Anax Metals (ASX:ANX) has jumped 10.81% on the Australian Securities Exchange (ASX) today (28 August) as of 3:10pm AEST.
The company is now trading at $0.041 per share, holding a market capitalisation of $64.51 million.
The price jump follows Anax’s resource update on Tuesday of this week, which increased the Mons Cupri deposit by 24%.
Mons Cupri now has a resource estimate of 6.32 million tonnes @ 1.38% copper equivalent, with contained copper equivalent rising 20% to 87,200 tonnes, as reported by Mining.com.au.
The deposit forms part of the Whim Creek Copper-Zinc Project, located 120km southwest of Port Hedland in Western Australia’s Pilbara region.
Listed on the ASX since June 2004, Anax Metals has 1.74 billion shares on issue.
Anax Metals is a Perth-based base metals exploration and development company focused on restarting the Whim Creek Copper-Zinc Project in Western Australia.
The S&P/ASX 200 itself is up 41.30 points to host 9,078.50 points. The index is virtually unchanged for the last five days and sitting 2.35% below its 52-week high.
The materials sector is up 0.68%, with top performers including Resolute Mining (ASX:RSG), which is up 4.90%, Liontown (ASX:LTR), which is up 5.2%, and Pantoro Gold (ASX:PNR), which is up 4.59%.
Write to Maddison Elliott at Mining.com.au
Images: Unsplash
