Name of the Project
Whim Creek copper/zinc project.

Location
West Pilbara region of Western Australia.

Project Owner/s
Anax Metals (80%) and Develop Global (20%), formerly Venturex Resources.

Project Description
The Whim Creek scoping study published in August 2021 outlined a potentially robust project comprising openpit mining at the Mons Cupri, Whim Creek, Evelyn and Salt Creek deposits, and a small underground operation at the Salt Creek deposit.

Further study work continues to demonstrate a technically robust project. Following the conclusion of an updated scoping study in January 2022, Whim Creek’s global resource is currently more than ten-million tonnes through the inclusion of the Evelyn deposit. The Evelyn deposit has mineral resources of 550 000 t grading at 2.19% copper, 3.49% zinc, 0.8 g/t gold and 35 g/t silver.

The updated scoping study shows that the concentrator will produce saleable product comprising 39 000 t copper, 70 000 t zinc, 18 000 t lead, 1.8-million ounces of silver and 14 300 oz of gold.

Preconcentrate will be processed in a conventional 320 000 t/y three-stage polymetallic concentrator for the recovery of copper, zinc and lead concentrates. The strategic base case is to build a concentrator at the Whim Creek site.

Existing heap-leach infrastructure at the site will be used to process secondary sorting products and fines gravity circuit rejects to maximise the recovery of metal units and provide added robustness and flexibility for the circuit.

Additional value has been added to the project through lower power costs, owing to a switch from a diesel generator to a gas-fired power plant.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an estimated pretax net present value, at a 6% discount rate, of $227-million and an internal rate of return of 83%, with a payback of 21 months.

Capital Expenditure
Preproduction costs are estimated at $55.1-million.

Planned Start/End Date
A decision to mine and on project financing is expected in the second half of 2022, which could allow for mining to start in early 2023.

Latest Developments
Anax has started a definitive feasibility study, which the company is aiming to complete by mid-2022.

In parallel, Anax continues to advance permitting for the project, with the company aiming to have all necessary approvals in place to allow for mining to start in early 2023.
 

The company is also aiming to start exploration drilling late in the first quarter of 2022 at several targets identified through an extensive soil sampling programme conducted over the past year.

Key Contracts, Suppliers and Consultants
Oreology Consulting (mining study); Pells Sullivan Meynink (prefeasibility study level geotechnical assessment for Mons Cupri and recommendation of pit slopes angles at Salt Creek); GR Engineering Services (scoping level investigation for a polymetallic sulphide concentrator).

Contact Details for Project Information
Anax Metals, tel +61 8 6143 1840 or email info@anaxmetals.com.au.