Anax Metals, a key player in the Pilbara region, has successfully raised $3 million through a placement to accelerate exploration and scoping studies across its Pilbara assets, with a focus on the Whim Creek copper-zinc project in Western Australia. The funds will be used for resource extensional drilling at the Evelyn deposit, as well as conducting technical studies to assess the treatment of GreenTech Metals base metal assets at Whim Creek.
In collaboration with Develop Global, Anax Metals will also accelerate a scoping study to evaluate the treatment of high-grade oxide/traditional ores from Develop Global’s Sulphur Springs project at Whim Creek. The recent recoveries of up to 95% copper and 99% zinc at the project have shown promising results for the company.
Managing director Geoff Laing expressed his gratitude for the strong support received for the placement, stating that Anax Metals is in a prime position to consolidate Pilbara copper assets and develop a copper processing hub in the region. The company also intends to use the funds raised to advance off-take and project finance discussions for the construction and development of Whim Creek.
Additionally, Anax Metals has entered into an agreement with drilling services company Topdrill, where the company may issue Topdrill fully paid ordinary shares in lieu of a part cash payment for drilling services. This partnership will further support the company’s exploration efforts at the high-grade Evelyn resource.
With these developments, Anax Metals is poised for significant advancements in its exploration and development activities in the Pilbara region, solidifying its position as a key player in the Australian mining industry.
