- Anax Metals (ANX) has completed its 80 per cent earn-in interest in Venturex Resources’ (VXR) Whim Creek Copper-Zinc project in WA
- Anax has now completed a further $500,000 expenditure requirement to acquire an additional 40 per cent interest in the Whim Creek Program, taking the company’s overall interest to 80 per cent
- Anax will continue to focus on site upgrade works and the Whim Creek Feasibility Study
- Both Anax and Venturex are in the grey in early morning trade, trading at 4.4 cents and 14 cents, respectively
Anax Metals (ANX) has completed its 80 per cent earn-in interest in Venturex Resources’ (VXR) Whim Creek Copper-Zinc project in WA.
Whim Creek is located in the West Pilbara mineral district, where major north-east trending structures have been identified, with the potential for gold mineralisation along with a strike length of over 51 kilometres.
Following the start of the earn-in and joint venture agreement (EJVA) with Venturex on October 30, 2020, Anax has now completed a further $500,000 expenditure requirement to acquire an additional 40 per cent interest in the Whim Creek Program, taking the company’s overall interest to 80 per cent under the EJVA.
The company entered into an earn-in agreement in July 2020 to purchase an 80 per cent interest in the project from Venturex Resources.
Anax has satisfied the requirements to earn an 80 per cent interest in the assets, plus further earn-in interest.
Anax met the further expenditure requirement at the Whim Creek Project by undertaking major works like core scanning, repairing and upgrading work to the process ponds, ongoing groundwater monitoring campaigns and exploration work.
Anax will work with Venturex to arrange the formal transfer of the earn-in interest.
“That we have been able to earn an 80 per cent interest in the Whim Creek Project, efficiently and rapidly is a great outcome for the company and our shareholders,” said Anax Managing Director, Geoff Laing.
“The team has hit the ground running and advanced feasibility, development and exploration activities in parallel to earn an 80 per cent interest in the project in less than six months from commencing the earn-in. The project provides a platform to roll out our strategy to monetise defined resources, deliver exploration upside from the tenement package and provides a basis for future acquisitions”.
Anax will continue to focus on site upgrade works and the Whim Creek feasibility study.
Both Anax and Venturex are in the grey in early morning trade, trading at 4.4 cents and 14 cents, respectively, at 10:35 am AEDT.