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

Anglesey MiningAnnouncement

13/12/2023 09:00

 

 

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

 

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