Potential new zone at Parys

RNS Number:2780F
Anglesey Mining PLC
14 June 2001




    14 June 2001

    Potential New Mineral Zone identified at Parys Mountain

    Anglesey Mining plc announces that as a result of ongoing geological
    reassessment carried out during the financial year ended 31 March 2001 it
    has identified potential for a new zone of mineralisation at its Parys
    Mountain property.

    The potential new zone lies at the western end of the property, downdip
    from the White Rock Zone, separated by faulting from the major part of the
    property, within a few hundred metres of the Morris Shaft. It is not
    possible at this time, without further drilling, to estimate the size or
    grade of the new zone.

    Anglesey Mining plans as soon as possible to undertake financing for a
    drilling programme to explore its exploration targets which have the
    potential to transform Parys Mountain into a very significant mineral
    deposit.

    Summary

      + Two studies during the last year have led to the identification of a
        previously unrecognised potential new zone of mineralisation.
      + The potential new zone is believed to be comparable to the Northern
        Copper Zone (a lens of disseminated / semi-massive sulphide estimated
        in the 1960s to contain 30,000,000 tonnes averaging 0.7% copper, with
        minor zinc and lead) which lies to the north and downdip of the
        Carreg-y-Doll Zone from which almost all of the historic underground
        mining took place throughout the first half of the nineteenth century.
      + The potential new zone lies to the west and downdip of the White
        Rock Zone (which contains a possible mineral resource of 1.5 million
        tonnes with grades averaging 5.81% zinc, 3.02% lead and 0.41% copper)
        within the same stratigraphic relationship to the White Rock Zone as
        the Northern Copper Zone has to the Carreg-y-Doll Zone.
      + The potential new zone is believed to have been intersected by a
        single isolated drill hole, A-32, drilled in 1978, and which recorded
        an intersection of 6.56 metres averaging 5.06% zinc, 2.44% lead and
        0.41% copper.
      + The significance of the intersection in Hole A-32 was not realized
        until recent re-examination of the drill logs.
      + The potential for a continuation of the mineralisation intersected
        in Hole A-32 is considered excellent.

    The identification of this potential new zone is very important to
    Anglesey Mining for a number of reasons:

      + It opens up a second major exploration target, and new zone, to the
        west.
      + The upper part of this potential new zone lies at reasonable depth
        and within close proximity to the existing shaft.
      + The identification of this new zone confirms yet again the
        unexplored potential of the entire Parys Mountain property.

    Contacts :
    Ian Cuthbertson                           John F. Kearney
    Company Secretary                         Chairman
    (44)1248 361333                           (1)416 362 6686

Anglesey Mining (LSE:AYM)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024