Trading
Symbol
AIM:
AYM
13th
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
-
Further
to the Company’s previous announcement on
5th
December,
Anglesey is pleased to confirm that the drilling of first drill
hole into the Northern Copper Zone (NCZ001) was completed on
11th
December
at a depth of 635 metres, broadly in-line with the Company’s
expectations.
-
Drill
hole NCZ001 was modelled to intersect two zones of potential
sulphide mineralisation – the first between 365 – 510 metres,
relating to the Northern Copper Zone; and the second between 610 –
620 metres interpreted to be an extension of the high-grade Garth
Daniel Zone.
-
Visual
logging of NCZ001 suggests two zones of sulphide mineralisation
were intersected with the Northern Copper Zone interpreted to be
between 351 - 540 metres and a second zone, potentially the Garth
Daniel Zone, between 560 – 586 metres (all downhole
depths).
-
As
expected, the interpreted Northern Copper Zone has varying levels
of sulphide accumulation. This was also the case with drilling in
the 1970’s with the nearest hole to NCZ001 intersecting two higher
grade zones of 22.9m @ 1.20% Cu
(1.42% CuEq) and 85.3m @ 1.13% Cu
(1.40% CuEq) within a broader zone of 146m @ 0.98% Cu (1.20% CuEq) – no gold assaying
was conducted on that drill hole.
-
The
lower zone of sulphide accumulation between 560 – 586 metres
demonstrates areas with very high levels of chalcopyrite, as
highlighted in the picture below.
-
Logging
and sampling of NCZ001 has been ongoing since the commencement of
drilling and there are c.300 samples now ready for dispatch to the
assay lab. The company expects the first batch to be delivered to
the assay laboratory before the Christmas break, with results
currently expected to be received during Q1
2024.
-
The
second drill hole, NCZ002 is expected to be collared this week.
Target zones are modelled at 330 – 420 metres (Northern Copper
Zone) and 610 – 620 metres (Garth Daniel
Zone).
Jo Battershill, Chief Executive of Anglesey Mining,
commented:
“We
are very pleased to have finished the first drill hole into the
Northern Copper Zone and get confirmation of both our geological
and mineralisation models. The mineralisation from the lower zone,
currently interpreted to be the Garth Daniel Zone, is particularly
encouraging. As previously disclosed, 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.”
“The
next hole in the program is designed to step out 200 metres to the
southwest and provide infill drilling pierce points within the
Northern Copper Zone. Converting
the upper levels of the Northern Copper Zone from the Inferred
category to the higher confidence Indicated category is the key
objective of this program. Our current planning is to drill two
holes from the new-collar position to reduce any down time between
holes – changing the angle of the rig should ensure the targeted
pierce points are achievable.”
“We
were originally planning on completing the downhole Muon survey on
NCZ001; however, a zone of broken ground at a depth of 390 metres –
interpreted to be large fault – would present a risk to the survey
tool and increases the chance of losing the tool down the hole.
Subsequently, we will aim to conduct the Muon survey upon
completion of the next hole.”
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