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).
![](https://mb.cision.com/Public/22377/3771361/b3b29d4416e551da_800x800ar.png)
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.
![](https://mb.cision.com/Public/22377/3771361/a19d3191b02f07e3_800x800ar.png)
Table 1 –
Parys Mountain drill hole proposal
![](https://mb.cision.com/Public/22377/3771361/b32590fa4b0d5655_800x800ar.png)
Figure 2 –
Schematic cross section through 4600mE showing geology
interpretation, existing drill holes and proposed
drilling
![](https://mb.cision.com/Public/22377/3771361/912d17316c1373f1_800x800ar.png)
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