REG-Anglesey Mining Plc: Parys Mountain - Exploration and Drilling Update

Anglesey MiningAnnouncement

26/10/2023 10:00

 

 

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



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