Anax Metals (ASX: $ANX) announces promising heap leach results

Anax Metals Limited (ASX: $ANX) has reported promising heap leach results from Sulphur Springs, demonstrating excellent leaching amenability for oxide and transitional ore. The high-grade transitional and oxide copper recoveries between 80-95% and high-grade transitional zinc recoveries ranging between 95% and 99% are expected to unlock significant value for the joint venture with Develop Global Ltd (ASX: $DVP).

Executive Commentary on Heap Leach Results

Anax's Managing Director, Geoff Laing, expressed excitement about the outstanding outcomes in the preliminary round of test work. He highlighted the excellent response of zinc dissolution to the process, potentially facilitating the production of zinc sulphate, a key additive to fertilisers. The company is evaluating the feasibility of transporting oxide ores from Sulphur Springs to the fully permitted Whim Creek for heap leaching to produce saleable copper and zinc products.

Summary of Heap Leach Results and Outlook

The Scoping Study progress at Sulphur Springs and Whim Creek is a significant development for Anax Metals and Develop Global Ltd. The high recoveries of copper and zinc, along with the potential production of zinc sulphate, indicate a positive outlook for the joint venture. The company aims to enhance the value of both projects through the heap leaching process and is evaluating column leach tests to further underpin the Scoping Study. Additionally, Anax has extended loan repayment dates and agreed to issue options and grant security to Jetosea Pty Limited, subject to third-party and shareholder approvals.