Anax Metals (ASX:ANX) has increased the mineral resource estimate (MRE) for the Mons Cupri deposit by 24% to 6.32 million tonnes (Mt) @ 1.38% copper equivalent (CuEq).
The increase relates to resource tonnes, while contained copper equivalent metal has risen 20% to 87,200 tonnes.
Mons Cupri forms part of the Whim Creek Copper-Zinc Project located 120km southwest of Port Hedland in Western Australia’s Pilbara region.
The MRE is reported on a 100% project basis. Anax owns 80% of Whim Creek, with Develop Global (ASX:DVP) holding the remaining 20%.
More than 78% of the resource is in the higher-confidence measured and indicated categories, comprising 4.95Mt @ 1.5% CuEq. Measured resources total 1.48Mt @ 2.03% CuEq, while indicated resources stand at 3.47Mt @ 1.27% CuEq. The remaining 1.36Mt @ 0.94% CuEq is inferred.
Anax says pit optimisation indicates the measured and indicated resources could be amenable to open-pit mining. However, there is no certainty the resources will convert to ore reserves.
Managing Director Geoff Laing emphasises the importance of the recent progress in supporting Whim Creek’s production.
“The 24% increase in the Mons Cupri mineral resource to 6.32Mt, and 87Kt [kilotonnes] of contained copper equivalent metal, meaningfully strengthens the resource base underpinning our restart strategy at Whim Creek,” Laing says.
“Backed by a strong balance sheet, this result will be incorporated into the ore reserve update due in the December quarter and the FEED [front-end engineering design] study now underway — both key steps towards a final investment decision [FID].”
Independent consultancy Trepanier completed the resource estimate following database validation, historical drill hole verification, and the inclusion of drilling undertaken by Anax since 2020.
Around 92% of the deposit comprises fresh mineralisation, with the remainder classified as transitional material.
The MRE uses a 0.5% CuEq cut-off and incorporates copper, zinc, lead, gold, and silver. The calculation applies assumed commodity prices, metallurgical recoveries, payabilities, and treatment and refining charges.
Anax has begun a FEED study and is targeting an FID in late 2026. An updated ore reserve incorporating the new MRE is planned for the December quarter.
A 5,000m resource, exploration, and metallurgical drilling program also began at Mons Cupri in July.
Anax Metals is a Perth-based base metals exploration and development company focused on restarting the Whim Creek Copper-Zinc Project in WA.
Write to France Pinzon at Mining.com.au
Images: Anax Metals
