Anax Metals Limited announced the assay results from diamond drilling completed at the Evelyn Deposit, Whim Creek Project (Project), located 115 kilometres southwest of Port Hedland, in the West Pilbara region of Western Australia. The Whim Creek Project is 80% owned by Anax with the remaining 20% owned by Develop Global Limited. Two diamond holes completed at the Evelyn deposit intersected near-surface massive sulphides consisting of chalcopyrite, sphalerite, galena, pyrite and pyrrhotite with true widths of up to 15 metres encountered.

The program was designed to obtain samples for metallurgical test work and to provide core forgeotechnical studies to support the mine design engineering work currently underway. Evelyn is located 25km south of the proposed Whim Creek processing facility on the Croydon-Whim Creek Road. The metallurgical drilling program at Evelyn targeted high and moderate grade copper and zinc domains.

Both holes successfully intersected significant mineralisation, including near-surface zones of well-mineralised copper (as chalcopyrite), zinc (as sphalerite) and lead (as galena) in the form of semi-massive to massive sulphides (Figures 1 and 3). The massive sulphide lens is zoned with zinc (as sphalerite) dominant in the upper portions and copper (in the form of chalcopyrite) increasing with depth. Minalyzer CS is unable to provide accurate analyses for gold and silver and as a result the Company is unable to provide results for these elements for 22AED004A.

The Copper Equivalent grades for 22AED004A therefore is likely to be higher, if gold and silver are factored in. Bulk grades for Au and Ag will be determined through head assay analyses of metallurgical composites. The Salt Creek metallurgical hole previously reported1 was also scanned using the Minalyzer CS unit to assist with compositing for ore sorting and metallurgical test work.

No Salt Creek-specific calibration assays have been collected to date and as a result Anax is unable to report the uncalibrated XRF results. All intersections in this announcement are reported using a 0.3% Cu cut-off or 1% Zn cut-off, 2m minimum width and 3m maximum internal waste.