Drilling Intersects Massive Sulphides at Evelyn

Anax Metals Limited (ASX: ANX, Anax, or the Company) is pleased to provide an update on drilling at the Evelyn deposit (Evelyn), part of the Whim Creek Project, located 115km southwest of Port Hedland.

• Diamond drilling at Evelyn deposit within the Whim Creek Project has encountered strong chalcopyrite (Cu) and sphalerite-rich (Zn) mineralisation
  
• Disseminated, stringer and massive sulphides intersected over a 13.5m thick zone
• Continuous XRF scanning of core to commence shortly, followed by laboratory assays
• Ongoing drilling is targeting down-plunge extensions of the high-grade shoot

Anax’s Managing Director, Geoff Laing commented: “We have redoubled our efforts to deliver leveraged growth outcomes at Whim Creek. A high-grade copper and zinc resource has already been delineated at Evelyn and highly prospective proximal exploration targets are key targets for growth. It is pleasing to again see the familiar massive mineralisation that this deposit delivers. We look forward to providing ongoing updates on the near mine exploration along with our regional consolidation strategy.”

Figure 1: Massive sulphide mineralisation in 24AED002A

Cautionary Statement:

Certain information in this announcement may contain references to visual results. The Company draws attention to the inherent uncertainty in reporting visual results. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

The Company recently announced1 that it was commencing a drilling programme at Evelyn of up to 1,700m. Processing of the first two holes have been completed and both have intersected zones of disseminated, stringer and massive sulphides consisting of chalcopyrite (Cu), sphalerite (Zn), galena (Pb), pyrite and pyrrhotite, up to 13.5m thick (true width estimated at approximately 80% of downhole interval).

The best visual intersection from the drilling programme to date is from Hole 24AED002A which encountered a strongly mineralised zone between 176.45 and 189.9m (Figure 1 and Figure 2).

Figure 2: 24AED002A showing mineralisation between 183.3m and 190.8m

Cautionary Statement:

Certain information in this announcement may contain references to visual results. The Company draws attention to the inherent uncertainty in reporting visual results. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

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