Anax Metals Limited announced that it has prioritized several near-mine base metal targets for RC exploration drilling at the Whim Creek Copper-Zinc Project (the Project) located 115km southwest of Port Hedland in the West Pilbara Mineral Field of Western Australia. Regional UltraFine+TM soil sampling surveys completed in 2021 have verified multiple copper-zinc-lead-silver drill targets located near Whim Creek copper oxide open pit. The three-dimensional (3D) structural geological model of the Whim Creek Project, commissioned in 2021, has confirmed the proceptivity of these drill targets as well as generating new near-mine targets.

Further new near-mine base metal targets including copper and zinc have been identified surrounding Mons Cupri copper oxide pit, with UltraFine+TM soil sampling results confirming historical soil anomalies. The 3D structural model has been used to define areas where prospectivity remains underexplored. Reverse circulation (RC) exploration drilling is scheduled to commence in May 2022, to investigate these near-mine targets.

Near-Mine Targets at Whim Creek Open Pit: In October 2021, Anax announced near-mine targets at Whim Creek Open Pit, identified from historical records, which were followed up with regional UltraFine+TM soil sampling. The complete assay results were recently reported and results verified these historical anomalies. The Whim Creek Project 3D Structural Model confirmed the geological prospectivity of the Manhattan prospect, as a potential extension of the known resources.

Historically mapped gossans (Texasgulf, 1976) were digitised to illustrate near-mine prospectivity. Gossan outcrops in multiple parallel units of the Rushall Shale, suggesting the potential for mineralisation below the known ore bodies where no drilling has yet reached. The 3D structural model illustrates known mineralisation as being focused around antiform folds.

Whim Creek East prospect is an antiform where previous drilling has not extended beneath the silicified cap. Detailed historical mapping by TexasGulf in 1976, verified onsite and used to compile the 3D model, has directed the placement of RC drill holes to target mineralisation. UltraFine+TM soil results show silver and lead anomalies proximal to the Whim Creek and Mons Cupri Pits.

Silver and lead are immobile metals and therefore generate anomalies close to source. Zinc, however, is mobile and may show anomalism in transported sediments. Zinc anomalies are evident in recent sediments to the north of Whim Creek open pit which may have been mobilized from historical mining.

Further investigation of these anomalies is required by means of rock chip sampling to confirm in situ geochemistry. Near-Mine Targets at Mons Cupri Open Pit: UltraFine+TM soil sampling was conducted around the Mons Cupri and Mons Cupri Northwest open pits to follow up historical soil anomalies. Silver, lead and zinc anomalies extend northwest from the known mineralisation.

Low level gold-in-soils coincide with historical anomalism at Mons Cupri Southwest, following a southwest-trending structure, suggesting mineralisation potential at depth. Historical drilling intersected 0.12g/t Au and 1.9% Cu. Historical drilling at Comstock Hill intersected 3.63 g/t Au and 0.48% Cu (RC hole WKC001 at 30m downhole) and these results have not been followed up.

Mons Cupri West lies immediately north of the Mons Cupri Resource 4 and the 3D model has defined gaps in historical drilling which require follow up. Heap Leach Facility (HLF) Gold Target: A 2006 water monitoring bore located near the heap leach intersected 0.94g/t Au in felsic volcanics at a depth of 7-8m downhole (GSWA 2). This intercept was not followed up.

Anax's recently completed UltraFine+TM soil sampling defined a gold-arsenic anomaly straddling a northeast trending structure in the vicinity of this drill intercept, to the east of the heap leach, and the prospect was named HLF. Previous RAB drilling was only assayed for copper, lead and zinc to sterilise the area prior to the installation of the heap leach. Geology is suggestive of "Pilbara style" gold mineralisation, such as at De Grey's Hemi Prospect, located 61km due east.

Application has been made to commence drilling at HLF in May 2022.