While the drilling results this week were exceptional, they...

While the drilling results this week were exceptional, they should not have been unexpected. The purpose of this drilling was to test a known ore body to recover large diameter core for metallurgical test work. What it done however was drew attention to ANX's high grade copper/zinc asset in the midst of a copper bull market.

There's a lot to like from their advanced mineral projects. Largely open pitable JORC resources of 6926 kt at 0.9% copper, 1.9% zinc, 0.6% lead, 23gpt silver and 0.1 gpt gold. Significant infrastructure in place with a heap leach facility, crushing circuit, water boreholes, offices, workshop, warehouse, gas supply and roading.  

Cash 4.3m and listed investments $2.1m whch puts them in a healthy financial position to continue the journey to become a miner. In my view this should be trading in the $30-40m range and will gravitate there in the next few months, perhaps a whole lot sooner.

The other thing here is the gold potential, no idea how they got their hands on this Loudens Patch dirt but yikes there some potential there, actually thought DEG and Novo had this whole area stitched up



With their active strategy they have a solid news pipeline too. @satellites outlined this well a few weeks back. https://hotcopper.com.au/posts/48686481/single

Anax Dual Strategy – News Flow Opportunities Whim Creek Project Feasibility 2020 - 2021
Exploration and Drilling 2020​

1. Compiled exploration data and historical drilling - define exploration upside and data gaps​

- Underway​

1. Gold exploration – initial focus on gold targets, on Whim Creek tenements and Loudens Patch– Commence November 2020​
2. MonsCupridrilling results – to provide further insight into the resource model and metallurgical test work – Underway, to be completed this month​
3. Whim Creek drilling results - to update the resource model and enable metallurgical test work -Commence November 2020​

Whim Creek Project Feasibility 2020 – 2021​

1. Preliminary Ore Sorting results – confirmation of sorting amenability -Underway​
2. Whim Creek Resource – targeting upgrade of exploration target to a JORC 2012 Resource​
3. Heap Leach Concept results – Rejects upside study​
4. MonsCupriand Salt Creek sorting – key to mining and engineering studies - Underway​
5. Flotation metallurgical results - Underway​
6. Heap Leach results inform engineering studies​
7. Completion of the Pre-Feasibility Study
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