Anax Metals Launches 5,000m Drilling Campaign at Cornerstone Mons Cupri Deposit
Anax Metals kicks off 5,000m drilling campaign at cornerstone Mons Cupri deposit
Anax Metals has commenced Phase 1 diamond drilling at the Mons Cupri Copper-Zinc Deposit, part of the Whim Creek Copper-Zinc Project in the Pilbara region of Western Australia. The 18-hole, 5,000m programme, announced on 22 July 2026, targets extensions of the primary VHMS sulphide horizon, which remains largely untested below approximately 120m vertical depth. The fully funded campaign — backed by a $6 million placement completed in June 2026 — represents a strategic push to expand the deposit that underpins 55% of Anax’s total Proven & Probable Ore Reserve. Success here would directly de-risk the flagship Whim Creek development and potentially extend mine life at the project’s cornerstone asset.
Mons Cupri holds a Proven & Probable Ore Reserve of 2.55 Mt @ 1.09% Cu, 1.29% Zn, accounting for more than half of the company’s total reserve base. The deposit is expected to supply primary feed to the planned 400 Ktpa concentrator during the initial years of operation, making it the engine room of the Whim Creek development. Despite its strategic importance, a significant exploration gap persists. Since the 1970s, 515 drill holes have been completed at Mons Cupri by multiple operators, but 282 RC holes averaging just 75m in depth are insufficient to systematically test the primary VHMS sulphide horizon. The remaining 233 diamond holes, averaging 186m, provide the geological framework, yet down-hole electromagnetics (DHEM) has been applied to only a small proportion of these holes. The Phase 1 programme directly targets this gap, aiming to test extensions at depth and along strike while also collecting sample material for a metallurgical programme to further de-risk the project.
The untested depth potential represents genuine upside in an already-advanced project — cheap exploration leverage on a deposit that already supports the bulk of the company’s development case.
Historical intercepts confirm system quality
Where the Mons Cupri system has been properly tested, it has delivered thick, high-grade copper intercepts across multiple holes. The table below presents standout historical results from the main lens:
| Hole ID | Intercept | Grade | From |
|---|---|---|---|
| 20AMCD002 | 80m | 1.95% Cu | 78m |
| MCR005 | 63m | 1.91% Cu | 48m |
| MCR001 | 53m | 1.73% Cu | 40m |
| 20AMCD003 | 40m | 2.11% Cu | 51m |
These intercepts demonstrate both the grade and thickness of the mineralised body. The current drilling campaign is designed to chase extensions of exactly this style of mineralisation, targeting zones that remain untested below the depth range captured by historical work.
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What is a VHMS deposit and why does depth matter?
VHMS stands for Volcanogenic Hosted Massive Sulphide — metal-rich sulphide bodies formed on ancient seafloors. These systems often occur in clusters and can extend to significant depths, making them attractive exploration targets where only shallow drilling has been completed. At Mons Cupri, the average depth of historical RC drilling is just 75m, which is insufficient to test a sulphide horizon that continues below 120m vertical depth.
Down-hole electromagnetics (DHEM) is a geophysical tool that detects conductive sulphide bodies near a drill hole, helping geologists locate untested lenses without additional drilling. At Mons Cupri, DHEM has been applied to only a small proportion of the 233 diamond holes, leaving much of the deeper system unmapped. The primary sulphide horizon driving the deposit sits mostly below where historical drilling stopped, meaning the resource may be materially larger than currently defined. The Phase 1 programme is designed to close that gap.
Director insight and what comes next
Geoff Laing, Managing Director
“The commencement of Phase 1 drilling is a significant milestone for Anax and the Whim Creek Project. Mons Cupri is the cornerstone of our development, underpinning 55% of our total Ore Reserve, yet the primary VHMS sulphide horizon that drives this system remains largely untested below 120 metres. This 5,000m program is designed to test that potential by targeting extensions at depth and along strike, where historical intercepts such as 80m at 1.95% copper have already demonstrated the quality and scale of the mineralisation. With the program fully funded from our recent $6 million placement, we are well positioned to unlock further value from one of the most advanced base metals projects in the Western Pilbara. We look forward to updating shareholders as results become available.”
The programme aims to test extensions at depth and along strike while collecting metallurgical samples to further de-risk the project. With the campaign fully funded from the June 2026 capital raise, there is no financing overhang. Results will be released to shareholders as they become available.
About the Whim Creek Project
The Whim Creek Project is located in the Pilbara region of Western Australia, 120km southwest of Port Hedland and 3km south of the historic Whim Creek Hotel. Access is via the North-West Coastal Highway. Key project details include:
- Hosts multiple VHMS deposits: Mons Cupri, Whim Creek, Evelyn and Salt Creek
- Ownership: Anax holds 80%, with 20% held by Develop Global Limited (ASX: DVP)
- Permitting status: the only fully permitted, development-ready base metals project in the Western Pilbara capable of treating both oxide and sulphide ores
- Infrastructure: substantial existing process and non-process infrastructure on site
The project benefits from existing infrastructure and full permitting, positioning it as one of the most advanced base metals developments in the region.
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The investment case
The Phase 1 drilling campaign represents low-cost, fully funded upside on the highest-value component of an already advanced, permitted, development-ready project. Expanding Mons Cupri feeds directly into the planned 400 Ktpa concentrator economics, with potential to extend mine life and grow reserves without adding permitting or infrastructure risk. The total Whim Creek Project holds a Proven & Probable Ore Reserve of 4.61 Mt @ 1.36% Cu, 2.31% Zn across four deposits, providing scale and diversification across the asset base. Successful extension drilling at Mons Cupri — which already accounts for 55% of total reserves — would strengthen the development case at the project’s cornerstone deposit while de-risking the broader Whim Creek development timeline and economics.
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