Anglesey Mining PLC Parys 2012 drilling results
30 Juillet 2012 - 8:35AM
UK Regulatory
TIDMAYM
Anglesey Mining plc LSE:AYM
30 July 2012
Parys 2012 drilling results
Anglesey Mining plc is pleased to report that it has now completed the diamond
drilling programme at Parys Mountain that was initiated in January 2012. The
programme consisted of 12 drill holes totalling almost 2,000 metres of core
drilling. Assay results have now been returned for the first ten of these
holes.
The programme was divided into three stages:
Upper Engine Zone
The first stage targeted the upper levels of the Engine Zone which comprised a
major portion of the resources identified at and below the bottom of the Morris
Shaft. This part of the programme was designed to test the upward continuity of
the Engine Zone through to surface. Each of the seven holes in this stage
intersected the Zone and significant assays were recorded in the deepest two
holes. The remaining five holes all showed fairly narrow and relatively low
grade intersections.
Details of the most significant intersections in this stage are shown in the
following table:
------------------------------------------Intercepts------------------------------------------------
Hole Total From To Width Cu Pb Zn Ag Au Combined
number Depth m m m % % % ppm ppm %
CZ14 246 203.2 210.3 7.1 0.8 3.2 5.3 47 1.7 9.3
Including: 204.4 205.6 1.2 1.8 7.5 12.7 93 3.3 22.0
CZ15 236 171.2 175.0 3.8 2.1 4.6 8.0 141 0.6 14.7
Including: 171.7 173.0 1.3 4.8 10.9 18.5 153 0.5 34.2
CZ16 136 42.8 43.4 0.6 0.3 1.0 2.0 8 0.1 3.3
CZ17 79 48.4 48.9 0.5 0.4 0.0 0.0 0 0.1 0.4
CZ18 78 24.8 27.1 2.3 0.4 0.6 1.2 9 0.0 2.2
32.4 33.6 1.2 0.0 0.5 1.1 4 1.6 1.6
CZ19 25 12.4 14.5 2.1 0.1 0.4 1.0 6 0.0 1.5
CZ20 66 39.2 41.2 2.0 0.1 0.8 1.2 31 0.2 2.1
It is evident that the Engine Zone does persist upward from the originally
identified location but does not appear to continue through to surface at
economic grades and widths. These holes have now been added to the Engine Zone
drill data base and will form part of a JORC compliant resource estimate which
is currently in the course of production.
This upward extension of the Engine Zone lies in relatively close proximity to
the White Rock Zone and could be mined from an underground decline in
association with production from White Rock and would provide an important
bonus to the potential economics of an initial White Rock production
programme. These results are now being included as part of major update to the
White Rock Scoping Study and the results are expected in the autumn.
Great Open Cast Area
The second stage of drilling comprised two holes on the edge of the old open
pit to explore the potential of the Engine Zone horizon at the base of the
rhyolite succession, beneath the mineralisation hosted by the Central Shales
and which in some areas was mined historically in the Great Open Cast. If this
area proves of interest it could eventually be reached via underground drives
from the Morris Shaft associated with potential development of the main Engine
Zone
Details of the major intersections in this stage are shown in the table below:
------------------------------------------Intercepts------------------------------------------------
Hole Total From To Width Cu Pb Zn Ag Au Combined
number Depth m m m % % % ppm ppm %
AMC20 282 72.2 77.4 5.2 1.8 0.5 1.0 7 0.1 3.3
Including: 72.2 74.6 2.4 2.9 1.0 2.2 14 0.1 6.1
AMC21 276 70.6 72.6 2.0 0.2 0.3 1.6 4 0.1 2.1
These results whilst not high grade do give an indication of some potential for
this area and additional drilling associated with these structures may be
planned for later in the year from the northern edge or bottom of the Great
Open Cast.
New Pearl Engine House area
The final stage of the programme consisted of three holes drilled on the
eastern boundary of the property to test areas of the Northern Copper Zone that
historically were partially exploited in this area. AMC22 was drilled at 65
degrees inclination, AMC23 at 75 degrees inclination and AMC24 was vertical,
all from the same site. Assay results from the first of these holes have been
received and are shown in the following table. Results from the last two holes
are expected in several weeks.
------------------------------------------Intercepts-----------------------------------------------
Hole Total From To Width Cu Pb Zn Ag Au Combined
number Depth m m m % % % ppm ppm %
AMC22 161 111.0 113.0 2.0 2.5 0.0 0.0 0 0.0 2.5
138.8 153.7 14.9 1.1 1.2 2.0 11 0.1 4.3
Including: 145.6 149.6 4.0 2.6 2.6 6.2 20 0.3 11.4
AMC23 185 No assay results to hand
AMC24 212 No assay results to hand
These are very encouraging results and further work on this area will be
considered when the final assay results are received.
Summary
All the stages of this programme are considered to have been successful.
Whilst it was a little disappointing that the Engine Zone could not be
established at economic grades and widths at higher levels, nevertheless the
results in the first two holes did extend the potentially viable zone upwards
and will enable a combined White Rock - Upper Engine Zone mining operation to
be reviewed in a very positive light.
The work in the Great Open Cast was always somewhat speculative in nature but
has provided an opportunity to develop additional resources that could be
developed in conjunction with a production operation based on the Morris Shaft.
The Pearl area drilling is particularly encouraging as it opens up an area that
is more than one kilometre away from the Morris Shaft and in conjunction with
previous results from the Garth Daniel area which lie midway between the Pearl
Engine House and Morris Shaft locations demonstrates that mineralisation at
potentially economic grades and widths persists across the entire property.
This can only generate further optimism and interest in the overall potential
for Parys Mountain.
About Anglesey Mining plc
Anglesey holds 26% of Toronto-listed Labrador Iron Mines Holdings Limited which
is now producing iron ore from its James deposit, one of LIM's twenty direct
shipping iron ore deposits in western Labrador and north-eastern Quebec.
Anglesey is also carrying out development and exploration work at its 100%
owned Parys Mountain zinc-copper-lead deposit in North Wales, UK where there is
estimated to be a total historical resource in excess of 7 million tonnes at
over 9% combined copper, lead and zinc.
For further information, please contact:
Bill Hooley, Chief Executive +44 (0)1492 541981;
Ian Cuthbertson, Finance Director +44 (0)1248 361333;
Samantha Harrison / Klara Kaczmarek: RFC Ambrian +44 (0)2076 344700;
Emily Fenton / Jos Simson: Tavistock Communications +44 (0)20 7920 3155
END
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