Anax Metals Limited (ASX: ANX) ('Anax' or 'the Company') is pleased to announce the discovery of spodumene in multiple pegmatites at the Whim Maar Prospect, located at the northern end of the Company's 80% owned Whim Creek Project in the Pilbara region of Western Australia.

In addition, new lithium and gold geochemical results were generated from exploration of its wholly owned Loudens Patch tenement

The Company's Managing Director, Geoff Laing commented on these discoveries: 'A large area of pegmatite occurrences at Whim Maar, as well as gold and lithium results from Loudens Patch, provide exciting new prospectivity for Anax's Pilbara project portfolio.

The recent field programme covered unexplored tenure to the north of Whim Creek mine as well as follow-up exploration at Loudens Patch, where lithium anomalism in rocks and soils is associated with pegmatites. Spodumene minerals were identified in pegmatite outcrops at Whim Maar Prospect, over an initial area of 1km by 1.6km, 4km north of Whim Creek mine. Rock chip samples have been dispatched to LabWest in Malaga for processing and results are expected in late July 2023.

Pegmatites were observed to be zoned, with massive quartz pegmatite cores being all that remains as low-lying outcrop across the flat terrain. Weathering and erosion has preferentially affected the lithium mineralised zones of the pegmatite as well as the schistose host rock (Mallina Formation at Loudens Patch and Rushall Shale at Whim Maar) which rarely outcrop.

Rock chip sampling of outcrop is considered representative of mineralisation in situ. However, 'float' samples are interpreted to have originated near source. The presence of pegmatite quartz cores showing remnant spodumene confirms the origin of the float samples. As Whim Maar pegmatites are a very recent discovery, the abundance of spodumene, the lithium content of the minerals and the full extent of the pegmatites is not yet known. No analysis results from sampling at Whim Maar are available as yet. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates provide no information regarding impurities or deleterious physical properties relevant to valuations.

Loudens Patch Project

Anax secured tenement (E47/4281) in 2020, to explore for gold and lithium. The 100% Anax owned project lies adjacent to the east of the Whim Creek Project but shares the same geology as De Grey's (ASX: DEG) Mallina Project. Loudens Patch consists of Archean Mallina Basin metasediments forming a triangular sub-basin between the Loudens Fault to the west and the Mallina Shear to the south, both regional goldmineralised structures. The Mallina Shear is the primary structural target of De Grey's gold exploration. Folding within the Mallina Basin follows the regional northeast trend and provides the ideal structural setting for both gold mineralisation and 'hard rock' lithium. Lithium minerals, such as spodumene, occur in pegmatites in Archean granite-greenstone belts historically explored for gold. Anax applied the UltraFine+ soil sampling technique at Loudens Patch, proven effective for precious metals, base metals and lithium exploration across the Pilbara. Soil surveys generated both lithium and gold anomalies at Loudens Patch, as reported in May 20221 . Mineralised zones and the schistose host rock have largely been eroded.

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