Anglesey Mining receives last Parys Mountain infill assay results

13th May 2024 12:19

(Sharecast News) - Anglesey Mining announced the receipt of assay results for drill hole NCZ003 on Monday, marking the completion of the third hole in the infill drilling programme at the Parys Mountain copper-zinc-lead-silver-gold VMS project on the Isle of Anglesey in North West Wales.

The AIM-traded firm said NCZ003 confirmed significant mineralisation across the Northern Copper Zone (NCZ), consistent with historical drilling and previous holes NCZ001 and NCZ002.

Despite premature termination at 535 metres due to a large void possibly related to a fault, NCZ003 yielded promising results, particularly in the final six metres before the void which assayed 1.16% copper equivalent, aligning with high-grade historic assays.

The drilling programme, including NCZ003, had consistently intersected broad mineralisation zones alongside higher-grade sections, supporting geological model integrity and drill targeting.

Notably, indications suggested increased mineralised volumes overall, enhancing the project's prospects.

Key intersections from NCZ003 included a 90-metre stretch at 0.57% copper equivalent, showcasing various mineral components.

That included notable sections like eight metres at 0.82% copper equivalent, and six metres at 1.16% copper equivalent, highlighting significant copper content alongside other minerals.

The completion of NCZ003 marked the conclusion of the on-site portion of the current exploration and infill drilling programme.

With litho-geochemical analysis results expected from all three holes in the coming weeks, Anglesey Mining was targeting a resource update on the NCZ.

The aim was to convert a substantial portion of the inferred resource into the higher confidence indicated category.

"Once again, we are very pleased to see the Parys Mountain project delivering some very strong drilling results," said interim chairman Andrew King.

"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."

King said all three holes in the current programme - NCZ001 NCZ002 and NCZ003 - had delivered some exceptional high-grade copper intersections within broad thicknesses of mineralisation up to 100 metres wide.

"The results continue to support our view that the NCZ provides significant upside for the Parys Mountain project, over and above the five million tonne contribution included within the 2021 preliminary economic assessment."

At 1041 BST, shares in Anglesey Mining were up 9.63% at 1.48p.

Reporting by Josh White for Sharecast.com.