Key Highlights

  • 26ANXDD007 returned 16.52m at 1.06% CuEq from 257.50m, outside the classified Mineral Resource.
  • 26ANXDD005A returned 9.0m at 0.57% CuEq about 100m to the south, with lower lead and silver.
  • 26ANXDD009 returned 7.0m at 1.32% CuEq from 153.0m, with assays pending for 167m to 280m.
  • A four-hole follow-up program is under way, and the 2026 program is scheduled to finish in early December.

Anax Metals Limited (ASX:ANX) has reported assays from seven further diamond holes at the Mons Cupri deposit, part of the Whim Creek copper-zinc project in Western Australia. The update dated 11 November 2026 centres on drillhole 26ANXDD007, which intersected a broad zinc-lead-silver zone south-west of Mons Cupri NW, outside the existing Mineral Resource. Anax owns 80% of the project, with Develop Global Limited holding the remaining 20%.

A broad intercept beyond the current resource

26ANXDD007 was drilled to 331.62m to test for mineralisation at depth on the western side of Mons Cupri NW. Between 248.52m and 306.00m, the hole passed through altered felsic volcaniclastics of the Cistern Formation, with sphalerite and galena in quartz veins. The main interval returned 16.52m at 1.06% CuEq from 257.50m, containing 2.68% zinc, 1.21% lead and 32.9 g/t silver. A higher-grade section within it returned 10.00m at 1.31% CuEq from 261.00m.

A second zone, 10.29m at 0.83% CuEq from 284.01m, carried 38.3 g/t silver. Nearby, 26ANXDD005A returned 9.0m at 0.57% CuEq from 289.5m, but with lead of only 0.05% and silver of 2.1 g/t. Anax reads that gap as evidence of the southern Margin of the system. Meanwhile 26ANXDD009 returned 7.0m at 1.32% CuEq from 153.0m, and assays for the 167m to 280m interval, which projects towards the 26ANXDD007 zone, are still pending.

Interpreted geometry and the follow-up drilling

Anax’s preliminary interpretation places the mineralised horizon dipping moderately to the south-south-west, with the higher grades interpreted to plunge at about 18 degrees towards 245 degrees. That view draws on three points that align within roughly 10m, spanning about 350m of depth. The company says the lens remains open down plunge to the south-west and up-plunge towards 26ANXDD010.

Four follow-up holes, including 26ANXDD017, are designed to define the initial geometry and grade of the potential lens. Downhole magnetometric resistivity surveying has also begun, after downhole electromagnetic surveys did not respond well to the zinc-rich sulphides. The 2026 program is scheduled to finish in early December with 20 holes for about 6,200m, and its results will determine the scope of work at Mons Cupri in 2027.

Limits of the early drilling

Intercept widths in the release are downhole, and true widths have not been determined. The company itself cautions that the current drilling is insufficient to establish geological or grade continuity for Mineral Resource estimation. The lens geometry is not yet defined, and step-out holes are spaced roughly 70m to 100m apart.

The zone also carries a distinct chemistry that is less uniform than the copper-rich parts of the system. Lead and silver drop away at the southern margin, and the grades reported so far are modest in copper-equivalent terms. Several assays remain outstanding, so the case for a new lens will depend on how the follow-up holes perform.

Final Word

Anax has added a potential new zone to its Mons Cupri picture, but the results are early and the lens is not yet defined. The pending assays for 26ANXDD009, the four-hole follow-up and the early December close of the 2026 program will shape how the zone is treated in the company’s 2027 planning.