Further drilling results confirm scale of Northern Copper Zone at Parys Mountain

 

 

Trading Symbol

AIM: AYM

 

13 th May 2024

 

Anglesey Mining plc

(“Anglesey” or “the Company”)

 

Further drilling results confirm scale of Northern Copper Zone at

Parys Mountain

 

Anglesey Mining plc (AIM:AYM), is pleased to announce that assay results have been received for the recently completed drill hole NCZ003. Drill hole NCZ003 was the third hole to be completed from the infill drilling program of the Northern Copper Zone (NCZ) and Garth Daniel Zone (GDZ) at the Company’s Parys Mountain Cu-Zn-Pb-Ag-Au VMS project on the Isle of Anglesey in North West Wales.

 

Consistent both with historical drilling and the recently completed NCZ001 and NCZ002 holes, the assays confirm NCZ003 intersected a significant zone of mineralisation across the NCZ with 90m @ 0.57% CuEq (including internal dilution). Drill hole NCZ003 was terminated prematurely at a depth of 535m due to a large, potentially fault-related void. The last 6 metres of core prior to the 4m void assayed 1.16% CuEq and coincides with previous high-grade assays from historic drilling.

 

As with the previous two holes in the program, NCZ003 intersected both broad zones of mineralisation and multiple higher-grade zones. Importantly, the drilling is demonstrating good continuity and further supports the integrity of the geological model and drill targeting, with indications of greater mineralised volumes overall.

 

Key intersections within the broad zone of mineralisation are detailed below:

 

Northern Copper Zone - Hole NCZ003

• 90.0m @ 0.51% Cu, 0.06% Zn, 0.03% Pb, 2.16g/t Ag and 0.14g/t Au (0.57% CuEq) from a depth of 389m, including:

•                     8.0m @ 0.80% Cu, 2.19g/t Ag and 0.16g/t Au (0.82% CuEq) from 427.0m
•                     9.0m @ 0.99% Cu, 4.33g/t Ag and 0.15g/t Au (1.08% CuEq) from 449.0m
•                     15.0m @ 0.47% Cu, 1.53g/t Ag and 0.07g/t Au (0.49% CuEq) from 490.0m, including 4.0m @ 0.48% Cu, 2.48g/t Ag and 0.13g/t Au (0.53% CuEq)
•                     6.0m @ 1.20% Cu, 1.10g/t Ag and 0.01g/t Au (1.16% CuEq) from 529m (hole stopped in mineralisation)

 

***CuEq grades are based on recovery factors and commodity prices as detailed after the tabulated reported assays of this release***

The third drill hole, NCZ003, concludes the on-site portion of the current exploration and infill drilling program and we are expecting litho-geochemical analysis results, from each of the three holes, to be back from the laboratory in Canada in the coming weeks. Subsequently, on the strength of all the data collected and the interpretation thereof, the Company is targeting a resource update on the NCZ, with the aim of converting a significant portion of the Inferred Resource into the higher confidence Indicated category. Based on the Joint Ore Reserve Committee (JORC) guidelines, only Indicated and Measured category Mineral Resources can be converted into Ore Reserves.  

 

 

Andrew King, Interim Chairman of Anglesey Mining, commented : “Once again, we are very pleased to see the Parys Mountain project delivering some very strong drilling results. It is worth reminding investors that Parys Mountain is demonstrably the largest and most advanced copper project in the UK with substantial resource upside still evident. In addition, the project is favourably located on a previously permitted, brownfield development site with significant existing infrastructure already in place.“

“All three holes in the current program; NCZ001 NCZ002 and NCZ003 have delivered some exceptional high-grade copper intersections within broad thicknesses of mineralisation up to 100m wide. The results continue to support our view that the NCZ provides significant upside for the Parys Mountain project, over and above the 5 million tonne contribution included within the 2021 Preliminary Economic Assessment.”

NCZ - Cross Section 4600mE

Section 4600mE below highlights the position of the recently completed drill hole NCZ002 and NCZ003.

 

 

 

The interpreted outline of the NCZ in the cross-section does not imply an economic outcome, it simply highlights where sulphides have been identified within the Northern Shales with a 0.5% CuEq cut-off. A significant number of the drill holes within this zone have returned consistent zones of higher-grade material, which was a key target of the program. The recognition of a shear zone along the hanging wall of the NCZ could imply a structural emplacement, or thickening of the sequence within the mine environment and will greatly assist with future targeting and drilling.

Importantly, every hole drilled into the interpreted position of the NCZ has intersected broad zones of sulphides; the drilling has demonstrated the predictability of the mineralised zone from the detailed geological model that has been constructed and refined over several years.

 

The most recent drill hole, NCZ003, targeted the up-dip area above historical hole H17A and has provided important additional information relating to the key lithology Rhyolite B – the emplacement of this unit is closely associated to the mineralising event. This additional information will now be incorporated into the geological model and the resource block model of the NCZ.

 

Drill hole NCZ003 ended prematurely at a depth of 535m due to faulted ground conditions and the intersection of a 4m void. The last metre of core prior to the void assayed 1.3% Cu and 1.22% CuEq. The location of the void correlates to the contact position of Rhyolite B and the host northern shale unit, which has traditionally been a zone related to higher grade intersections – drill hole A15 intersected 1.6m @ 3.7% CuEq approximately 100m up-dip from NCZ003 and NCZ001 intersected 22.0m @ 3.2% CuEq on section 4800mE (200m along strike).

 

NCZ - Cross Section 4800mE

 

Section 4800mE below highlights the position of drill hole NCZ001.

 

 

 

As per section 4600mE, this section also highlights the continuity of sulphide mineralisation across the NCZ. With the completion of NCZ003, the Company has gained a greater understanding of the influence from Rhyolite B on the higher-grade zones of mineralisation.

 

Section 4800mE also highlights the potential related to the Central Zone with significant intersections from historical 1970’s drilling, including 3.8m @ 8,6% Cu and 6.7m @ 2.4% Cu. The Company believes potential exists for these intersections to link to the 22m @ 3.2 % CuEq (including 4.0m @ 5.2% Cu) in NCZ001.

 

Drill hole details:

 

Hole ID	Co-ordinates         (E)                     (N)		Elevation (m)	Azimuth (°)	Dip (°)	End of Hole (m)
NCZ003	243806.92	390948.57	73.09	165	-72	535

 

Reported Assays (results >0.5 CuEq in bold):

 

Hole Number	From	To	Sample Length	Assays
	(m)	(m)	(m)	Cu (%)	Zn   (%)	Pb (%)	Ag (g/t)	Au (g/t)	CuEq (%)*
NCZ003	264.4	264.8	0.4	0.02	1.34	0.26	3.6	0.11	0.42%
NCZ003	339.8	340.3	0.5	0.00	0.00	0.01	0.5	0.01	0.01%
NCZ003	340.3	340.8	0.5	0.00	0.00	0.01	0.5	0.01	0.01%
NCZ003	340.8	341.3	0.5	0.00	0.00	0.01	0.5	0.01	0.01%
NCZ003	385	386	1	0.12	0.00	0.01	0.5	0.02	0.12%
NCZ003	386	387	1	0.38	0.00	0.01	0.7	0.02	0.37%
NCZ003	387	388	1	0.50	0.02	0.05	1.9	0.12	0.54%
NCZ003	388	389	1	0.36	0.01	0.09	1.1	0.12	0.42%
NCZ003	389	390	1	0.50	0.01	0.05	1.4	0.11	0.53%
NCZ003	390	391	1	0.25	0.00	0.03	1.0	0.18	0.32%
NCZ003	391	392	1	0.27	0.01	0.05	1.0	0.05	0.29%
NCZ003	392	393	1	0.44	0.01	0.04	1.5	0.41	0.60%
NCZ003	393	394	1	1.90	0.00	0.09	2.2	0.12	1.85%
NCZ003	394	395	1	0.04	0.00	0.01	0.5	0.06	0.07%
NCZ003	395	396	1	0.67	0.00	0.01	1.1	0.11	0.68%
NCZ003	396	397	1	0.33	0.00	0.00	1.1	0.32	0.45%
NCZ003	397	398	1	0.10	0.02	0.06	0.8	0.16	0.18%
NCZ003	398	399	1	0.18	0.01	0.02	0.8	0.06	0.20%
NCZ003	399	400	1	0.02	0.00	0.01	0.5	0.06	0.05%
NCZ003	400	401	1	0.32	0.01	0.01	1.2	0.18	0.38%
NCZ003	401	402	1	0.33	0.01	0.01	1.7	0.20	0.40%
NCZ003	402	403	1	0.34	0.00	0.01	1.1	0.10	0.37%
NCZ003	403	404	1	0.29	0.01	0.01	1.2	0.08	0.31%
NCZ003	404	405	1	2.80	0.02	0.01	4.2	0.28	2.75%
NCZ003	405	406	1	0.26	0.02	0.01	1.5	0.10	0.30%
NCZ003	406	407	1	0.27	0.01	0.01	2.6	0.25	0.37%
NCZ003	407	408	1	0.32	0.00	0.01	1.0	0.07	0.33%
NCZ003	408	409	1	0.23	0.00	0.01	0.8	0.14	0.28%
NCZ003	409	410	1	0.08	0.00	0.01	0.5	0.11	0.13%
NCZ003	410	411	1	0.62	0.01	0.01	2.0	0.49	0.79%
NCZ003	411	412	1	0.11	0.00	0.01	0.5	0.03	0.11%
NCZ003	412	413	1	0.19	0.01	0.01	0.9	0.12	0.24%
NCZ003	413	414	1	0.17	0.02	0.01	1.3	0.16	0.24%
NCZ003	414	415	1	0.29	0.00	0.00	0.8	0.10	0.31%
NCZ003	415	416	1	0.33	0.00	0.01	0.7	0.15	0.37%
NCZ003	416	417	1	1.14	0.01	0.02	1.8	0.15	1.14%
NCZ003	417	418	1	0.09	0.01	0.01	0.5	0.09	0.12%
NCZ003	418	419	1	0.50	0.01	0.01	1.8	0.09	0.52%
NCZ003	419	420	1	0.66	0.02	0.01	2.4	0.18	0.70%
NCZ003	420	421	1	0.25	0.01	0.01	1.0	0.08	0.28%
NCZ003	421	422	1	0.56	0.01	0.01	2.4	0.19	0.61%
NCZ003	422	423	1	0.76	0.01	0.01	2.6	0.24	0.83%
NCZ003	423	424	1	0.16	0.01	0.01	1.5	0.06	0.19%
NCZ003	424	425	1	0.05	0.01	0.01	1.2	0.11	0.10%
NCZ003	425	426	1	0.41	0.01	0.04	1.1	0.05	0.43%
NCZ003	426	427	1	0.17	0.00	0.01	0.7	0.08	0.20%
NCZ003	427	428	1	0.92	0.02	0.01	2.8	0.13	0.93%
NCZ003	428	429	1	0.86	0.00	0.01	1.5	0.10	0.86%
NCZ003	429	430	1	1.82	0.01	0.01	2.8	0.13	1.77%
NCZ003	430	431	1	1.41	0.04	0.01	4.2	0.19	1.43%
NCZ003	431	432	1	0.48	0.01	0.01	1.5	0.10	0.50%
NCZ003	432	433	1	0.07	0.00	0.00	0.6	0.05	0.09%
NCZ003	433	434	1	0.27	0.01	0.01	2.0	0.43	0.44%
NCZ003	434	435	1	0.53	0.01	0.00	2.1	0.15	0.57%
NCZ003	435	436	1	0.29	0.06	0.21	4.5	0.30	0.49%
NCZ003	436	437	1	0.12	0.01	0.01	2.2	0.15	0.19%
NCZ003	437	438	1	0.11	0.00	0.01	1.1	0.14	0.17%
NCZ003	438	439	1	0.21	0.02	0.00	1.7	0.09	0.25%
NCZ003	439	440	1	0.04	0.01	0.01	1.4	0.10	0.09%
NCZ003	440	441	1	0.05	0.00	0.00	0.9	0.08	0.09%
NCZ003	441	442	1	0.09	0.00	0.00	1.0	0.07	0.12%
NCZ003	442	443	1	0.80	0.01	0.00	2.4	0.19	0.84%
NCZ003	443	444	1	0.37	0.01	0.00	2.0	0.19	0.43%
NCZ003	444	445	1	0.38	0.04	0.04	4.3	0.36	0.55%
NCZ003	445	446	1	0.18	0.01	0.01	1.6	0.13	0.24%
NCZ003	446	447	1	0.31	0.01	0.00	2.0	0.14	0.36%
NCZ003	447	448	1	0.53	0.09	0.27	4.8	0.16	0.68%
NCZ003	448	449	1	0.24	0.01	0.17	1.6	0.10	0.32%
NCZ003	449	450	1	2.10	0.02	0.03	7.1	0.40	2.17%
NCZ003	450	451	1	0.51	0.01	0.02	2.3	0.18	0.57%
NCZ003	451	452	1	1.60	0.28	0.80	7.1	0.13	1.87%
NCZ003	452	453	1	0.95	0.03	0.26	5.3	0.21	1.08%
NCZ003	453	454	1	0.49	0.06	0.20	3.1	0.08	0.58%
NCZ003	454	455	1	0.14	0.01	0.02	1.0	0.06	0.16%
NCZ003	455	456	1	0.29	0.12	0.22	5.9	0.06	0.42%
NCZ003	456	457	1	0.30	0.08	0.08	2.1	0.13	0.38%
NCZ003	457	458	1	2.55	0.07	0.16	5.1	0.09	2.50%
NCZ003	458	459	1	0.28	0.06	0.12	3.0	0.16	0.39%
NCZ003	459	460	1	0.70	0.04	0.09	5.4	0.19	0.79%
NCZ003	460	461	1	0.76	0.03	0.02	3.5	0.17	0.80%
NCZ003	461	462	1	0.64	0.01	0.01	1.7	0.14	0.67%
NCZ003	462	463	1	0.39	0.01	0.01	1.7	0.08	0.40%
NCZ003	463	464	1	0.13	0.26	0.53	2.9	0.06	0.36%
NCZ003	464	465	1	0.13	0.06	0.19	1.8	0.03	0.21%
NCZ003	465	466	1	1.10	0.12	0.04	5.4	0.10	1.13%
NCZ003	466	467	1	0.42	0.04	0.08	3.9	0.10	0.48%
NCZ003	467	468	1	0.18	0.00	0.07	0.7	0.02	0.20%
NCZ003	468	469	1	0.31	0.02	0.05	1.9	0.03	0.33%
NCZ003	469	470	1	0.14	0.09	0.18	1.9	0.08	0.24%
NCZ003	470	471	1	0.10	0.03	0.14	1.1	0.02	0.16%
NCZ003	471	472	1	1.71	0.05	0.09	6.4	0.05	1.68%
NCZ003	472	473	1	0.12	0.01	0.01	0.8	0.06	0.14%
NCZ003	473	474	1	0.15	0.01	0.01	0.9	0.04	0.16%
NCZ003	474	475	1	0.71	0.02	0.05	1.7	0.13	0.74%
NCZ003	475	476	1	0.58	0.02	0.01	3.2	0.17	0.63%
NCZ003	476	477	1	0.07	0.01	0.06	0.8	0.04	0.11%
NCZ003	477	478	1	0.82	0.04	0.05	3.5	0.16	0.87%
NCZ003	478	479	1	1.37	0.02	0.04	3.5	0.08	1.34%
NCZ003	479	480	1	0.10	0.01	0.05	0.8	0.04	0.12%
NCZ003	480	481	1	0.04	0.03	0.06	0.7	0.03	0.07%
NCZ003	481	482	1	0.13	0.01	0.02	0.5	0.03	0.14%
NCZ003	482	483	1	0.38	0.01	0.02	1.3	0.05	0.39%
NCZ003	483	484	1	0.07	0.00	0.01	0.5	0.01	0.08%
NCZ003	484	485	1	0.02	0.00	0.01	0.5	0.01	0.03%
NCZ003	485	486	1	0.40	0.00	0.01	0.6	0.03	0.39%
NCZ003	486	487	1	0.03	0.00	0.01	0.5	0.02	0.04%
NCZ003	487	488	1	0.02	0.13	0.06	0.8	0.02	0.07%
NCZ003	488	489	1	0.19	0.01	0.02	0.5	0.03	0.19%
NCZ003	489	490	1	0.15	0.00	0.01	0.5	0.02	0.15%
NCZ003	490	491	1	0.63	0.03	0.01	4.1	0.19	0.69%
NCZ003	491	492	1	0.51	0.07	0.02	4.0	0.26	0.63%
NCZ003	492	493	1	0.13	0.01	0.07	0.9	0.04	0.16%
NCZ003	493	494	1	0.66	0.00	0.01	0.9	0.02	0.63%
NCZ003	494	495	1	0.09	0.06	0.05	1.0	0.04	0.13%
NCZ003	495	496	1	0.01	0.01	0.01	0.5	0.02	0.03%
NCZ003	496	497	1	0.31	0.01	0.01	1.2	0.06	0.32%
NCZ003	497	498	1	0.83	0.02	0.01	1.7	0.04	0.81%
NCZ003	498	499	1	0.63	0.01	0.01	1.1	0.05	0.61%
NCZ003	499	500	1	0.03	0.00	0.01	0.5	0.01	0.04%
NCZ003	500	501	1	0.47	0.00	0.01	1.2	0.03	0.46%
NCZ003	501	504	3	0.64	0.04	0.14	1.5	0.08	0.69%
NCZ003	504	505	1	0.78	0.09	0.15	1.4	0.03	0.81%
NCZ003	505	506	1	0.08	0.00	0.01	0.5	0.01	0.08%
NCZ003	506	507	1	0.04	0.00	0.01	0.5	0.01	0.05%
NCZ003	507	508	1	0.00	0.00	0.01	0.5	0.01	0.01%
NCZ003	508	509	1	0.00	0.00	0.02	0.5	0.01	0.02%
NCZ003	509	510	1	0.00	0.00	0.01	0.5	0.01	0.01%
NCZ003	510	511	1	0.02	0.00	0.01	0.5	0.02	0.03%
NCZ003	511	512	1	0.19	0.00	0.05	0.5	0.01	0.20%
NCZ003	512	513	1	0.00	0.00	0.01	0.5	0.01	0.01%
NCZ003	513	514	1	0.00	0.00	0.01	0.5	0.01	0.01%
NCZ003	514	515	1	0.01	0.00	0.01	0.6	0.03	0.03%
NCZ003	515	516	1	0.07	0.00	0.01	0.5	0.01	0.08%
NCZ003	516	517	1	0.04	0.01	0.02	0.5	0.01	0.05%
NCZ003	517	518	1	0.83	0.00	0.01	0.8	0.01	0.78%
NCZ003	518	519	1	0.14	0.01	0.02	0.8	0.01	0.14%
NCZ003	519	520	1	0.15	0.00	0.02	0.5	0.01	0.15%
NCZ003	520	521	1	0.06	0.00	0.02	0.5	0.01	0.07%
NCZ003	521	522	1	0.10	0.00	0.02	0.5	0.01	0.11%
NCZ003	522	523	1	0.03	0.00	0.01	0.5	0.01	0.04%
NCZ003	523	524	1	0.25	0.00	0.02	0.5	0.01	0.24%
NCZ003	524	525	1	0.01	0.00	0.01	0.5	0.01	0.02%
NCZ003	525	526	1	0.21	0.00	0.01	0.5	0.01	0.20%
NCZ003	526	527	1	0.08	0.00	0.01	0.5	0.01	0.08%
NCZ003	527	528	1	0.00	0.00	0.01	0.5	0.01	0.01%
NCZ003	528	529	1	0.24	0.00	0.01	0.5	0.01	0.23%
NCZ003	529	531	2	1.15	0.01	0.19	1.2	0.01	1.13%
NCZ003	534	535	1	1.30	0.01	0.02	0.9	0.01	1.22%
Total			148.90

 

* Copper Equivalent (CuEq %) = Cu grade % * Cu Recovery + (Zn grade % * Zn Recovery * (Zn price $/t /Cu price $/t)) + (Pb grade % * Pb Recovery * (Pb price $/t /Cu price $/t)) + (Ag grade g/t / 31.103 * Ag recovery * (Ag price $/oz /Cu price $/t)) + (Au grade g/t / 31.103 * Au recovery * (Au price $/oz /Cu price $/t))

 

Cu Equivalent calculated using following commodity prices: Zn – US$3350/t, Cu – US$9523/t, Pb – US$2292/t, Ag – US$25.50/oz and

Au – US$1850/oz

 

Cu Equivalent calculated using following recovery assumptions for Northern Copper Zone: Zn – 82%, Cu – 93%, Pb – 78%, Ag – 72% and   Au – 65%

 

Sample analysis and QA/QC

 

All samples generated from the drilling were dispatched to ALS Loughrea, Ireland.

 

Samples were assayed for multi-element data analysis using their ME-ICP61 package, which includes Ag, Cu, Pb and Zn. The samples were also assayed for gold using their Au-AA23 analysis package. Overlimit assays were then analysed using their Ag-OG62, Cu-OG62, Pb-OG62, Zn-OG62 and ME-OG62 analysis packages.

 

For QA/QC purposes, Anglesey Mining used the industry standard of inserting 5% Certified Reference Material (CRM) samples, 2.5% Certified Blank Samples (Blanks) and 5% duplicate samples at source. The CRMs were sourced from OREAS Australia.

 

Competent Person

 

The information in this announcement which relates to Drilling Results has been approved by Mrs. Liz de Klerk, M.Sc., Pr.Sci.Nat., FIMMM who is a professional registered with the South African Council for Natural Scientific Professionals (SACNASP: 400090/08) 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 is traded on the AIM market of the London Stock Exchange and currently has 420,093,017 ordinary shares in issue.

 

Anglesey is developing the 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au VMS 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 a 49.75% interest in the Grängesberg iron ore project in Sweden and 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

Rob Marsden, Chief Executive Officer – Tel: +44 (0)7531 475111

Andrew King, Interim-Chairman – Tel: +44 (0)7825 963700

 

Davy

Nominated Adviser & Joint Corporate Broker

Brian Garrahy / Daragh O’Reilly – Tel: +353 1 679 6363

 

WH Ireland

Joint Corporate Broker

Katy Mitchell / Harry Ansell – Tel: +44 (0)207 220 1666

 

Brand Communications

Public & Investor Relations

Alan Green – Tel: +44 (0)7976 431608

 

A PDF version of this RNS may be viewed/downloaded via the following link: RNS_13May2024

LEI: 213800X8BO8EK2B4HQ71