Anax Metals Ltd
Anax Metals Ltd
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West Australian explorer Anax Metals is able to review the potential to restart heap leach production at its Whim Creek copper-zinc project in the Central Pilbara after state environment authorities lifted a protection notice.
The notice was issued in 2019 to Venturex Resources, the previous owner of the project 120km SW of Port Hedland, after extensive flooding that followed a tropical cyclone caused its closed-circuit stormwater capture system to overflow.
A definitive feasibility study on its 80%-owned Whim Creek project has reinforced Anax Metals’ strategy to shorten the development timeline of a potential production hub for sustainable copper and associated base metals 120km SW of Port Hedland in Western Australia’s central Pilbara region.
The DFS outlines pre-production capex of $A71M for a development producing 55,000tpa copper-zinc-lead concentrate at AISC of $US2.23/lb over 8 years, generating free cashflow of $A340M, $224M NPV at 7%, 54% IRR and 21-months payback.
The inclusion of potential openpit mineralisation at the Evelyn deposit has helped demonstrate additional value in an updated scoping study for Anax Metals’ 80%-owned Whim Creek copper-zinc project in the West Australian central Pilbara.
Evelyn’s indicated-inferred resource of 550,000t @ 2.19% Cu, 3.49% Zn, 0.8g/t Au and 35g/t Ag has lifted the Whim Creek project global resource to over 10Mt and points to concentrator production of 39,000t Cu, 70,000t Zn, 18,000t Pb, 1.8Moz Ag and 14,300oz Au.
Anax Metals has moved a step closer to its plans to begin copper production in H1 2023 with the submission of the mining proposal and closure plan for Whim Creek project, 115km SW of Port Hedland in Western Australia’s Pilbara region.
Since completing its acquisition of an 80% stake from Venturex Resources in Nov 2020, Anax has nearly completed major remediation and infrastructure upgrades and advanced an updated scoping study and DFS.
West Australian explorer Anax Metals plans more feasibility work after its scoping study outlined a potentially robust development of its 80%-owned Whim Creek copper-zinc project in the central Pilbara region.
The study assesses openpit mining of the Mons Cupri, Whim Creek and Salt Creek deposits and a small underground operation at Salt Creek, although Anax plans to seek initial regulatory approvals for Mons Cupri alone to keep its options open for an early production start.
Global miner Anglo American has formalised its agreement for up to $US22M funding to support early stage development works, exploration and assess further opportunities at explorer Anax Metals’ 80%-owned feasibility study-stage Whim Creek copper-zinc project in the West Australian central Pilbara. Anglo may also acquire up to 100% of Anax’s share of production from the project.
The development pathway opens wider for West Australian explorers Anax Metals and Venturex’s Whim Creek copper-zinc project with completion of a database audit and historical data verification, plus a single diamond drill hole in late 2020, that lift global resources to 8.25Mt @ 1.03% copper and 1.28Mt @ 6.63% zinc.
West Australian explorer Anax Metals has lined up funding of up to $US22M from global miner Anglo American for capital expenditure and other financial commitments through to commencing production at its 80%-owned Whim Creek copper-zinc project in the central Pilbara.
The non-binding term sheet envisages Anglo American acquiring a 1% net smelter return for $2M and supplying up to $20M project funding for an offtake agreement over all or any of Anax’s production share at average market rates.
West Australian diversified explorer Aurora Minerals has signed a $A10.65M earn-in and JV agreement with Venturex Resources over its Whim Creek copper-zinc project 115km SW of Port Hedland in the Pilbara region.
Aurora can earn 80% interest in the project, which includes the Whim Creek, Mons Cupri, Salt Creek and Evelyn deposits within 18,000ha of the highly prospective Whim Creek and Mallina basins. Historical production totalled 67,000t copper.
Australian unlisted public company One Asia is contemplating a 2017 listing of Awak Mas, a potential 1Mozpa, 10-year gold mining project on the Indonesian island of Sulawesi. Awak Mas and Pani, One Asia's two projects in Sulawesi, have combined current JORC gold resources of 5.2Moz.
One Asia has raised $A3.2M in a placement that includes $1M from listed explorer Aurora Minerals, and reinvested a $US1.2M loan in shares at 18c to fund preparatory work for the Awak Mas IPO.