Trading Symbol
LSE: AYM
20 October
2021
Anglesey Mining
plc
Drilling to
commence at Parys Mountain in early November
Anglesey Mining plc (LSE:AYM), the UK minerals exploration and
development company, is pleased to provide the following update on
its key projects following the completion of the fund raising on
8 October 2021.
Highlights
- A drill rig has been secured for the first drilling programme
at Parys Mountain since 2012 which is set to commence in early
November
- A nine-hole programme for 2,750m
of diamond core drilling has been designed to provide additional
information that will feed into the planned Feasibility Study in
2022, including:
- Infill drilling of the White Rock Zone to increase the
remaining Inferred resource category confidence to Indicated
category confidence between surface and the 280m level. Currently, around 78% of the
White Rock resource is in the
Indicated category.
- Provide geotechnical information to enable domain modelling for
the mine design; and,
- Allow for additional metallurgical testwork from both the
Engine Zone and White Rock Zone
- With respect to the environmental and permitting process, we
have commenced a gap analysis of the baseline studies and reports
completed since the late 1980’s to determine our work requirements
over the next 6-12 months.
Jo Battershill, the CEO of
Anglesey Mining, commented: “Now that the recent funding has
been successfully completed, it is time to get the work programmes
moving. With the drilling at Parys Mountain expected to commence in
early November, we would expect to have results coming back to us
during Q1 of 2022.
We have also commenced a review of
the historical environmental studies to determine what is required
to take the project through to a development decision. We aim to
engage a specialist consultant to assist with the environmental
baseline and permitting activities at Parys Mountain as soon as
possible given the potential lead time usually required with
baseline work.
Recently, copper and zinc prices have
moved up significantly – primarily due to energy shortages in the
downstream processing sectors. However, with the rapidly
accelerating move towards the electrification and decarbonisation
of the economy, the prospects for elevated copper and zinc prices
remain well supported.”
Parys Mountain drilling programme
Anglesey Mining plc has engaged Irish
Drilling to complete a minimum nine-hole drilling programme
at its Parys Mountain project on the isle of Anglesey. The
programme is for approximately 2,750m
of diamond core to provide additional information on resource
confidence, geotechnical domains, and metallurgy.
Drilling to provide key information
for Feasibility Study
The White Rock infill drilling
programme is aiming to increase the amount of the higher confidence
indicated resource down to the 280m
level below surface.
|
Resource |
Tonnes |
Cu |
Pb |
Zn |
Ag |
Au |
|
Category |
(Mt) |
(%) |
(%) |
(%) |
(g/t) |
(g/t) |
White Rock
Zone |
Indicated |
4.7 |
0.3 |
1.2 |
2.3 |
23 |
0.3 |
|
Inferred |
1.3 |
0.3 |
1.3 |
2.6 |
28 |
0.3 |
|
Total |
6.0 |
0.3 |
1.2 |
2.4 |
24 |
0.3 |
Resource estimate based on GMPV
cut-off of US$48/t
In addition to geological logging, all of the drill core will be
logged for geotechnical purposes to enable the building of a domain
model for ground support modelling in the mine design. The
geotechnical domain model is one of the key parameters for an
underground mine design and could ultimately determine the optimal
width and height of stoping blocks within the design. Generally,
larger stopes allow for increased mining volumes that leads to
reduced mining costs.
Advances in metallurgical processing since the last testwork of
the Parys Mountain mineralisation would indicate that further test
work could potentially optimise the liberation of metal, lead (Pb)
in particular, and improve overall metal recoveries. Accordingly,
the drill programme is designed to collect additional samples for
this purpose.
Environmental and Permitting
Activities
Over the years, a number of environmental studies and permitting
activities were completed resulting in Planning Permission being
granted in 1988 under Section 52 of the Town and Country Planning
Act 1971. With changes to the Planning Act coming into force in
1991, the company has embarked on a review of the historical
environmental and permitting work to ensure all aspects meet with
the current regulatory regime.
This gap analysis will essentially determine the framework for
any environmental work programmes over the next 6-12
months.
About Anglesey Mining plc
Anglesey Mining is listed on the London Stock Exchange and
currently has 248,070,732 ordinary shares in issue.
Anglesey is developing its 100% owned Parys Mountain
copper-zinc-lead 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 an almost 20% interest, and management rights to the
Grangesberg Iron project in Sweden, together with a right of first refusal
to increase its interest by a further 50.1%. Anglesey also
holds 12% of Labrador Iron Mines Holdings Limited which holds
direct shipping iron ore deposits in Labrador and Quebec.
For further information, please
contact:
Jo Battershill, CEO + 44 (0)7540
366000
John Kearney, Chairman + 1 416
362 6686
LEI: 213800X8BO8EK2B4HQ71