REG-Anglesey Mining Plc: Parys Mountain Progress Report

Anglesey MiningAnnouncement

19/06/2023 07:15

 

 

Trading Symbol

AIM: AYM

 

19th June 2023

 

Anglesey Mining plc

(“Anglesey” or “the Company”)

 

Parys Mountain Progress Report

 

Anglesey Mining plc (AIM:AYM), the UK minerals development company, is pleased
to provide an update on progress at the Company’s Parys Mountain
Cu-Zn-Pb-Ag-Au project located on the Isle of Anglesey.

 

Highlights
* The Company has commenced the design, planning and logistics for the first
round of infill drilling into the Northern Copper Zone (“NCZ”) since 1974.
The proposal is based on 6 drillholes (3,700m) to infill portions of the
current resource and to provide verification of the historical drilling. The
drilling will also be testing for extensions of the nearby, high-grade Garth
Daniel and Central Zones. 
* The NCZ has a 2012 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. The internal resource estimate from the early 1970’s was
>30Mt at 0.81% Cu, which excluded any by-products. 
* The 6 proposed holes could potentially provide up to 14 pierce points across
the NCZ, the Garth Daniel Zone and the Central Zone, based on current
interpretations. The Company expects the rig to be mobilised to site sometime
in August with the programme potentially taking up to 25 weeks.
* The Company has also been informed by our retained mineral processing
consultancy firm, Grinding Solutions Limited (“GSL”), that the
metallurgical testwork will commence in late June and will take approximately
10 weeks to complete. This testwork has been designed to determine which
pre-concentration method is the most optimal process to go into the plant
design (Dense Media Separation or XRT ore-sorting). 
* The Company dispatched a 340kg sample to GSL comprising a blend of White
Rock and Engine Zone with a combined head-grade of 0.42% Cu, 3.60% Zn, 3.08%
Pb, 49g/t Ag and 0.7g/t Au (3.4% CuEq). The blend as delivered is 3.3 (White
Rock) to 1.0 (Engine Zone), similar to the contribution that is expected to be
delivered from the mine in the early years, prior to the Northern Copper Zone
commencing.
* Subsequent to the previously announced Pre-Application Consultation in April
2023, the Company has now received the responses from the statutory
consultees. These responses will be reviewed and included in the Environmental
Impact & Social Assessment (“EISA”) Scoping Document, which will form the
basis for the EISA that is required to be submitted as part of the planning
consent process.
* Other environmental work recently undertaken includes additional day and
night wildlife surveys and preparations for the commencement of the
groundwater survey, which will feed into both the infrastructure foundation
designs and the dry-stack tailings engineering studies.
Jo Battershill, Chief Executive of Anglesey Mining, commented: “We are very
pleased to provide this update on the Company’s Parys Mountain base and
precious metals project. The proposed drilling of the Northern Copper Zone is
very exciting and could potentially lead to a significant portion of the
deposit being upgraded into the Indicated category, while also delivering some
broad widths of copper mineralisation into a copper hungry market. Historical
drilling hits included 146.3m at 1.0% Cu, 0.2% Pb, 0.3% Zn and 7g/t Ag, and
86.4m at 0.9% Cu.”

“The programme has been designed to also test for extensions to the Garth
Daniel and Central Zones where previous drilling has identified very
high-grade zones that are just a short distance from the Northern Copper Zone.
Very few of the historical intersections were incorporated into the current
mineral resource estimate, so any success on these zones could have very
positive implications on future resource updates. Historical drilling
intersections include 5.2m at 3.3% Cu, 6.2% Pb, 11.7% Zn, 434g/t Ag and
0.23g/t Au in the Garth Daniel zone and 3.8m at 8.3% Cu and 32g/t Ag in the
Central Zone.”

“We are cognisant that the market for junior resources remains very
difficult. However, with an advanced base metals project located in the UK,
the Board believes Anglesey Mining can differentiate itself from the pack.”

Parys Mountain

 

The Parys Mountain Project is located on the Isle of Anglesey in North Wales.
The deposit is a volcanogenic massive sulphide (“VMS”) containing elevated
levels of Cu, Zn, Pb, Ag and Au. The current resource estimate is 16.1 Mt @
1.0% Cu, 1.3% Zn, 0.7% Pb, 15g/t Ag & 0.2g/t Au and contains almost 500,000t
of combined Cu, Zn and Pb along 8.0Moz of silver and over 100,000oz of gold.
The resources are contained within five key zones - White Rock, Engine Zone,
Deep Engine Zone, Garth Daniel and the Northern Copper Zone (Figure 1).

 


 Figure 1 – Schematic long section of the Parys Mountain deposit showing
the different mineralised zones, the extent of existing drilling and the two
sections to be drilled

 

The deposit is interpreted to be hosted within an overturned synclinal
structure with some subsequent thrust faulting. Mineralisation is associated
with rhyolites that have been intruded into a sedimentary sequence – the
modern-day analogy for VMS deposits are ‘black smokers’ found on the
seabed.

 

Drilling has been designed to infill two sections of the Northern Copper Zone
– 4600mE and 4800mE as shown on Figure 1. Due to the orientation of the
deposits, extending the Northern Copper Zone infill holes will also allow for
additional testing of the high-grade Garth Daniel zone (Inferred resource of
0.34Mt @ 5.8% Zn, 2.8% Pb, 1.9% Cu, 66g/t Ag and 0.1g/t Au). Two of the holes
will also drill through the interpreted position of the ‘Central Zone’,
which has previously been identified by limited drilling but does not have a
resource estimate – previous holes within the Central Zone include
intersections of 6.7m @ 2.4% CuEq, 3.8m @ 8.6% CuEq, 1.3m @ 2.8% CuEq and
broader hits of 28m @ 0.82% CuEq and 35m @ 0.75% CuEq.

The holes proposed for this programme are detailed in the table below and in
figures 2 and 3, and may be subject to change.


Table 1 – Parys Mountain drill hole proposal

 

Figure 2 – Schematic cross section through 4600mE showing geology
interpretation, existing drill holes and proposed drilling

 


 

Figure 3 – Schematic cross section through 4800mE showing geology
interpretation, existing drill holes and proposed drilling

 

About Anglesey Mining plc

Anglesey Mining is traded on the AIM market of the London Stock Exchange and
currently has 379,809,689 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

 

 RNS Parys Mountain update (https://mb.cision.com/Public/22377/3771361/a3bff3cdd5a59ea8.pdf)  



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