Massive copper and zinc discovery sends this ASX mining share soaring 44%

This small cap miner is having a glorious day on the market.

| More on:
happy mining worker fortescue share price

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • This ASX mining share is soaring 44% today 
  • The company's share price has rocketed 84% in a year
  • Drilling in Western Australia has intersected "massive" copper and zinc 

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?

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.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Resources Shares

Miner holding cash which represents dividends.
Dividend Investing

Invested $8,000 in Fortescue shares 5 years ago? Guess how much passive income you've banked!

Fortescue is popular among passive income investors for paying two fully franked dividends per year, even during COVID.

Read more »

Miner looking at a tablet.
Resources Shares

BHP shares are up 9% in a month. Are they still good value?

Is Australia’s largest miner a big opportunity?

Read more »

Three miners wearing hard hats and high vis vests take a break on site at a mine as the Fortescue share price drops in FY22
Resources Shares

Did you catch what happened with the big 3 ASX 200 mining stocks in April?

BHP, Rio Tinto, and Fortescue all reported their latest mining results in April.

Read more »

Miner looking at a tablet.
Resources Shares

After its earnings result, what's Macquarie's price target on Fortescue shares?

Let’s dig into what Macquarie thinks of Fortescue after its quarterly update.

Read more »

Two mining workers on a laptop at a mine site.
Resources Shares

The Mineral Resources share price is down 72% in a year. Time to pounce?

Two top experts ran their slide rules over Mineral Resources shares. Here’s what they found.

Read more »

Miner looking at a tablet.
Resources Shares

Mineral Resources share price shoots 15% higher on third-quarter report

The ASX 200 iron ore and lithium giant has released its 3Q FY25 activities report.

Read more »

Image from either construction, mining or the oil industry of a friendly worker.
Resources Shares

Why Macquarie says this ASX 200 mining stock could rocket 67% in a year

Macquarie forecasts a big potential rebound for this diversified ASX 200 miner.

Read more »

Female miner smiling at a mine site.
Resources Shares

3 reasons why the Fortescue share price could still be a buy

Here’s why I view Fortescue as an opportunity.

Read more »