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ANAX METALS LIMITED Regulatory Filings 2010

Jul 4, 2010

64389_rns_2010-07-04_0b4f1f24-eae8-45ca-b043-51a276267d3e.pdf

Regulatory Filings

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ASX RELEASE

CAPRICORN SOUTHEAST PROJECT

Significant Manganese Mineralization Intersected in Maiden Drilling Program

5 July 2010

Major Diversified Western Australian Minerals Explorer

  • Manganese

  • Base metals

  • Uranium

  • Gold

Aurora Minerals Limited (“Aurora”) is pleased to announce that it has now received all assays from the maiden reverse circulation (“RC”) drilling program at its Capricorn South East Manganese Project in central Western Australia (“Project”).

Highlights

  • High-grade manganese (>40%Mn) in 4 holes

  • 51 holes reporting significant manganese greater than 15%

  • Thicknesses of 6m averaging >15%Mn reported in 4 holes

  • Deepest mineralization reported to date at 64m down hole – mineralization open at depth and along strike

  • Heliborne Electro Magnetic (“EM”) survey to commence in July

  • Large drill program proposed for the 2nd half of 2010

  • Iron ore

  • Nickel

  • PGE

47% owner of Uranium explorer Aurora Minerals Ltd (ASX Listed)

Website

www.auroraminerals.com

For information contact:

Investor Relations Manager +61 (0) 402 079 999

Email [email protected]

Table 1: Best intercepts

Hole ID Prospect From To Interval Mn%
CSRC0002 JV 4 6 2 28.6
CSRC0016 5 Fingers 3 6 3 33.3
incl.
CSRC0017
CSRC0018
incl.		 5 Fingers
5 Fingers		 4
5
0
1		 6
11
2
2		 2
6
2
1		 42.3
23.4
39.2
40.1
CSRC0027 M142 12 14 2 32.7
CSRC0076 M101 24 30 6 26.1
incl. 27 28 1 40.0
CSRC0086 M9 17 19 2 30.6
incl.
CSRC0089		 M32 17
23		 18
25		 1
2		 40.4
30.7

For details refer to Appendix 1

The assay results confirm the existence of a number of variably mineralized pods and lenses some of which are high grade. Based on assessment of the drilling the Aurora Board is encouraged to conduct further drilling at a number of key prospects within the Ridge and Laterite Targets.

The initial reconnaissance drilling program focused on the stratiform manganese mineralization in the Ullawarra Formation that strikes for more than 90kms in the Project area (“Ridge Targets”), as well as two examples of lateritized colluvial manganese accumulations (“Laterite Targets”). One metre intercepts of more than 40%Mn were returned in four of the holes while the application of a 15%Mn lower cutoff returned mineralized intercepts in 51 exploration holes. A complete list of these intercepts appears in Appendix 1.

The drilling program, while reconnaissance in nature, was designed to test various targets which typically had been delineated from surface prospecting and rock chip samples. Nineteen individual prospects returned at least 1 hole with >15%Mn intercepts.

A large heliborne EM/magnetics program covering a 50km strike of ridge and a broad alluvial/colluvial apron on either side, is scheduled to begin in July. This is expected to assist in refining the follow-up drilling of the Ridge Targets, particularly where crosscutting structures may focus deeper weathering and supergene enrichment of manganese. It is also targeting accumulations of secondary manganese that may be concealed by recent sediments and in paleochannels (“Detrital Targets”).

Figure 1 shows the regional location map where drilling was undertaken. Figures 2-4 show the drill hole collar locations: red dots indicate holes with drill intercepts of one metre or greater at a lower cutoff of 15%Mn. These results generally confirm the visual assessment as previously reported and provide encouragement for further drilling at a number of key prospects within the ridge and laterite manganese zones

Ridge Targets

Along the ridge, areas of better mineralization (Table 1 and Appendix 1) tend to occur in pods and lenses with mineralization extending from surface to, in places, significant depths including:

  • CSRC0087 - 4m @ 25.2%Mn from 43m (Mango 9 Prospect); and,

  • CSRC0100 - 1m @ 16.5%Mn from 64m (Mango 29 Prospect).

Cross sections through parts of the Joint Venture (ARM 80%), Five Fingers and Mango 9 (ARM 100%) mineralization are shown in Figures 5-7 with significant assays also highlighted. Mineralization is highly variable both along strike and depth with some holes showing significant depth extension as in Figure 5.

The focus of the follow up ridge drilling is likely to include:

  • Detailed drilling around sections which display significant mineralization from the first phase of drilling including Joint Venture and 5 Fingers (Figure 2), and Mango 9 (Figure 3); and,

  • Follow up of targets identified from the airborne EM/magnetic survey due to commence in July

Laterite Targets

Limited reconnaissance drilling to test the laterites which lie downslope immediately to the north of the ridges in an interpreted creek system (Figure 3) reveals up to 6m thickness of >15%Mn (e.g. CSRC0039 - 6m @ 20%Mn from 9m). The manganese mineralization appears highly variable and will likely require detailed follow-up drilling to delineate coherent zones of possible higher grade mineralization.

Detrital Targets

Many creeks and slopes emanating from the ridges within the Project area have been observed to contain high-grade manganese cobbles in the float.

It is anticipated that the detailed EM program may help see through recent soil and creek sediments to where this manganese has possibly concentrated in the creeks or in old buried drainages

Upcoming Work Program

The results of the maiden drilling program provide Aurora with considerable scope for follow-up exploration including further reconnaissance prospecting in areas not already tested, follow up RC drilling in and around zones of higher grade mineralization and testing of any targets anticipated to be generated from the geophysical survey.

It is anticipated that extensive further drilling will be undertaken in the second half of 2010 and lodgement of the necessary approvals, permits and consents for the next drilling program has commenced. Beneficiation studies will also continue which are aimed at investigating the potential to upgrade mineralization to marketable grade.

Dr Robert Taylor Managing Director

Garry O’Hara Martin Pyle Executive Director Executive Director

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Robert S Taylor, a Member of The Institute of Materials, Minerals and Mining and Mr. Garry P O’Hara, a corporate member of the Australasian Institute of Mining and Metallurgy based on information supplied by a number of geological consultants to Aurora Minerals who are corporate members of the Australasian Institute of Mining and Metallurgy including Mr John Jordan the Company’s Chief Operating Officer.

Robert Taylor and Garry O’Hara are both executive directors of Aurora Minerals Limited and consult to the Company through their respective consulting companies Able Kids Pty Ltd and Anketell Pty Ltd.

Robert Taylor and Garry O’Hara have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Robert Taylor and Garry O’Hara consent to the inclusion in the report of the matters based on the information provided to them in the form and context in which it appears. Mr Jordan consents to release of this information in the form and context in which it appears.

The Company’s website www.auroraminerals.com is recommended reading for interested market watchers, brokers and investors. The website contains information on the Company’s projects project maps, a list of the Company’s announcements to ASX, information on Native Title ( including the tenement grant process and heritage surveys) including in the Aurora Minerals Annual Reports and the Desert Energy Prospectus, the legislative environments under which the Company operates, Corporate Governance, a section on risks, many of which are common to exploration companies, and other useful information. A list of the Company’s announcements is also obtainable from the Australian Securities Exchange website at www.asx.com.au

If you would like copies of announcements emailed to you please contact Ken Banks.

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Figure 1: Surface Location Plan
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Figure 2: Mango 9 – 103 Drill Collar Locations

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Figure 3: Far East - Drill Collar Locations

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Figure 4: Five Fingers & JV - Drill Collar Locations

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Figure 5: Joint Venture Cross Section

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Figure 6: Five Fingers Cross Section

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Figure 7: Mango 9 Area Cross Section
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Appendix 1: Table of RC Drill Assays Intercepts >15%Mn*

Hole ID Prospect MGA E MGA N Dip/Azm From To Interval Mn Fe SiO2 Al2O3 P S CaO MgO LOI1000
CSRC0001 JV 539605 7312892 60/180 7 11 4 19.1 25.8 15.5 0.159 0.008 0.29 0.22 11.99
CSRC0002 JV 539752 7312791 60/200 4 6 2 28.6 8.9 26.0 6.08 0.074 0.014 0.40 0.35 11.35
CSRC0003 JV 539854 7312773 60/180 15 16 1 16.8 28.9 10.6 9.10 0.163 0.006 0.20 0.25 13.28
CSRC0005 JV 539687 7312850 60/200 7 8 1 16.2 36.5 6.6 4.49 0.208 0.002 0.35 0.24 12.88
10 11 1 31.8 12.2 19.0 5.76 0.178 0.002 0.29 0.16 12.44
CSRC0006 JV 539548 7312914 60/180 10 11 1 22.1 15.6 28.3 6.44 0.105 0.003 0.17 0.13 10.47
CSRC0007 JV 539505 7312909 60/175 12 14 2 21.9 17.2 28.1 3.56 0.113 0.004 0.20 0.22 11.56
CSRC0008 JV 539260 7312854 60/180 10 11 1 17.4 15.0 34.0 5.86 0.072 0.008 0.54 0.92 10.19
CSRC0009 JV 539411 7312880 60/200 6 8 2 20.0 31.3 9.7 3.21 0.110 0.155 0.39 0.21 11.99
CSRC0010 M124 536180 7313458 60/180 4 5 1 22.9 30.1 6.4 4.06 0.165 0.005 0.31 0.17 13.04
CSRC0015 5 Fingers 535631 7313585 60/180 14 15 1 15.8 25.5 14.2 11.63 0.140 0.007 0.27 0.16 12.11
CSRC0016 5 Fingers 535800 7313497 60/180 3 6 3 33.3 13.1 8.3 5.07 0.063 0.962 2.98 0.37 14.27
including 4 6 2 42.3 9.8 5.9 3.46 0.059 0.145 0.95 0.30 13.58
CSRC0017 5 Fingers 535825 7313512 60/180 5 11 6 23.4 21.5 11.9 9.49 0.098 0.026 0.25 0.17 12.51
CSRC0018 5 Fingers 535829 7313496 60/180 0 2 2 39.2 12.1 7.2 4.41 0.047 0.004 0.27 0.16 13.31
including 1 2 1 40.1 12.0 5.9 4.21 0.048 0.003 0.29 0.17 13.65
CSRC0019 M116 529569 7313785 60/210 2 5 3 13.9 26.5 17.7 9.28 0.148 0.022 0.17 0.23 12.03
CSRC0020 M116 529525 7313795 60/210 2 3 1 15.9 31.1 11.3 6.59 0.410 0.016 0.19 0.16 12.51
CSRC0023 M139 528620 7313864 60/200 11 12 1 17.1 29.6 12.1 5.51 0.187 0.020 0.26 0.20 12.27
CSRC0024 M139 528542 7313897 60/200 14 19 5 14.1 25.2 22.4 7.15 0.204 0.008 0.23 0.21 11.52
CSRC0027 M142 528603 7314053 60/200 12 14 2 32.7 12.3 11.3 8.56 0.042 0.011 0.23 0.26 13.51
CSRC0028 M142 528608 7314076 60/200 18 19 1 16.4 20.4 15.4 13.88 0.029 0.014 0.39 0.58 14.24
CSRC0029 M142 528742 7314080 60/180 13 14 1 16.2 27.6 8.9 12.09 0.041 0.020 0.47 0.72 12.71
21 25 4 21.2 24.3 7.6 10.41 0.096 0.027 0.30 0.43 14.22
CSRC0030 M142 528742 7314125 60/180 22 23 1 23.3 16.8 8.1 14.12 0.026 0.010 0.85 0.97 16.36
25 28 3 16.6 23.0 9.8 14.54 0.052 0.019 0.62 0.90 15.94
CSRC0032 M142 528620 7314120 60/195 29 31 2 21.2 24.4 9.7 9.46 0.131 0.015 0.32 0.34 13.71
34 39 5 15.3 21.8 19.3 10.91 0.128 0.007 0.32 0.36 12.85
CSRC0034 M142 528235 7314244 60/220 5 6 1 18.7 15.9 17.8 15.43 0.018 0.016 0.13 0.21 12.67
CSRC0035 M140 527991 7314387 60/210 5 8 3 18.4 29.2 12.5 6.05 0.039 0.042 0.09 0.10 11.68
CSRC0036 M140 528004 7314407 60/210 13 14 1 17.0 33.9 6.8 6.47 0.101 0.043 0.16 0.19 13.03
CSRC0039 Rob's 527308 7314746 60/210 9 15 6 20.0 16.3 16.1 15.91 0.024 0.019 0.17 0.15 13.38

* internal dilution - maximum 1m intervals between high-grade intervals included

Table of RC Drill Assays Intercepts >15%Mn* (continued)

Hole ID Prospect MGA E MGA N Dip/Azm From To Interval Mn Fe SiO2 Al2O3 P S CaO MgO LOI1000
CSRC0044 M113 526753 7314740 60/200 0 1 1 19.8 12.4 34.7 7.50 0.036 0.006 0.17 0.33 9.38
CSRC0047 M113 526442 7314945 60/200 8 9 1 16.5 16.1 36.1 3.74 0.067 0.004 0.69 0.52 9.68
CSRC0048 M113 526144 7315057 60/180 60 61 1 17.3 12.9 38.8 3.68 0.062 0.004 0.95 2.02 8.85
CSRC0050 M113 525957 7315131 60/200 3 6 3 28.3 18.2 10.9 6.63 0.134 0.005 0.51 0.27 13.68
CSRC0055 M113 524752 7315499 60/200 17 20 3 14.9 20.0 32.3 5.93 0.047 0.010 0.24 0.27 9.27
29 30 1 22.0 11.9 26.2 3.76 0.023 0.003 4.60 2.60 13.51
CSRC0060 M112 524152 7315723 60/200 12 13 1 15.3 21.7 27.6 5.71 0.112 0.026 0.60 0.28 11.21
CSRC0062 M138 523182 7316401 60/210 22 23 1 19.4 22.1 30.7 4.35 0.046 0.020 0.55 0.58 8.84
CSRC0068 M111 522278 7316897 60/180 7 8 1 20.1 30.1 6.9 5.68 0.333 0.028 0.25 0.31 13.22
CSRC0069 M111 522231 7316963 60/240 5 11 6 19.4 30.4 7.6 5.61 0.165 0.012 0.43 0.33 13.14
CSRC0072 M103 516724 7319148 60/225 34 35 1 17.9 13.1 39.5 5.96 0.036 0.015 0.11 0.31 8.42
CSRC0074 M103 516682 7319336 60/225 23 25 2 17.9 17.4 31.5 4.42 0.082 0.004 0.48 0.43 9.83
CSRC0075 M133 516090 7320188 60/220 9 10 1 28.1 17.1 16.1 2.64 0.076 0.004 0.33 0.32 10.78
CSRC0076 M101 515263 7321196 60/225 24 30 6 26.1 15.6 21.5 4.03 0.060 0.015 0.56 0.45 11.03
including 27 28 1 40.0 7.3 14.0 2.96 0.025 0.012 0.62 0.38 11.58
CSRC0077 M101 515263 7321144 60/225 0 1 1 19.9 14.9 30.6 5.91 0.083 0.006 0.46 0.31 9.78
CSRC0078 M101 515079 7321294 60/225 14 15 1 17.0 14.6 34.7 3.51 0.133 0.009 0.55 0.70 12.59
CSRC0080 M101 514999 7321385 60/225 10 11 1 20.5 19.6 23.0 4.24 0.066 0.006 0.64 0.48 12.49
CSRC0082 M134 514468 7321958 60/220 24 26 2 21.3 26.1 16.4 3.60 0.184 0.004 0.26 0.17 11.86
CSRC0083 M9 513273 7323019 60/220 17 22 5 23.5 24.5 9.2 6.45 0.160 0.006 0.61 0.26 13.02
CSRC0084 M9 513200 7323059 60/220 12 13 1 15.3 27.5 13.7 8.88 0.099 0.005 0.64 0.29 12.70
16 17 1 16.3 11.7 38.1 7.17 0.038 0.003 0.54 0.53 9.55
CSRC0086 M9 512992 7323299 60/215 17 19 2 30.6 9.7 20.2 6.61 0.069 0.006 0.70 0.48 11.98
including 17 18 1 40.4 9.6 7.5 5.79 0.073 0.005 0.59 0.28 13.50
CSRC0087 M9 513011 7323336 90/- 44 48 4 25.2 17.2 20.3 5.34 0.095 0.003 0.74 0.29 11.67
CSRC0088 M9 512912 7323417 60/220 24 25 1 17.3 17.4 35.2 5.18 0.072 0.003 0.21 0.13 8.31
CSRC0089 M32 512768 7323600 60/230 23 25 2 30.7 20.4 6.4 5.95 0.127 0.014 0.62 0.27 14.41
CSRC0100 M29 509644 7326943 60/210 64 65 1 16.5 15.9 37.3 4.99 0.049 0.012 0.11 0.45 8.31
CSRC0107 M21 501699 7334433 60/220 40 41 1 18.0 14.4 35.8 6.75 0.064 0.009 0.46 0.72 7.80

* internal dilution - maximum 1m intervals between high-grade intervals included

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