Anglesey Mining PLC New JORC compliant resource estimate for Parys Mountain


 
TIDMAYM 
 
Anglesey Mining plc 
 
 
29 November 2012 
 
New JORC compliant resource estimate for Parys Mountain 
 
   First property-wide JORC Code compliant resource estimates 
   Ample scope for significant additions to the resources reported 
   Plans for additional development and drilling under consideration 
   Scoping study to be delivered shortly 
 
Anglesey Mining plc ("Anglesey") is pleased to report that a JORC 
Code-compliant Mineral Resource estimate has now been prepared for its Parys 
Mountain copper-lead-zinc project in North Wales as follows. 
 
Parys Mountain Mineral Resource estimate at $80 per tonne GMPV* Cut-Off 
 
Zone            Category      Tonnes    Cu %  Pb %  Zn %   Ag g/t   Au g/t 
 
 
Engine          Indicated     489,000   1.38  2.61  4.99    92.8     0.5 
 
                Inferred      121,000   1.74  3.42  6.74    70.0     0.5 
 
Deep Engine     Inferred      618,000   1.95  1.90  4.22    23.0     0.2 
 
White Rock      Indicated    1,625,000  0.34  2.05  3.84    33.0     0.5 
 
                Inferred      534,000   0.38  1.93  4.04    41.0     0.4 
 
Garth Daniel    Inferred      299,000   2.06  3.07  6.43    75.0     0.2 
 
Northern        Inferred     2,542,000  1.48  0.56  0.94    6.0      0.4 
 
Total           Indicated    2,114,000  0.58  2.18  4.11    46.0     0.5 
 
                Inferred     4,114,000  1.46  1.20  2.40    20.0     0.3 
 
Source: Micon. GMPV (gross mineral product value) based on Cu $3.50/lb, Pb 
$1.00/lb, Zn $0.90/lb, Ag $33/oz, Au $1700/oz; 
*GMPV described below 
 
The resource estimate has been prepared by Micon International Co Limited 
("Micon").  Anglesey is very pleased that the estimate shows continuity in the 
Garth Daniel and Northern zones, which are now far better defined than in the 
former estimates. 
 
This new estimate follows a previous report by Micon in 2007 that dealt only 
with the White Rock deposit.  The current estimate includes all the known 
contiguous deposits on site and is reported on a JORC Code-compliant basis. 
With the exception of the 2007 White Rock estimate, the previous resource was 
historical (estimated in 1990) and was not JORC Code-compliant.  In now 
reporting all estimates on a JORC Code-compliant basis the project has been 
brought up to date and put in a position to be properly recognised for future 
funding. 
 
Anglesey is particularly pleased with the work on the Garth Daniel Zone and the 
Northern Zone. The Garth Daniel zone had been partially identified in 1990 but 
benefitted from a further drilling programme in 2005 and 2006.  The current 
estimate draws all this information together. The Northern Zone was previously 
poorly identified and without any significant continuity. Micon has now shown 
such continuity to exist and has defined a major resource for two discreet 
overlapping structures. 
 
There are several other areas on Parys Mountain that have had exploration and 
drilling carried out on them that have not been included in these estimates. 
These include the area between the Deep Engine Zone and Garth Daniel, and the 
area around the Pearl Engine House that was drilled earlier this year.  These 
and other targets will be subject to additional exploration in the future, and 
it is hoped that additional data will enable further continuity to be 
demonstrated with subsequent additions to the resource base. Anglesey believes 
there is ample scope for significant additions to the resources reported here. 
 
At the appropriate time it is planned to carry out additional development and 
drilling to bring some or all of the Inferred mineral resource in to the 
Indicated mineral resource category.  This will be dependent on funding and, in 
some cases, underground access to these areas. 
 
Bill Hooley Chief Executive said "We are very encouraged by the indications at 
the lower cut-off levels that both the White Rock and the Northern zones could 
develop into large albeit lower grade deposits that may be amenable to bulk 
mining. We still intent to look to look to the upper levels of White Rock and 
the Engine zones for initial development but we now have a clear target for a 
more substantive operation at Parys Mountain than previously contemplated." 
 
In producing its estimates, Micon has followed all the normal procedures 
required to make a JORC Code-compliant estimate. These have included a 
validation of the drill hole database, construction of wireframes around the 
various deposits, basic statistical analysis of the resultant assay data to 
identify the extent to which top-cutting was required, the basis for assay 
compositing, detailed variography analysis to identify the principal trends of 
the mineralisation, appropriate block sizes to represent the volume of the 
mineralisation and a determination of the appropriate search ellipsoid to be 
applied for grade interpolation in each deposit.  Grade interpolation using 
Ordinary Kriging was then applied to the block model and the data was 
validated.  Specific gravity data was reviewed to develop bulk densities for 
tonnage calculations. 
 
A mineral resource estimate was then made based on a suite of metal prices. 
These metal prices were assigned to each block and the sum of the products of 
these prices and the various block grades produced a single Gross Metal Product 
Value ("GMPV") value for each block.  Micon reported the mineral resources by 
category following the guidelines of the JORC Code, for a range of GMPV cut-off 
values from $0 per tonne to $200 per tonne. 
 
Anglesey is now reporting these resources at both the $0 per tonne level and at 
the $80 per tonne level.  The former shows the total geological resource on the 
site identified to date and the latter an indication of what is more likely to 
be available for mining following a detailed economic analysis.  Subsequent to 
this notice and for the time being Anglesey will report only on the higher 
cut-off in its public disclosures. 
 
The resource estimate methodology employed now is quite different from that 
used in 1990 and provides a higher degree of confidence than previously 
enjoyed.  This methodology has resulted in differing grade:tonnage combinations 
than previously reported, but these are generally compatible with the old 
estimates. 
 
The following tables show these results: 
 
Parys Mountain Mineral Resource estimate at $0 per tonne GMPV Cut-Off 
 
Zone        Category    Tonnes   Cu % Pb % Zn % Ag g/t Au g/t GMPV $/t 
 
Engine      Indicated  500,000   1.35 2.57 4.91  91.2   0.5     249 
 
            Inferred   121,000   1.73 3.42 6.73  70.    0.5     289 
 
            Ind + Inf  621,000   1.43 2.73 5.26  87.0   0.5     257 
 
Deep Engine Inferred   620,000   1.95 1.90 4.21  22.0   0.2     201 
 
White Rock  Indicated 6,568,000  0.23 0.99 1.86  20.3   0.3      73 
 
            Inferred  1,874,000  0.25 0.99 2.00  23.3   0.2      76 
 
            Ind + Inf 8,442,000  0.23 0.99 1.89  21.0   0.2      73 
 
Garth       Inferred   419,000   1.63 2.25 4.72  54.0   0.1     216 
Daniel 
 
Northern    Inferred  15,725,000 1.10 0.17 0.28  5.0    0.1      68 
 
Total       Indicated 7,068,000  0.31 1.10 2.08  25.3   0.27     85 
 
            Inferred  18,759,000 1.06 0.37 0.72  8.8    0.11     78 
 
            Ind + Inf 25,827,000 0.85 0.57 1.09  13.0   0.2      80 
 
 
Source Micon.  GMPV based on Cu $3.50/lb, Pb $1.00/lb, Zn $0.90/lb, Ag $33/oz, 
Au $1700/oz 
 
 
Parys Mountain Mineral Resource estimate at $80 per tonne GMPV Cut-Off 
 
Zone         Category   Tonnes   Cu % Pb % Zn % Ag g/t Au g/t GMPV $/t 
 
Engine       Indicated  489,000  1.38 2.61 4.99  92.8   0.5     254 
 
             Inferred   121,000  1.74 3.42 6.74  70.0   0.5     290 
 
             Ind + Inf  610,000  1.45 2.77 5.34  88.3   0.5     261 
 
Deep Engine  Inferred   618,000  1.95 1.90 4.22  23.0   0.2     202 
 
White Rock   Indicated 1,625,000 0.34 2.05 3.84  32.5   0. 5    134 
 
             Inferred   534,000  0.38 1.93 4.04  41.1   0.4     140 
 
             Ind + Inf 2,159,000 0.35 2.02 3.89  35.0   0.4     136 
 
Garth Daniel Inferred   299,000  2.06 3.07 6.43  75.0   0.2     287 
 
Northern     Inferred  2,542,000 1.48 0.56 0.94  6.0    0.4     112 
 
Total        Indicated 2,114,000 0.58 2.18 4.11  46.5   0.5     162 
 
             Inferred  4,114,000 1.46 1.20 2.40  20.0   0.3     147 
 
             Ind + Inf 6,228,000 1.16 1.54 2.98 29.0   0.4    152 
 
Source Micon.  GMPV based on Cu $3.50/lb, Pb $1.00/lb, Zn $0.90/lb, Ag $33/oz, 
Au $1700/oz 
 
 
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)20 3440 6800; 
Emily Fenton / Jos Simson:  Tavistock Communications +44 (0)20 7920 3155 
 
 
 
END
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