GreenTech’s alliance with Anax Metals could lead to near-term mining operations at Whundo
Both companies to assess processing Whundo ore at the planned Whim Creek processing hub
Exploration to determine potential of Austin, Shelby and Yannery prospects to add further resources
Special Report: GreenTech Metals has reached an agreement with Anax Metals that could see ore from the former’s Whundo project being treated at the latter’s Whim Creek base metals processing hub in Western Australia’s Pilbara region.
Whundo currently has a resource of 6.2Mt grading 1.12% copper and 1.04% zinc, with the higher confidence indicated component making up the bulk at 4.4Mt at 1.03% copper and 0.89% zinc.
GreenTech Metals’ (ASX:GRE) recent high-level review indicated that the Austin, Shelby and Yannery prospects – which are not included in the resource – have the potential to significantly increase this number.
This review considered strong copper prices and the fact that the three prospects have a combined fixed loop electromagnetic (FLEM) signature about three times larger than the Whundo and Ayshia resource areas.
EM surveys detect anomalies in the earth’s natural magnetic field caused by zones of rock that conduct or resist electrical currents more than the surrounding rock, like ore deposits.
Regional map of the Whundo and Whim Creek projects. Pic via GRE
Potential for near-term mining operations at Whundo
Under the memorandum of understanding, GRE and Anax Metals (ASX:ANX) will assess the potential to treat ore from Whundo and other suitable GRE assets at the Whim Creek processing hub.
Whim Creek will consist of a new 400,000tpa concentrator and a refurbished heap leach facility capable of treating oxide, transitional and supergene ore. It is expected to produce 20,000-30,000tpa of copper equivalent for more than 10 years.
This is central to their Pilbara Base Metal Alliance, which targets more than 20,000tpa of copper equivalent production, and also offers GRE a near-term opportunity to monetise open-pittable ore at Whundo while progressing exploration at Austin, Shelby and Yannery prospects.
Whundo and Whim Creek will have combined resources of 17.2Mt with 185,000t of contained copper and 256,000t of contained zinc.
“This is a great opportunity for GreenTech that could see a formalised Alliance with Anax taking significant steps towards establishing near-term mining operations at our Whundo Project,” GreenTech managing director Tom Reddicliffe said.
“Our project already has defined open-pittable copper and zinc resources and potential to define additional near surface resource tonnes at both Yannery and Ayshia.
“The alliance could be the catalyst that the West Pilbara needs to become a significant copper producer and we look forward to working closely with Anax to make this a reality.”
ANX managing director Geoff Laing added that the alliance was the first step towards creating an expanded Pilbara copper business with GRE.
This article was developed in collaboration with GreenTech Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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