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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 |
RNS Number:8392I Angus & Ross PLC 30 November 2007 Angus & Ross PLC Black Angel 2007 Resource Statement * 2007 Drilling programme of 8,142 metres of diamond drilling results in significant increase in resources. * Upgrading of most of the tonnage from 'inferred' to 'indicated' category. * 150m extension of the South Lakes Glacier mineralised zone, where contained zinc metal is up 66% and contained lead up 114% * 150kt resource increase in the Nunnagarut satellite deposit * High prospectivity of the new Uvkusigssat licence area Angus & Ross PLC (AGU) ("Angus & Ross" or the "Company") is pleased to announce updated resource figures for the satellite deposits adjacent to its Black Angel zinc / lead mine in West Greenland. The company has received a new Resource Statement from its geological consultants Wardell-Armstrong International (WAI) incorporating the results of the 2007 drilling programme. This programme, which ran from June to September, resulted in 37 holes totalling 8,142m and around 600 assayed samples. (67 holes/ 8,720m were drilled in 2006). The South Lakes Glacier (SLG) prospect was the main drilling target and a 150 metre extension of it along the strike to the west was established. The mineralisation remains open to the west and down dip and further drilling is planned. A certain amount of in-fill drilling was also undertaken. In a separate study, WAI re-evaluated the resources of the Nunngarut 2 (N2) former mine workings, lying in close proximity to the Black Angel mine. It was previously estimated that N2 may contain approximately 50k tonnes of ore, but after the new study incorporating all available data the new resource figure stands at 196k tonnes (see table). It is worth noting that this is a new resource calculation and not just an addition to last year's statement. As a result of new drilling the overall grade of mineralisation in SLG is higher than before and the amount of contained metal is significantly higher than in the 2006 statement; contained zinc metal is up 66% and contained lead up 114%. The satellite deposits now contain 160k tonnes of zinc metal and 61k tonnes of lead metal. The increased confidence supported by drilling allowed WAI to move most of the tonnage from the 'inferred' to ' indicated' resource category. The WAI report also highlights the high prospectivity of the new licence area around Uvkusigssat. Angus & Ross's geologists estimate that this area holds at least 500k tonnes of zinc/lead mineralisation. The proven reserve in the Black Angel mine itself previously estimated at 1.7 million tonnes of 9.7% Zn and 3.1% Pb is not part of this resource statement as it is being studied separately as part of the Feasibility Study being prepared by WAI and due out by the end of the year. 2007 Resources Statement for the satellite deposits in the Black Angel area (does not include the Black Angel mine itself) in accordance with JORC (2004) standard Category Tonnage Grade Zn Pb Ag (000) (%) (%) (g/t) South Lakes Glacier Prospect (SLG) Indicated 1,726 6.9 2.5 14.5 Nunngarut 2 Prospect (N2) Indicated 196 9.0 3.4 31.0 Inferred 0.7 4.5 1.9 9.0 ARK Prospect Inferred 492 4.7 2.2 20.4 Total (Indicated and Inferred, weighted average) 2,414.7 6.6 2.5 17.0 Robin Andrews, Chairman of Angus & Ross, commented: "The new resource statement confirms that we had yet another very successful drilling season in Greenland. The significant increase in the metal contained figure is particularly encouraging and with further definition drilling, could go still higher. Our conviction that 'another Black Angel' can be discovered in the area remains strong." 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 Communications 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. This information is provided by RNS The company news service from the London Stock Exchange END STRILFVALVLAFID
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