I had an ice axe in my hands, went to inventory and choose drink all on a bottle of water, but I had no room for ice axe to store it to when drinking so it should have been put on the ground. But just after I clicked the drink all menu I mispressed keys and went running (maybe sprinting) before the drinking animation kicked in and I stopped. When drinking animation was finished, the axe was nowhere to be found.

It happened on a fairly plain grass land away from structures.