Left-side metal radical, the side-form of 金. Anchors 锚 in the metal family - ship anchors are iron, so the radical fits straightforwardly. Same family: 钉 (nail), 锁 (lock), 锤 (hammer), 链 (chain) - all iron-and-tool words.
Right side 苗 supplies the sound - miáo drifting to máo through a regular vowel shift. The grass-over-field picture of 苗 is a young plant pushing up through a field; the anchor's fluke and shaft visually echo that shape. Same phonetic: 描, 瞄.
