REG-Anglesey Mining Plc: Parys Mountain - Northern Copper Zone Drilling Update

Anglesey MiningAnnouncement

05/12/2023 07:15

 

 

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

 

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