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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Angus&Ross | LSE:AGU | London | Ordinary Share | GB0009348862 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Further results of Black Angel 2007 exploration 20th September 2007 Angus & Ross PLC Further results of Black Angel 2007 exploration and mine reopening progress. * 2007 exploration programme of 8,142 metres of diamond drilling in 37 holes completed. Excellent results obtained from the first 26 holes; results from the remaining 11 holes awaited. * The South Lakes Glacier Zone, (SLG), is developing into the third largest zone, found in Black Angel area (where 8 zones were mined). * Hole 70 the best hole since the original Black Angel discovery - 10.99m of 4.5% Pb and 12.2% Zn including 5.38m of 8% Pb and 21%.4% Zn (See Table below). * Cable car being shipped to Greenland in November with installation due for completion in summer 2008. * Bankable Feasibility Study expected in early November 2007 Angus & Ross PLC (AGU.L) ("Angus & Ross" or the "Company") is pleased to update its shareholders with the latest results from its exploration programme at the Black Angel Zinc / Lead Project in West Greenland; as well as progress towards the re-opening of the mine previously operated by Cominco and then Boliden - and closed in 1990. DRILLING The drilling programme was completed on 29th August with 37 holes drilled totalling 8,142m. This year's exploration has concentrated on probing the extensions of the South Lakes Glacier (SLG) zone drilled last year. Five further holes were drilled in the ARK area, one in the Wedge area and three in the Lakeshore area (never drilled before). The results of the first two batches of samples were published by the Company on 28th August 2007 and the results of Batch 3 are published below. Assays from Batches 4, 5, and 6 are awaited. The 2006 drilling programme resulted in an independently estimated JORC-compliant resource of nearly 2 million tonnes of zinc-lead mineralisation (see PR of 6/12/06)., Therefore the main objective of the 2007 programme was to build on this success and test the expectation that the SLG discovery could be extended both 'down dip' and 'along strike'. Results so far from the 2007 programme have supported this assumption. Indeed in terms of continuous massive sulphide mineralisation the SLG zone is now the third largest ever found in the Black Angel area and is becoming larger still especially along strike to the west. The structural re-interpretation of another mineralised zone, named 'Lakeshore', which had never been drilled in earlier programmes, indicates that it lies in a similar structural and stratigraphic setting to the main SLG discovery. However, the three holes drilled this year were inconclusive. Assays are awaited and further drilling will take place next year. RESULTS Hole No.70 reported in this batch is described as "the best hole since the original Black Angel discovery". At about 250 metres down the hole, it intersected10.99m of 4.5% Pb and 12.2% Zn, which includes a shorter interval of 5.38m of 8.0% Pb and 21.4% Zn (see Table below for the breakdown of these composite values). The style of mineralisation is similar to the original Black Angel deposit. With this intercept, the extension of the Glacier Zone towards the west (and further downdip along section lines 550 E and 500 E) remains open. The latest drill intercepts indicate a high potential for continued massive sulphide mineralisation in an extensive and poorly explored area north of the two lakes, between the Glacier in the east and the Black Angel mine in the west. The new resource is likely to be accessible from adits lower down the mountain side. Our consultants Wardell Armstrong International (WAI) are being requested to assess the economic viability of the SLG zone, for mining initially as an open pit and subsequently from underground. New resource estimates will be prepared later this year once all assays have been received. ASSAYS AND INTERCEPTS The assays of the best intersections from the third batch of samples covering 14 holes of the 37 drilled this year are shown in the table below. Results from the remaining 11 holes are awaited. Assaying is done by the ALS Chemex laboratory in Pitea in Sweden (preparation) and in Vancouver. Selected assays from the 2007 drilling programme at the Black Angel Glacier Zone Zn/Pb (Batch 3) +----------------------------------------------------------------------------+ | Hole| Eastings| Northings| From| Intercept| Pb| Zn| Ag| | | UTM 22| UTM W| | | | | | |----------+----------+-----------+--------+-----------+------+------+-------| | | (m)| (m)| (m)| (m)| (%)| (%)| (g/t)| |----------------------------------------------------------------------------| | | |Glacier Prospect | | | |----------------------------------------------------------------------------| | 07GLA059| 500949| 7889858| 133.38| 0.32| 8.4| 20.5| 52| |----------+----------+-----------+--------+-----------+------+------+-------| | 07GLA060| 500850| 7889872| 25.65| 0.58| 5.9| 5.8| 65| |----------+----------+-----------+--------+-----------+------+------+-------| | | | and| 140.31| 0.46| 7.6| 16.8| 48| |----------+----------+-----------+--------+-----------+------+------+-------| | | | and| 140.77| 1.01| 0.2| 1.3| 3| |----------+----------+-----------+--------+-----------+------+------+-------| | | | and| 141.78| 0.37| 11.4| 27.3| 58| |----------+----------+-----------+--------+-----------+------+------+-------| | 07GLA062| 500752| 7889897| 5.47| 0.59| 0.0| 29.2| 4| |----------+----------+-----------+--------+-----------+------+------+-------| | | | and| 183.33| 1.52| 9.0| 21.9| 53| |----------+----------+-----------+--------+-----------+------+------+-------| | 07GLA063| 500752| 7889897| 25.85| 0.36| 0.1| 28.0| 16| |----------+----------+-----------+--------+-----------+------+------+-------| | | | and| 26.21| 1.24| 0.1| 2.3| 4| |----------+----------+-----------+--------+-----------+------+------+-------| | | | and| 27.45| 0.34| 0.1| 13.5| 4| |----------+----------+-----------+--------+-----------+------+------+-------| | | | and| 29.50| 1.08| 0.3| 15.5| 5| |----------+----------+-----------+--------+-----------+------+------+-------| | 07GLA065| 500650| 7889828| 251.42| 1.40| 7.7| 23.6| 38| |----------+----------+-----------+--------+-----------+------+------+-------| | | | and| 252.82| 1.30| 3.7| 20.7| 25| |----------+----------+-----------+--------+-----------+------+------+-------| | 07GLA068| 500901| 7889870| 140.65| 0.56| 9.5| 23.1| 49| |----------+----------+-----------+--------+-----------+------+------+-------| | | | and| 141.21| 0.47| 1.8| 6.2| 21| |----------+----------+-----------+--------+-----------+------+------+-------| | 07GLA070| 500553| 7889862| 250.26| 0.56| 4.2| 12.3| 13| |----------+----------+-----------+--------+-----------+------+------+-------| | | | and| 250.82| 0.86| 0.2| 1.9| 1| |----------+----------+-----------+--------+-----------+------+------+-------| | | | and| 251.68| 1.70| 0.1| 0.3| 8| |----------+----------+-----------+--------+-----------+------+------+-------| | | | and| 253.38| 0.82| 1.0| 2.6| 5| |----------+----------+-----------+--------+-----------+------+------+-------| | | | and| 254.20| 1.40| 10.0| 30.2| 39| |----------+----------+-----------+--------+-----------+------+------+-------| | | | and| 255.60| 1.40| 9.2| 22.8| 45| |----------+----------+-----------+--------+-----------+------+------+-------| | | | and| 257.00| 1.40| 6.3| 15.9| 28| |----------+----------+-----------+--------+-----------+------+------+-------| | | | and| 258.40| 1.18| 6.4| 15.9| 29| |----------+----------+-----------+--------+-----------+------+------+-------| | | | and| 259.58| 0.70| 0.0| 0.1| 1| |----------+----------+-----------+--------+-----------+------+------+-------| | | | and| 260.28| 0.97| 3.2| 8.4| 16| +----------------------------------------------------------------------------+ MINE RE-OPENING PROGRESS Re-installation of a cable car to the entrance of the mine is proceeding. Blasting in the upper terminal continues to widen the portals to accept the larger cable car and concrete modifications are about to commence at the lower terminal. The cable car, motors, drives etc., are now scheduled to be shipped to Maarmorilik in November this year and should be operational in mid 2008 giving access to the mine and a means of producing ore. WAI are making good progress with the Bankable Feasibility Study for the pillar extraction phase which is due in early November 2007. Recently they, together with A&R personnel visited the Doe Run mine in the USA where pillar extraction on a similar scale to that proposed at the Black Angel is practiced. In July WAI personnel spent seven days in the mine, (including the Swedish Mine Superintendent who worked for Boliden in 1986-1990) mapping and checking all the pillars. As a result of this visit they were able to confirm that conditions have not changed at all since the mine was closed in 1990. In addition the electrical system and rail transport system in the 4 kms of tunnels were all found to be useable. Robin Andrews, Chairman of Angus & Ross, commented: "The spectacular intercept in hole 70 has reinforced our belief that there are significant mineralised zones and reserves close to the old Black Angel mine. When added to the reserves in the mine itself a significantly larger mining plan can now be contemplated. In the meantime good progress is being made towards the objective of re-opening the mine and achieving production or ore in 2008." For further information contact: Angus & Ross PLC Robin Andrews, Chairman 01751 430 988 Andrew Zemek, Chief Executive, Black Angel Mining Ltd 07850 755 450 Bishopsgate Communicatons Nick Rome 0207 562 3366 Landsbanki Securities(UK) Limited Fred Walsh 0207 426 9000 NB: This release has been approved by the Company's technical staff who include Dr Tom Elder, Director, who holds a BSc and Doctorate in Geology from Durham University, is a Fellow and former Member of Council of The Institution of Mining and Metallurgy and a Fellow of The Geological Society, in accordance with the recent Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies, which outlines standards of disclosure for mineral projects. - ---END OF MESSAGE---
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