Anglesey Mining PLC Northern Copper Zone Internal Review Completed
28 November 2022 - 6:00PM
UK Regulatory
TIDMAYM
Trading Symbol
AIM: AYM
28th November 2022
Anglesey Mining plc
("Anglesey" or "the Company")
Northern Copper Zone Internal Review Completed
Anglesey Mining plc (AIM:AYM), the UK minerals development company, is pleased
to provide the conclusions from an internal review of the Northern Copper Zone
at Parys Mountain, one of the largest undeveloped copper deposits in the United
Kingdom, and confirms the Northern Zone as an exciting opportunity.
A PDF version of this announcement with added graphics can be viewed/
downloaded from the Anglesey Mining website (www.angleseymining.co.uk)
or by pasting the following URL into any browser: https://
www.angleseymining.co.uk/wp-content/uploads/2022/11/AYM_RNS_NCZ-28Nov2022.pdf
* The Northern Copper Zone (NCZ) at Parys Mountain has an Inferred resource
estimate of 9.4Mt at 1.27% Cu, 0.38% Zn, 0.24% Pb, 5g/t Ag and 0.1g/t Au.
This resource estimate was completed in 2012 by Micon International and is
based on a Net Smelter Return cut-off of US$48/t.
* The NCZ was discovered in 1962. The deposit is interpreted as the downdip
extension of the historical open pit mined at Parys Mountain and appears as
a wedge-shaped block with the thin edge (15m wide) starting around 200m
below surface that extends down to the thicker end (over 100m width) at a
depth of around 525m below surface. It remains open both along strike to
the east and at depth.
* Our review of historical drilling and documents shows an earlier internal
resource estimate completed in July 1969 of 32.7Mt at 0.81% Cu (excluding
other metals), which should not be considered compliant with any modern
JORC or NI43-101 methodologies. Very few of the holes drilled before 1980
were assayed for gold but it was recognised that the NCZ contains gold with
minor silver, zinc and lead.
* Preliminary metallurgical testwork completed in 1969 at Lakefield in
Ontario demonstrated recoveries of up to 93.3% producing a copper
concentrate grading 23.2% Cu
* The bulk of the mineralisation appears to be concentrated around 13 holes
over a 400m strike extent. These holes range from 18m at 1.4% CuEq to 146m
at 1.2% CuEq - the average intersection across these holes is 77m at 1.0%
CuEq
* Subsequent drilling in 1973-75 targeted the up-dip 'thin' edge of the
system meaning that down plunge and along strike areas of potential
extensions are yet to be tested
* Work programmes over the next 12-months are planned to include drilling
into the NCZ to confirm historical grades and continuity, increase
confidence in the resource, collect samples for metallurgical testwork and
conduct downhole geophysical surveying to try and identify further zones of
high-grade mineralisation
Jo Battershill, Chief Executive of Anglesey Mining, commented: "Our internal
review of the Northern Copper Zone confirms our belief that there remains
substantial upside to the existing resource base and that future optimisations
of the mine design could potentially lead to an extraction ratio greater than
the projection within in the 2021 Preliminary Economic Assessment of less
than 50%."
"Additional supporting documents show that historical metallurgical testwork
demonstrated significantly better recoveries and concentrate grades than the
Engine Zone testwork results used in the PEA. Recoveries of over 93% were
achieved in the 1969 Northern Copper Zone testwork, which compares to the 80%
expected for Engine Zone. While the PEA flowsheet was designed around a
polymetallic deposit, the historical testwork suggests future optimisations
could potentially lead to higher copper output from the Northern Copper Zone."
"Under the PEA design, first mining from the Northern Copper Zone would
commence towards the end of year 4, which provides sufficient time to infill
drill the first production areas immediately adjacent to the decline as it is
advanced into the White Rock & Engine Zones."
"Therefore, we are looking to advance additional work programmes at the
Northern Copper Zone over the course of the next 12-months. These programmes
will include drilling to confirm the historical grades and continuity, lift the
confidence to the Inferred resource, generate samples for metallurgical
testwork and provide a platform for downhole geophysical surveying - with the
aim of identifying additional zones of high-grade mineralisation. Ultimately,
this information will feed into a resource update.
"We are currently working on the resource update for the White Rock and Engine
Zone, which is expected to be complete over the next six weeks."
Northern Copper Zone - Mineral Resource Estimate
The 2012 mineral resource estimate for the Northern Copper Zone is provided
below.
Resource Tonnes Cu Zn Pb Ag Au
Category (Mt) (%) (%) (%) (g/t) (g/t)
Northern Copper Inferred 9.38 1.27 0.38 0.24 5.0 0.1
Zone
Total 9.38 1.27 0.38 0.24 5.0 0.1
The following assumptions were made for the 2012 Mineral Resource Estimate:
* Net Smelter Return cut-off value of US$48/t
* Price deck of US$2.50/lb Cu, US$1.25/lb Zn, US$1.00/lb Pb, US$17.50/oz Ag
and US$1275/oz Au
* Costs of US$39.06/t for mining, processing and G&A
* Payability of 72%
Northern Copper Zone - Historical Significant Intersections
The following table outlines the significant broad intersections that have
historically been drilled into the Northern Copper Zone.
Hole ID Intersection Grade From Depth Period
(m) (% CuEq)1 (m) Drilled
AMC19 13.6 2.4 313.4 2004 - 2008
A51 32.7 1.7 397.7 1981
Including 12.9 3.0 417.5
H30 80.9 1.5 297.6 1968 - 1970
Including 17.3 2.1 314.3
Including 15.5 4.6 377.0
A152 18.0 1.4 277.4 1973 - 1975
H342 146.3 1.2 349.9 1968 - 1970
Including 22.9 1.5 349.9
Including 21.3 2.3 430.7
H312 50.9 1.2 398.7 1968 - 1970
H31A2 63.0 1.0 392.6 1968 - 1970
Including 14.3 2.0 435.3
AMC16 45.5 1.0 283.5 2004 - 2008
H17A2 91.4 0.9 373.7 1968 - 1970
Including 16.8 1.5 443.8
M1C2 86.0 0.9 365.5 1962
H462 87.9 0.8 496.5 1968 - 1970
Including 30.8 1.0 515.4
1 Equivalent grades based on pre-recovered grades and using following prices -
Cu US$3.50/lb, Zn US$1.20/lb, Pb US$1.00/lb, Ag US$22.50/oz and Au US$1750/oz.
2 Not assayed for gold
Competent Person
The information in this announcement which relates to an internal Anglesey
review of the historical metallurgical testwork at the Northern Copper Zone has
been approved by Mrs. Liz de Klerk, M.Sc., Pr.Sci.Nat., MIMMM who is a
professional registered with the South African Council for Natural Scientific
Professionals (SACNASP) 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 Mining is traded on the AIM market of the London Stock Exchange and
currently has 280,675,721 ordinary shares on issue.
Anglesey is developing its 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au deposit in
North Wales, UK with a 2020 reported resource of 5.2 million tonnes at 4.3%
combined base metals in the Indicated category and 11.7 million tonnes at 2.8%
combined base metals in the Inferred category.
Anglesey holds a 20% interest in the Grangesberg Iron project in Sweden,
together with management rights and a right of first refusal to increase its
interest to 70.2%. 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 / Lauren O'Sullivan - Tel: +353 1 679 6363
WH Ireland
Joint Corporate Broker
Katy Mitchell / Harry Ansell - Tel: +44 (0) 207 220 1666
Canaccord Genuity Limited
Joint Corporate Broker
James Asensio / Harry Rees - Tel: +44 (0) 20 7523 8000
Scout Advisory Limited
Investor Relations Consultant
Sean Wade - Tel: +44 (0) 7464 609025
LEI: 213800X8BO8EK2B4HQ71
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