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Anax Metals Limited (ASX: ANX, Anax, or the Company) is pleased to report that it has received partial lab results from recent rock chip and soil sampling which define cohesive in-situ lithium anomalies at Whim Maar (Li up to 72ppm in soils) and Loudens Patch Prospects (Li up to 161ppm in rocks). Whim Maar is the northernmost prospect of the Whim Creek Project, 80% owned and operated by Anax, under a joint venture with Develop Global Limited (ASX:DVP). Loudens Patch is 100% Anax owned and is adjacent to the east of Whim Creek Project (see Figures 1, 3 and 4).
- Results received from soil and rock chip sampling at Whim Maar and Loudens Patch have defined cohesive lithium zones
- Drill targets outlined for heritage clearance
- Lithium pegmatite potential extended across the Whim Creek Project
Geoff Laing, Managing Director of Anax Metals Limited (ASX: ANX) (“Anax” or “the Company”), commented on exploration progress:
“Soil and rock chip lithium anomalies from Whim Maar and Loudens Patch are cohesive and confirm the presence of lithium. Drill targets have been prioritised ready for heritage clearance ahead of drilling.
“Anax is broadening the search for lithium across the Whim Creek Project. Large areas remain under- explored due to lack of copper potential which has historically been the target for all exploration at Whim Creek. High-resolution satellite imagery shows extensive outcropping pegmatite swarms, now awaiting on-site verification. Anax is preparing a field programme to begin shortly, with mapping, soil and rock chip sampling at Whim Creek Dome to investigate the potential of these newly identified pegmatites.”
Following the recent discovery of pegmatites with lithium potential at Whim Maar and Loudens Patch1, and the world class lithium discovery by Azure Minerals (ASX: AZS) (~$1.17bn market cap) at the nearby Andover Project, Anax has now extended its lithium exploration further across the Whim Creek Project. UltraFine+™ soil sampling results, reported in 2021, 2022 and 20233,4,6, included lithium and associated elements (such as niobium, rubidium, strontium, caesium, tantalum, tin, etc). Contouring of lithium in soils (values up to 111ppm, contours spaced 10ppm - see Figure 1) has highlighted areas of lithium anomalism across the project as well as defining underexplored areas for further investigation.
Figure 1: Lithium contours illustrate anomalism across Whim Creek Project. Further soil and rock sampling planned at underexplored areas along with verification of interpreted pegmatites.
Interpretation of high-resolution satellite imagery has defined new pegmatite outcrops (patches shown in red, Figure 1) for on-site verification, some of which coincide with lithium soil anomalies.
Anax’s 3D structural model of Whim Creek, commissioned in 20215, illustrates a dome feature at the centre of the Whim Creek Project between the Whim Creek and Mons Cupri Copper-Zinc Resources. The dome is represented by bedding planes coloured blue for older units and red for younger units in Figure 2, below. This area is underexplored as the Rushall Shale (illustrated in light grey in Figure 2) and Cistern Formation metasediments, both known to host VMS copper-zinc mineralisation, have been eroded across the dome to expose the older Mons Cupri Dacite and Red Hill Volcanic units. Structural domes are usually evidence of folding and/or subsurface intrusions, such as granites. Granites are the likely source of pegmatites which can be seen outcropping across the underexplored dome feature (see Figure 2, above) and for this reason the Whim Creek Dome is prospective for lithium.
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EIS Grant for Minnie Springs Copper Porphyry Drilling
- Augustus Minerals has been granted a co-funded drilling grant of up to $110,000 for 2 x 700m deep diamond drill holes under the WA Government’s Exploration Incentive Scheme (EIS) for the Minnie Springs prospect.
- The deeper diamond drill program is designed to test and to provide a 550m deep, 1km wide geological/geochemical/structural cross-section through the large 3km long by 1km wide copper moly porphyry system, linking the Mo mineralised leucogranite to the extensive Cu in soil anomaly to the northeast.
- Previous RC drilling at Minnie Springs intersected mineralisation, geology and alteration halo consistent with the zoning of a large porphyry copper / moly system.
Andrew Ford, GM Exploration
“The Company is pleased to receive an EIS grant to complete deeper drilling at the Minnie Springs Copper Molybdenum Project. The resultant data will enable mapping of the lithology and alteration to a depth of 550m and potentially intersect, or provide vectors to, higher grade Mo-Cu mineralisation using a Mo-Cu porphyry geological model”.
Minnie Springs
Minnie Springs hosts porphyry related copper molybdenum mineralisation previously drilled and defined by Catalyst Metals. A molybdenum Exploration target has been defined for the historicdrillingareacomprisedofbetween12-84Mtasoutlinedbelow (Table 1 and Figure 1, 2.)1.
Table 1. Exploration target size estimate for Minnie Springs Molybdenum depositNote: Based on ~300 ppm cut-off at 100% recovery.
The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resources, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
The planned diamond drilling will complement the recently completed 3,200m RC drilling program that infilled around hole MSRC012 (18m @ 0.37% Cu and 9.7 g/t Ag from 94m downhole, and 16m @ 0.38% Cu and 19.4g/t Ag from 121m downhole2) and tested the northern half of the 2km long copper-in soil anomaly. Assays from this program are expected to become available over the next month.
The limited exploration in the region, highlighted by 95% of the Ti-Tree project having no previous exploration, demonstrates the prospectivity of this underexplored mineral province.
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Quarterly Activity Report 31 March 2024
Figure 1. Fiery Creek Copper Prospect/Yataga Granodiorite summarizing rock (brown diamonds) and termite mound sample results (black crosses)
Continuing with its primary exploration focus on the Georgetown project in the latter half of 2023, EMU received assay results during the quarter from its second, in field reconnaissance work. The geochemical sampling programme covered the Fiery Creek high grade copper vein swarm and the Snake Creek prospects with significant element results returned from the Fiery Creek Copper (elevated Cu-Au-Ag-Bi-In-Pb-Sb-Te) and Snake Creek (elevated Pb-Ag-Au-Sb).
Whilst the survey was cut short due to inclement weather, EMU was encouraged by the significant success reflected in the assays results. The results from mineralogical studies confirmed EMU’s interpretation of an indicative, scale Copper-Porphyry system at the Fiery Creek prospect and was a highlight of the survey with new information building on the scale and potential of the prospect1.
Assay results returned included:
- Fiery Creek rock assay results up to 23.5% Cu, 0.27ppm Au, 460ppm Ag, 1.9% Bi, 89ppm In, 2.7% Pb, 667ppm Sb, 1470ppm Zn2.
- evidence of strong potential for the presence of critical and strategic minerals (Cu, Bi, In), with precious and base metals.
- evidence of alteration mineralogy, mineralisation geochemistry and areal extent of the Fiery Creek quartz-Cu-Bi vein swarm strongly suggesting a previously unrecognised subjacent porphyry Cu-Mo system.
- Yataga Granitoid Complex termite mound and coincident rock chip sampling returned several anomalous polymetallic zones for follow up.
- Snake Creek Prospect assays returned 0.20ppm Au, 390ppm Ag, 22.4% Pb, 464ppm Sb1.
Significant results were returned from the Fiery Creek Copper prospect with elevated Cu-Au- Ag-Bi-In-Pb-Sb-Te and from the Snake Creek prospect with elevated Pb-Ag-Au-Sb.
The elevated pathfinder element results and a macro-petrology assessment3 of rock samples completed by Mr Nigel Maund, Consulting Economic Geologist, from the previously unexplored Fiery Creek Prospect, point to the discovery of a porphyry copper system.
The sampling program assessed a number of high-priority prospects within the Georgetown Project tenements utilising termite mound and outcrop rock chip geochemistry. A total of 46 rock chip and 489 termite mound samples were collected across eight prospects.
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Basin Energy Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
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