Anax Metals Limited (ASX: ANX, Anax, the Company) is pleased to provide an update on exploration at the Evelyn deposit (Evelyn), part of the Whim Creek Project, located 115km southwest of Port Hedland (Figure 1).
- Evaluation of historical exploration has identified high-potential drill targets & extensive areas in the Evelyn Mining Lease requiring further exploration
- The high-grade Evelyn base metal deposit (590Kt @ 2.54 % Cu, 3.90 % Zn)1 is centrally located within a granted Mining Lease & historical magnetic and EM surveys have defined prospective “event-horizon” stratigraphy that strikes for >3.0 km in the tenement. Approximately 70% of this highly prospective stratigraphy remains largely untested by effective drilling
- Discrete, late-time conductors defined by a VTEM (airborne EM) survey flown in 2007 are located beneath alluvial cover & remain largely untested
- Rock chip results from the recent sampling program at Felsic Dome target returned up to 3.94% Cu and 1.21 g/t Au, demonstrating prospectivity immediately west of Evelyn
- Strong bedrock conductors defined by FLEM (ground EM) surveys occur beneath transported cover with very limited drill testing completed
- Previous exploration ignored geochemical techniques in favour of geophysics
- Surface, auger & litho-geochemical techniques to be used extensively, allowing for fast & efficient exploration to identify further drill targets, mostly within the prospective event-horizon stratigraphy
- RC drilling is proposed to test existing VTEM & FLEM conductivity along with other targets generated by the geochemical program
Anax’s Managing Director, Geoff Laing commented: “Evelyn is a rich, high-value base metal deposit and the discovery of any further ore positions within the granted Mining Lease would add considerably to the overall economics of the broader Whim Creek Project. The exploration team have done well to advance the prospectivity of the area and we look forward to executing a more aggressive discovery strategy going forward”
The Company has undertaken a full review of all historical exploration resulting in the identification of considerable potential to add existing resources with successful exploration.
Figure 1: Location of the Whim Creek Project and Evelyn Deposit
Geological Overview
The Evelyn deposit exhibits many characteristics typical of a Volcanogenic Massive Sulphide (VMS) style of mineralisation. The ore is comprised predominantly of massive pyrrhotite, chalcopyrite, sphalerite and minor quantities of galena and pyrite. Almost no gangue exists within the ore and the interconnectivity of the sulphide minerals results in strong electrical conductivity providing an excellent target for ground, airborne and downhole electrical geophysical techniques.
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