRE incorporates the results from 22AER005B, which has resulted in updated interpretation of the various domains, in particular the main ‘high-grade’ shoot.
The Evelyn MRE was calculated by independent resource consultancy, Trepanier and has produced a JORC 2012-compliant Indicated and Interred Mineral Resource
This new MRE has resulted in ‘substantial’ increases in the overall grade and therefore the contained metal and precious metal ounces.
The addition of ‘high-grade’ tonnes below the base of the planned pit has opened the potential for underground mining either from the base of the pit, or from surface.
Anax is planning to initiate underground mining studies in the December Quarter to evaluate the feasibility of underground mining at Evelyn, that could add additional ‘high-grade’ tonnes to the Whim Creek Project.
POW applications that would enable follow-up extensional drilling have been submitted with the relevant governmental authority, and are expected to be approved in the next 6 to 8 weeks.
The Whim Creek Project is 80% owned by Anax with the remaining 20% owned by Develop Global (ASX:DVP).
Evelyn is located 25km south of the proposed Whim Creek processing facility on the Croydon-Whim Creek Road.
Anax Metals is an ASX-listed exploration and development company, with a vision to deliver outstanding shareholder return through innovation in exploration and resource development.
Headquartered in Perth, the company has 3 active projects within Western Australia.
Anax Metals has investment in Predictive Discover (ASX:PDI) which holds prospective gold assets in the Birmian greenstone belts of Cote d’Ivoire, Burkina Faso and Guinea, West Africa; and Xantippe Resources (ASX:XTC), exploring for gold near Southern Cross in Western Australia.
