Anax Metals Hits 17.5m at 8.37% CuEq Near Surface Ahead of FID
Key Takeaways
- Initial assays from the Mons Cupri infill programme returned bonanza-grade intercepts of 85.90m at 2.89% CuEq and 62.54m at 2.95% CuEq, with high-grade zones exceeding 8% CuEq from as shallow as 34.60m depth.
- The high-grade mineralisation confirmed by this drilling sits within material scheduled for early-stage mining, directly underpinning the project's strong early cashflow thesis.
- Anax recently upgraded the Mons Cupri resource by 24% to 6.32Mt at 1.38% CuEq (100% basis), and a reserve update is now advancing on the back of this infill programme.
- A modern Down Hole Electro-Magnetic (DHEM) crew is mobilising to site in late September 2026, targeting the western side of the deposit where vintage 2004–05 surveys were geographically limited and equipment-constrained.
- Anax has completed 10 holes for 2,736.30m of a planned 5,000m programme, with assay results for holes 26ANXDD005A through 26ANXDD010 still pending — representing significant near-term newsflow.
Bonanza grades confirmed at Mons Cupri as Anax advances toward FID
Initial assays from the first four holes of a 5,000m infill drilling programme at the Mons Cupri deposit have returned exceptional high-grade copper-zinc mineralisation from near surface. Anax Metals (ASX: ANX) holds an 80% interest in the Whim Creek Copper-Zinc Project, located 120km southwest of Port Hedland in Western Australia, with the remaining 20% held by Develop Global Limited.
The standout results come from two holes. Hole 26ANXDD001 returned 85.90m at 2.89% CuEq from 34.60m depth, including a high-grade zone of 17.50m at 8.37% CuEq. Hole 26ANXDD003 returned 62.54m at 2.95% CuEq from 107.32m, including 18.98m at 6.01% CuEq. All widths are downhole; true widths have not been determined.
These intercepts sit within material scheduled for early-stage mining under the project’s restart plan, directly supporting the strong early cashflow thesis.
When big ASX news breaks, our subscribers know first
What the drill results mean — reading the intercepts
Understanding CuEq and why these grades stand out
Copper Equivalent (CuEq) is a standard industry metric that converts the grades of all metals present — in this case copper, zinc, lead, silver, and gold — into a single comparable figure expressed as a percentage, as if everything were copper. The conversion uses metal prices, metallurgical recoveries, and payability factors to weight each metal’s contribution.
A CuEq grade above 2% is considered high-grade in the base metals industry. Grades above 8% are exceptional — typically described as bonanza grade. The significance for investors is direct: the higher the grade in early-mined material, the stronger the revenue profile in the opening years of production, which is precisely when project economics are most sensitive to cashflow.
Results table — significant intercepts
| Hole ID | From (m) | Interval (m) | CuEq% | Notable Metals / Comments |
|---|---|---|---|---|
| 26ANXDD001 | 34.60 | 85.90 | 2.89% | Includes high-grade zones below; Au, Ag credits; Upper Copper Zone |
| 26ANXDD001 (incl.) | 34.60 | 4.70 | 8.34% | High Zn, Pb, Ag; Lower Zinc Zone |
| 26ANXDD001 (incl.) | 39.30 | 17.50 | 8.37% | Elevated Au; Lower Copper Zone |
| 26ANXDD003 | 107.32 | 62.54 | 2.95% | Includes high-grade zones below; Upper Copper Zone |
| 26ANXDD003 (incl.) | 107.32 | 5.04 | 5.46% | High Zn, Pb, Ag; Upper Zinc Zone |
| 26ANXDD003 (incl.) | 112.36 | 18.98 | 6.01% | Elevated Au; Upper Copper Zone |
| 26ANXDD005A–26ANXDD010 | — | — | — | Results pending |
Assay results for holes 26ANXDD005A through 26ANXDD010 remain pending. The intercepts reported above represent only the initial four holes from a planned 5,000m programme. All widths are downhole; true widths have not been determined.
Drilling supports three parallel workstreams
This campaign is doing more than confirming grade. The drilling is designed to advance the project across four concurrent workstreams simultaneously:
- Infill drilling — tightens the geological model and supports a reserve update at Mons Cupri, following the recently announced 24% resource increase to 6.32Mt at 1.38% CuEq (100% basis, August 2026).
- Metallurgical testwork — fresh diamond core from the programme provides samples for metallurgical testwork, with FEED workstreams advancing in parallel.
- Project finance due diligence — the additional technical data generated by this programme supports ongoing financing discussions ahead of the Final Investment Decision (FID), the formal commitment to proceed with project construction.
- Geophysical campaign — a Down Hole Electro-Magnetic (DHEM) crew is mobilising to site late September 2026. This follows a review by Newexco Exploration Services Pty Ltd of historic DHEM surveys conducted in 2004–05, which confirmed that vintage equipment limitations — not any absence of mineralisation — understated the response from known copper-zinc mineralisation. Modern DHEM technology offers materially improved sensitivity and resolution.
Running these workstreams in parallel rather than sequentially demonstrates capital discipline and project momentum.
Managing Director’s commentary
Geoff Laing, Managing Director, Anax Metals
“These outstanding results including intercepts of 85.9m at 2.89% CuEq and 62.54m at 2.95% CuEq, with high-grade zones of more than 8% CuEq starting from just 34.60m downhole, confirm that near-surface, high-grade mineralisation is a defining feature of Mons Cupri. Importantly, this is the material scheduled to be mined in the early stages of the restart plan, which underpins strong early cashflow. We look forward to the DHEM crew mobilising to site later this month, while we continue to focus on finalising project funding and advancing the FEED workstreams as we move towards FID.”
The next major ASX story will hit our subscribers first
What’s next for Anax and the Whim Creek Project
The near-term catalyst pipeline gives investors multiple news flow events to monitor ahead of FID:
- DHEM crew mobilising late September 2026 — modern equipment is expected to yield clearer resolution than the 2004–05 vintage surveys, which were also geographically limited to the eastern side of the deposit. The 2026 campaign is focused on the western side, following the plunge of the main mineralised shoot.
- Drilling continuing through the December quarter — additional holes have been designed and scheduled to follow up IP (Induced Polarisation) targets, which have historically been correlated with sulphide mineralisation but remain poorly tested.
- Reserve update in progress — work is advancing toward an updated reserve for Mons Cupri, following the August 2026 resource upgrade.
- Project funding and FEED workstreams advancing in parallel — Anax continues to progress both financing discussions and engineering studies as the project moves toward FID.
- Broad project-wide target evaluation underway — using ASTER and World3 high-resolution satellite imagery to identify targets across the wider Whim Creek Project area.
- Programme progress — as at mid-September, Anax has completed 10 holes for 2,736.30m of the planned 5,000m programme, with four holes into the Mons Cupri deposit for metallurgical and infill purposes and six exploration holes stepping out across the western corridor.
The sequence of expected newsflow — further assay results, DHEM survey data, a reserve update, FEED milestones, and financing progress — gives investors a clear calendar of developments to watch as the Whim Creek Project advances toward a construction decision.
Don’t Miss the Next ASX Copper-Zinc Breakout
Get FREE breaking ASX mining news delivered to your inbox within minutes of release, complete with in-depth analysis already done for you. Over 30,000 active subscribers rely on Big News Blast to stay ahead of the market on copper, zinc, gold and beyond. Click the “Free Alerts” button to start receiving alerts the moment market-moving news breaks.