Trading
Symbol
AIM:
AYM
20th
February 2024
Anglesey
Mining plc
(“Anglesey”
or “the Company”)
Northern
Copper Zone Drilling Update - Broad Zone of Sulphides
Intersected
in
Hole NCZ002
Anglesey
Mining plc (AIM:AYM), is pleased to provide an update on the
Northern Copper Zone (‘NCZ’)
Mineral Resource delineation drilling program at the Parys Mountain
Cu-Zn-Pb-Ag-Au VMS project on the Isle of Anglesey in NW Wales.
The
2023/2024 exploration drilling campaign has been designed to verify
the reliability of historical drill holes and infill gaps in the
drilling that will be used to update the Parys Mountain Mineral
Resource Estimate.
Drill hole
NCZ002 was recently completed with a 107m (apparent thickness) zone of visible
sulphides identified between 413m –
520m downhole. The
hole was designed as an infill hole between two pierce points from
the previous drilling programme undertaken at the site in the 1970s
that intersected broad zones of mineralisation - 91m grading 0.9% copper equivalent
(‘CuEq’)
and 75m grading 0.8% CuEq - both of
which reported higher grade zones including 43m grading 1.2% CuEq and 26m grading 1.3% CuEq.
Samples
from NCZ002 were dispatched to the ALS laboratory in Ireland on 16th
February
and the results are expected within a few weeks. Based on the
encouraging intersection of visible sulphides and the promising
assay results from NCZ001 (as detailed in the announcement released
by the Company on 19th
January 2024), it is anticipated that the assay results will
confirm the continuity of the Cu-Zn-Pb-Ag-Au mineralisation at
Parys Mountain. Drilling
of the third drill hole in this latest programme, NCZ003, has
commenced with 200m drilled to
date.
Key
takeaways from the drilling results so far
include:
-
Further
verification of the existing Parys Mountain geological
model.
-
Significant
high-grade widths of polymetallic mineralisation identified along
the contact with the Garth Daniel Zone.
-
Intersect
of 22m grading 3.2%
CuEq1
recently
reported from NCZ001 represents a significant potential upside to
the current resource estimate.
Andrew King, Interim Chairman of Anglesey Mining plc,
commented:
“On
behalf of Anglesey management and the field team, I am delighted to
report that ongoing drilling of the Northern Copper Zone is
confirming that Parys Mountain has a significant zone of copper
dominant mineralisation within an area 600 to 700 metres along
strike and 300 to 400m downdip.
Widths of mineralisation appear to be averaging over 20 metres in
this zone with copper equivalent grades of between 1.0 –
1.3%.”
“The
positive verification and infill drilling of the Northern Copper
Zone completed so far is a key element to advancing the project
through future development studies and ultimately providing
sufficient data on which to base a decision to mine. Current
management has always believed the Northern Copper Zone to be much
more significant than the current resource numbers implied, and the
first two drill holes of this program are encouraging in supporting
that view.”
“We
look forward to reporting back with the assay results from NCZ002
and the drilling results of NCZ003 in due course, along with
further detail on the potential upside to the current Parys
Mountain resource estimate.”
1Copper
Equivalent (CuEq %) = Cu grade % * Cu Recovery + (Zn grade % * Zn
Recovery * (Zn price $/t /Cu price $/t)) + (Pb grade % * Pb
Recovery * (Pb price $/t /Cu price $/t)) + (Ag grade g/t / 31.103 *
Ag recovery * (Ag price $/oz /Cu price $/t)) + (Au grade g/t /
31.103 * Au recovery * (Au price $/oz /Cu price
$/t))
Commodity prices: Zn – US$3350/t,
Cu – US$9523/t, Pb – US$2292/t, Ag – US$25.50/oz and Au – US$1850/oz
Recovery assumptions for Northern Copper Zone: Zn – 82%, Cu –
93%, Pb – 78%, Ag – 72% and Au -65%
Competent Person:
The information in this announcement which relates to Drilling
Results has been approved by Mrs. Liz de
Klerk,
M.Sc., Pr.Sci.Nat., FIMMM who is a professional registered with the
South African Council for Natural Scientific Professionals
(SACNASP: 400090/08) and independent consultant to the Company.
Mrs. de Klerk is the Senior Geologist & Managing Director of
Micon International Co Limited and has over 20 continuous years of
exploration and mining experience in a variety of mineral deposit
styles. Mrs. de Klerk has sufficient experience which is relevant
to the style of exploration, mineralisation and type of deposit
under consideration and to the activity which she is undertaking to
qualify as a Competent Person as defined in the 2012 Edition of the
"Australasian Code for reporting of Exploration Results,
Exploration Targets, Mineral Resources and Ore Reserves" (JORC
Code). Mrs. de Klerk consents to inclusion in the announcement of
the matters based on this information in the form and context in
which it appears.
About Anglesey Mining plc:
Anglesey
is traded on the AIM market of the London Stock Exchange and
currently has 420,093,017 ordinary shares in issue.
Anglesey
is developing the 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au VMS
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 a 49.75% interest in the Grängesberg iron ore project in
Sweden and 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
Andrew King, Interim-Chairman – Tel: +44 (0)7825
963700
Jo Battershill, Non-Executive Director – Tel: +44 (0)7540
366000
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
Brand
Communications
Public
& Investor Relations
Alan Green – Tel: +44 (0) 7976 431608
LEI:
213800X8BO8EK2B4HQ71