The Anax Metals Ltd (ASX: ANX) share price is exploding today on the back of 'spectacular' drilling results.
The company's shares are currently trading at 14 cents each, a 44% gain. In contrast, the S&P/ASX 200 Resources Index (ASX: XJR) is 0.57% in the red today.
So why is this ASX mining share soaring today?
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Copper and zinc intersected
Anax reported spectacular "massive" copper and zinc sulphide mineralisation at the company's Whim Creek project.
Drilling intersected mineralisation up to 15m wide at the Evelyn deposit and massive to semi-massive sulphides at the Salt Creek deposit.
The project is located near Port Hedland in the West Pilbara region of Western Australia.
Nine holes have been drilled at three of the four metal deposits at the project. Final assay results are still on the way.
Commenting on the results, managing director Geoff Laing said:
Initial observations from this latest round of diamond drilling have been very encouraging and while assay results are still awaited, intersection of massive copper and zinc sulphides and confirmation of historically defined mineralisation is exciting.
The presence of copper, zinc, and also lead was confirmed via XRF scanning. Metallurgical test work is due to start very soon. The results will help form geotechnical data for feasibility studies.
Share price snapshot
Anax shares have surged 69% year to date and more than 84% in a year.
For perspective, the ASX 200 Resources Index has returned around 15% over the past 52 weeks.
In the past month, the company's shares have risen 59%, leaping 44% in the past week alone.
Anax has a market capitalisation of about $56 million based on the current share price.
