Anax Metals Limited (ASX:ANX): Can Mons Cupri Drilling Define a New Zinc-Silver Lens?

Aditi Sarkar

11 November 2026 08:00 PM AEDT

Anax Metals Limited (ASX:ANX): Can Mons Cupri Drilling Define a New Zinc-Silver Lens?

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Highlights

Hole 26ANXDD007 intersected 16.52 metres at 1.06% copper equivalent from 257.50 metres.
The interpreted zinc-lead-silver zone lies outside the currently classified Mons Cupri resource.
Four follow-up holes and downhole magnetometric resistivity surveys are intended to test continuity.
The 2026 programme is scheduled to reach approximately 20 diamond holes and 6,200 metres.

Anax Metals Limited (ASX:ANX) is an Australian mineral exploration and development company focused on the Whim Creek Copper-Zinc Project in Western Australia's Pilbara region. The company holds an 80% project interest, with Develop Global holding the balance. Its November 2026 Mons Cupri drilling update identified mineralisation beyond the classified resource, but the early results do not establish a separate mineral resource or a mine development decision.

Mons Cupri and the Possible Lens

Mons Cupri forms part of the Whim Creek project, approximately 120 kilometres south-west of Port Hedland. The latest drilling tested the Mons Cupri NW area and its extensions, where Anax Metals Limited (ASX:ANX) is evaluating copper, zinc, lead and silver mineralisation. The company describes a possible additional lens at depth rather than an established resource addition.

Diamond hole 26ANXDD007 intersected 16.52 metres grading 1.06% copper equivalent from 257.50 metres, including 10.00 metres at 1.31% copper equivalent from 261.00 metres. The broader interval included 2.68% zinc, 1.21% lead and 32.9 grams per tonne silver. A separate intersection returned 10.29 metres at 0.83% copper equivalent from 284.01 metres. These lengths are measured downhole; true widths have not been determined.

Additional Intersections and Geological Interpretation

Another hole, 26ANXDD005A, returned 9.00 metres at 0.57% copper equivalent from 289.50 metres. Its lower lead and silver content was interpreted as a possible southern Margin of the system. Hole 26ANXDD009 intersected 7.00 metres at 1.32% copper equivalent from 153.00 metres, while assays for a deeper section remain pending.

Anax Metals Limited (ASX:ANX) interprets a shallow south-westerly plunge of approximately 18 degrees towards 245 degrees. This remains a preliminary structural interpretation. The company explicitly cautions that drilling has not yet demonstrated the geological and grade continuity necessary for mineral resource estimation. Near-surface holes also returned mineralised intervals, providing a separate focus for later assessment.

Surveying and Programme Progress

Downhole electromagnetic surveys did not adequately identify the visually subtle sulphide mineralisation. Anax Metals Limited (ASX:ANX) consequently commenced downhole magnetometric resistivity work to improve targeting. That method is being evaluated as an exploration aid, not as confirmation of additional tonnage.

By early November 2026, 16 diamond holes totalling approximately 4,760 metres had been completed. The company scheduled its 20-hole, approximately 6,200-metre programme to finish in early December. A four-hole follow-up sequence is testing the possible lens, while additional assays remain outstanding. Separately, Western Australian exploration co-funding of up to AUD 161,000 has been awarded for planned Evelyn West work in 2027.

Technical Uncertainty and Next Work

The present drill spacing and limited number of intersections leave the geometry, thickness and lateral persistence of the proposed lens unresolved. Copper-equivalent grades also combine several metals under assumptions for relative values and recoveries; they are not measures of recovered or saleable copper. Metallurgical performance and any development Economics require distinct evaluation.

For Anax Metals Limited (ASX:ANX), the immediate evidence will come from pending assays, follow-up drilling and interpretation of resistivity surveys. A resource revision would require further modelling and formal reporting. Although the project has a broader development objective, the November intersections alone do not establish when Mining might commence.

Key Insights

The November 2026 results extend geological information around Mons Cupri and outline a possible zinc-lead-silver lens beyond the existing resource. Anax Metals Limited (ASX:ANX) must still establish continuity, true thickness and the significance of the new zone before it can be incorporated into development planning.

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