Anglesey Mining Plc Parys Mountain - Northern Copper Zone Drilling Update

 
TIDMAYM 
 
[image] 
 
Trading Symbol 
 
AIM: AYM 
 
13th December 2023 
 
Anglesey Mining plc 
 
("Anglesey" or "the Company") 
 
Parys Mountain - Northern Copper Zone Drilling Update 
 
Anglesey Mining plc (AIM:AYM), the UK minerals development company, is pleased 
to provide an update on the Northern Copper Zone drilling at the Company's Parys 
Mountain Cu-Zn-Pb-Ag-Au project, located on the Isle of Anglesey. 
 
Highlights 
 
  · Further to the Company's previous announcement on 5th December, Anglesey is 
pleased to confirm that the drilling of first drill hole into the Northern 
Copper Zone (NCZ001) was completed on 11th December at a depth of 635 metres, 
broadly in-line with the Company's expectations. 
  · Drill hole NCZ001 was modelled to intersect two zones of potential sulphide 
mineralisation - the first between 365 - 510 metres, relating to the Northern 
Copper Zone; and the second between 610 - 620 metres interpreted to be an 
extension of the high-grade Garth Daniel Zone. 
  · Visual logging of NCZ001 suggests two zones of sulphide mineralisation were 
intersected with the Northern Copper Zone interpreted to be between 351 - 540 
metres and a second zone, potentially the Garth Daniel Zone, between 560 - 586 
metres (all downhole depths). 
  · As expected, the interpreted Northern Copper Zone has varying levels of 
sulphide accumulation. This was also the case with drilling in the 1970's with 
the nearest hole to NCZ001 intersecting two higher grade zones of 22.9m @ 1.20% 
Cu (1.42% CuEq) and 85.3m @ 1.13% Cu (1.40% CuEq) within a broader zone of 146m 
@ 0.98% Cu (1.20% CuEq) - no gold assaying was conducted on that drill hole. 
  · The lower zone of sulphide accumulation between 560 - 586 metres 
demonstrates areas with very high levels of chalcopyrite, as highlighted in the 
picture below. 
 
[image] 
 
  · Logging and sampling of NCZ001 has been ongoing since the commencement of 
drilling and there are c.300 samples now ready for dispatch to the assay lab. 
The company expects the first batch to be delivered to the assay laboratory 
before the Christmas break, with results currently expected to be received 
during Q1 2024. 
  · The second drill hole, NCZ002 is expected to be collared this week. Target 
zones are modelled at 330 - 420 metres (Northern Copper Zone) and 610 - 620 
metres (Garth Daniel Zone). 
 
Jo Battershill, Chief Executive of Anglesey Mining, commented: "We are very 
pleased to have finished the first drill hole into the Northern Copper Zone and 
get confirmation of both our geological and mineralisation models. The 
mineralisation from the lower zone, currently interpreted to be the Garth Daniel 
Zone, is particularly encouraging. As previously disclosed, the samples from 
this drill hole will be sent off to the assay laboratory as soon as possible and 
we look forward to potentially receiving the results during Q1 2024." 
 
"The next hole in the program is designed to step out 200 metres to the 
southwest and provide infill drilling pierce points within the Northern Copper 
Zone. Converting the upper levels of the Northern Copper Zone from the Inferred 
category to the higher confidence Indicated category is the key objective of 
this program. Our current planning is to drill two holes from the new-collar 
position to reduce any down time between holes - changing the angle of the rig 
should ensure the targeted pierce points are achievable." 
 
"We were originally planning on completing the downhole Muon survey on NCZ001; 
however, a zone of broken ground at a depth of 390 metres - interpreted to be 
large fault - would present a risk to the survey tool and increases the chance 
of losing the tool down the hole. Subsequently, we will aim to conduct the Muon 
survey upon completion of the next hole." 
 
About Anglesey Mining plc 
 
Anglesey Mining is traded on the AIM market of the London Stock Exchange and 
currently has 420,093,017 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: [phone] 
 
Andrew King, Interim-Chairman - Tel: [phone] 
 
Davy 
 
Nominated Adviser & Joint Corporate Broker 
 
Brian Garrahy / Daragh O'Reilly - Tel: [phone] 
 
WH Ireland 
 
Joint Corporate Broker 
 
Katy Mitchell / Harry Ansell - Tel: [phone] 
 
LEI: 213800X8BO8EK2B4HQ71 
 
 
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END 
 
 

(END) Dow Jones Newswires

December 13, 2023 03:46 ET (08:46 GMT)