Anax Metals has reported broad, high-grade copper-equivalent intersections at Mons Cupri, including 85.90 metres at 2.89% CuEq. The results support the existing resource model and early mining sequence as Anax works towards financing, FEED completion and a potential Final Investment Decision.
- 85.90m at 2.89% CuEq from 34.60m
- 62.54m at 2.95% CuEq from 107.32m
- High-grade copper and zinc zones above 8% CuEq
- 2,736.30m of a planned 5,000m programme completed
- Reserve update, DHEM surveys and project funding work continue
Mons Cupri Delivers Broad High-Grade Intersections
Anax Metals Limited (ASX:ANX) has found substantial near-surface mineralisation in the first assays from its 2026 infill drilling campaign at the Mons Cupri deposit, with results that reinforce the grade and thickness underpinning the early stages of its Whim Creek restart plan.
Hole 26ANXDD001 returned 85.90 metres at 2.89% copper equivalent from 34.60 metres downhole, including a 4.70-metre zinc-rich interval at 8.34% CuEq and a 17.50-metre copper-rich zone at 8.37% CuEq. Hole 26ANXDD003 produced 62.54 metres at 2.95% CuEq from 107.32 metres, including 18.98 metres at 6.01% CuEq.
The reported grades combine copper, zinc, lead, silver and gold using the same fixed conversion factors applied to the August resource estimate. That makes the new intersections directly comparable with the current model, although the widths are downhole and true widths have not yet been determined.
Drilling Tests the Early Mining Sequence
Anax said the results support the current Mons Cupri Mineral Resource, which was recently increased by 24% to 6.32 million tonnes at 1.38% CuEq. That increase was part of the project's push towards a reserve update, and the latest assays add confidence to the near-surface portions scheduled for the opening stages of the restart plan. The resource change was detailed in the company's Mons Cupri resource increase.
The company has completed 10 holes for 2,736.30 metres of a planned 5,000-metre programme. Four holes targeted Mons Cupri for metallurgical and infill work, while six exploration holes stepped out along the western corridor. Assays remain pending for holes 26ANXDD005A through 26ANXDD010, leaving further results to come from both resource definition and exploration drilling.
DHEM and Finance Workstreams Move in Parallel
A down-hole electromagnetic survey crew is due to mobilise late in September. A review of surveys conducted in 2004 and 2005 found that known copper-zinc mineralisation generates a subtle but genuine response, while older equipment and survey coverage limited its resolution. Anax is now targeting the western side of Mons Cupri, where the 2026 campaign is following the plunge of the main shoot and a structural corridor linking it with north-western shoots.
The drilling results will feed into metallurgical testwork and refinement of the base-of-pit design, while the company continues work on an updated reserve estimate, front-end engineering and design, and project funding. Those activities are aimed at progressing Whim Creek towards a potential Final Investment Decision, but the announcement makes clear that financing, technical assessments, commodity prices and regulatory approvals remain unresolved variables.
Bottom Line?
The assays strengthen the geological case for an early high-grade mining sequence, but the next investment test is whether the reserve, financing and engineering work can convert that geological support into a funded development decision.
Questions in the middle?
- Will the remaining assays extend the high-grade zones or identify additional mineable material along the western corridor?
- How will metallurgical testwork and the base-of-pit redesign affect the future reserve estimate?
- Can Anax secure project funding and complete FEED in time to support a Final Investment Decision?