- Anax Metals (ANX) has ended the week in a trading halt while it gears up for a capital raise
- The company will remain in the halt until March 2 or when an announcement is released, whichever occurs first
- On February 5, Anax revealed it had intersected strong results from its Whim Creek Copper-Zinc Project in Western Australia
- Diamond drilling was undertaken in November last year to find near-surface massive to semi-massive sulphide mineralisation
- Grades peaked at 10.34 per cent zinc, 5.22 per cent lead and 4.75 per cent copper and Anax believes it is also prospective for gold and silver after up to 2.08g/t gold and 89g/t silver was intersected
- Shares in Anax last traded at 7.6 cents on February 25
Anax Metals (ANX) has ended the week in a trading halt while it gears up for a capital raise.
The company will remain in the halt until March 2 or when an announcement is released, whichever occurs first.
Anax is yet to disclose how much it intends to raise or what it will use the money for once received.
On February 5, Anax revealed it had intersected strong results from its Whim Creek Copper-Zinc Project in Western Australia’s Pilbara region.
Diamond drilling was undertaken in November last year to find near-surface massive to semi-massive sulphide mineralisation.
Grades peaked at 10.34 per cent zinc, 5.22 per cent lead and 4.75 per cent copper.
Anax also believes the project is also prospective for gold and silver after up to 2.08g/t gold and 89g/t silver was intersected.
The company last entered a trading halt in July 2020 in regards to acquiring an 80 per cent interest in Whim Creek from ASX-listed VentureX Resources (VXR).
To acquire the 80 per cent, ANX needed to pay $3.15 million in cash and spend $4 million on project expenditure.
The acquisition is subject to shareholder approval and VentureX meeting admission and quotation requirements.
Shares in Anax last traded at 7.6 cents on February 25. The company has a $21.29 million market cap.