Anax Metals (ASX:ANX) reported assays from the initial four holes of a 5,000-meter drilling program at the Mons Cupri Deposit at its Whim Creek Copper-Zinc Project in Western Australia, according to a Wednesday Australian bourse filing.

The results were up to 85.9 meters at 2.9% copper equivalent from 34.6 meters, including 4.7 meters at 8.3% copper equivalent from 34.6 meters.

The company said the drilling reaffirms near-surface, high-grade mineralization as a key feature of the Mons Cupri resource while providing additional technical information for ongoing project finance due diligence.

Anax continues to advance project funding and front-end engineering design work streams in parallel as the Whim Creek Project progresses toward a final investment decision, the filing added.

The company's shares jumped nearly 24% in recent Wednesday trade and earlier reached their highest since May 2024.