Trading
Symbol
AIM:
AYM
26th October 2023
Anglesey
Mining plc
(“Anglesey”
or “the Company”)
Parys Mountain – Exploration and Drilling
Update
Anglesey
Mining plc (AIM:AYM), the UK minerals development company, is
pleased to report that the drilling rig for the upcoming Northern
Copper Zone (NCZ) infill program has been mobilised and has arrived
at the Company’s Parys Mountain Cu-Zn-Pb-Ag-Au project, located on
the Isle of Anglesey. Drilling
is expected to start on 27th October.
Highlights
-
The
drilling program is planned for 6 drillholes (c.3,700m) to infill certain zones of the resource and
to provide verification of the historical drilling and is expected
to take up to 25 weeks to complete.
-
The
overall objective of this program is to upgrade a significant zone
of the NCZ from the Inferred to Indicated category for use in the
planned Pre-Feasibility Study. The drilling will also be testing
for extensions of the nearby, high-grade Garth Daniel and Central
Zones.
-
The
NCZ has a 2012 Inferred resource estimate of 9.4Mt at 1.27% Cu,
plus minor Au, Ag, Zn and Pb credits (1.6% CuEq) – although very
few holes were assayed for all the metals.
A
historical resource estimate by a prior operator from the early
1970’s was >30Mt at 0.81% Cu, (not compliant) and did not
include assays of any by-products.
-
The
6 proposed holes could potentially provide multiple pierce points
across the NCZ, the Garth Daniel Zone and the Central Zone, based
on current interpretations.
-
The
proposed Muon
Tomography survey at
Parys Mountain has been redesigned
and will now be conducted utilising the first completed drill hole
in upcoming Northern Copper Zone infill
program.
-
Conducting
the muon survey on this first drill hole, which is targeting a
depth of 600 metres, will provide significantly greater coverage
than the originally planned survey that would have utilised the
300-metre-deep Morris Shaft.
Jo Battershill, Chief Executive of Anglesey Mining,
commented:
“We
are very excited to see what the Northern Copper Zone drilling will
deliver. The potential to upgrade portions of the resource into the
Indicated category will provide significantly higher confidence
going into the next round of mine designs and study
work”.
“The
delayed mobilisation of the drilling rig has enabled us to
reschedule the overall work program, including a review of the
proposed muon tomography survey. Our technical partner, Central
Alliance, will now conduct the initial survey utilising the first
600 metre drill hole to be completed in the upcoming program. By
using the deeper drill hole, the survey will ultimately provide
significant additional coverage over and above the original plan of
using the shallower Morris Shaft and will include the large
disseminated Northern Copper Zone and the Garth Daniel and Central
Zones, both of which consist of higher-grade massive sulphide
zones. The
identification of potential extensions to any of these zones would
provide additional targets for future drilling
programs.”
“In
addition, we expect to receive the results from the White Rock and Engine Zone metallurgical
testwork over the next month. This will also provide important
information for the overall plant design.”
About Anglesey Mining plc
Anglesey
Mining is traded on the AIM market of the London Stock Exchange and
currently has 420,093,017 ordinary shares on issue.
Anglesey
is developing its 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au deposit
in North Wales, UK with a reported
resource of 5.3 million tonnes at over 4.0% combined base metals in
the Measured and Indicated categories and 10.8 million tonnes at
over 2.5% combined base metals in the Inferred
category.
Anglesey
also holds an almost 50% interest in the Grängesberg Iron project
in Sweden, together with
management rights and a right of first refusal to increase its
interest to 100%. Anglesey
also holds 12% of Labrador Iron Mines Holdings Limited, which
through its 52% owned subsidiaries, is engaged in the exploration
and development of direct shipping iron ore deposits in
Labrador and Quebec.
For
further information, please contact:
Anglesey
Mining plc
Jo Battershill, Chief Executive – Tel: +44 (0)7540
366000
John Kearney, Chairman – Tel: +1 416 362 6686
Davy
Nominated
Adviser & Joint Corporate Broker
Brian Garrahy / Daragh O’Reilly – Tel: +353 1 679
6363
WH
Ireland
Joint
Corporate Broker
Katy Mitchell / Harry Ansell
– Tel: +44 (0) 207 220 1666
LEI:
213800X8BO8EK2B4HQ71