Anglesey Mining Plc Parys Mountain Progress Report

 
TIDMAYM 
 
[image] 
 
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). 
 
[image] 
 
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. 
 
[image] 
 
Table 1 - Parys Mountain drill hole proposal 
 
[image] 
 
Figure 2 - Schematic cross section through 4600mE showing geology 
interpretation, existing drill holes and proposed drilling 
 
[image] 
 
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 
 
 
This information was brought to you by Cision http://news.cision.com 
https://news.cision.com/anglesey-mining-plc/r/parys-mountain-progress-report,c3771361 
The following files are available for download: 
https://mb.cision.com/Public/22377/3771361/a3bff3cdd5a59ea8.pdf RNS Parys Mountain update 
 
 
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