Trading
Symbol
AIM:
AYM
5th
December 2023
Anglesey
Mining plc
(“Anglesey”
or “the Company”)
Parys
Mountain – Northern Copper Zone Drilling Update
Anglesey
Mining plc (AIM:AYM), the UK minerals development company, is
pleased to provide an update on the Northern Copper Zone drilling
at the Company’s Parys Mountain Cu-Zn-Pb-Ag-Au project, located on
the Isle of Anglesey.
Highlights
-
Drilling
of NCZ001 commenced on 27th
October
with a targeted end of hole depth at 650 metres. As at close of
business on Sunday 3rd
December,
the hole was at a depth of 545 metres. We expect this first drill
hole to be complete over the next week before moving onto
NCZ002.
-
Initial
logging of NCZ001 suggests that sulphide mineralisation within the
Northern Copper Zone commenced at a downhole depth of around 350
metres, in-line with the Company’s modelled interpretation.
Sulphides of varying amounts have been logged from 350 metres to
the current depth.
-
Drilling
remained in the Northern Shale host of the Northern Copper Zone
until around 400 metres downhole depth before transitioning into
the intrusive rhyolites, both units contain varying degrees of
sulphides.
-
Cutting
and sampling of core has already commenced with first samples
expected to be delivered to the assay laboratory before the
Christmas break, with results currently expected to be received
during Q1 2024.
Jo Battershill, Chief Executive of Anglesey Mining,
commented:
“The
initial core from the Northern Copper Zone would appear to be very
encouraging on two fronts. Firstly, the geological model used to
target the mineralised zones has been very accurate thus far; and
secondly, we are seeing a significant amount of quartz veins within
the system that we have interpreted to be the Northern Copper Zone.
These quartz veins contain encouraging amounts of chalcopyrite,
sphalerite, and galena – the key minerals that host copper, zinc
and lead. The samples from this drill hole will be sent off to the
assay laboratory as soon as possible and we look forward to
potentially receiving the results during Q1 2024.”
“This
current drilling program has been designed to infill some of the
upper levels of the Northern Copper Zone to potentially upgrade the
resource categorisation from Inferred to Indicated. This will allow
the Northern Copper Zone to be included in the planned
Pre-Feasibility Study and potentially lead to an optimised
development scenario relative to that proposed in the 2021
Preliminary Economic Assessment (PEA). We believe there is
potential for the Northern Copper Zone to be accessed significantly
quicker than envisaged in the PEA, which would bring meaningful
levels of copper into the revenue stream much earlier than
currently modelled.”
“We
continue to believe The Northern Copper Zone at Parys Mountain has
enormous potential. The original in-house resource estimate of over
30Mt back in 1970 highlights just how extensive this zone of
mineralisation is. This drilling is the first look at the deposit
for many years and is providing very valuable
information.”
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
Andrew King, Interim-Chairman – Tel: +44 (0)7825
963700
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