Anglesey Mining reports fresh assays from Northern Copper Zone

13th Mar 2024 14:13

(Sharecast News) - Anglesey Mining reported assay results from drill hole NCZ002 on Wednesday, marking a significant development in its infill drilling programme at the Northern Copper Zone (NCZ) and Garth Daniel Zone (GDZ) within the Parys Mountain project on the Isle of Anglesey in north west Wales.

The AIM-traded firm said the results from NCZ002 aligned with historical drilling, confirming a substantial zone of mineralisation across the NCZ.

It said the drill hole intersected 114 metres at 1% copper equivalent including internal dilution.

Moreover, within the broad mineralised envelope, higher-grade zones were identified, showcasing continuity with previous drilling results and reinforcing the geological model and drill targeting.

Key intersections included 65 metres at 0.9% copper, 0.09% zinc, 0.1% lead, with silver and gold credits for a 1% copper equivalent, including a subsection of 6.3 metres at 2.6% copper or a 2.8% copper equivalent.

It also highlighted 31.5 metres at 1.4% copper, with silver and gold credits for a 1.6% copper equivalent, including a subsection of 11 metres at 3% copper for a 3.4% copper equivalent.

The company said its focus now shifted towards a resource update on the NCZ, with the objective of elevating a significant portion of the inferred resource into the more reliable indicated category.

"Once again, we are very excited 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 that both NCZ001 and NCZ002 had delivered some "exceptional" high-grade copper intersections, adding that the results continued to support the firm's view that the Northern Copper Zone provided significant upside for the Parys Mountain project, over and above the five million tonne contribution included within the 2021 preliminary economic assessment.

"The third drill hole, NCZ003, is currently at a depth of around 450 metres.

"The geological and drill targeting model anticipated the Northern Copper Zone to commence at a downhole depth of around 400 metres.

"Once again, the model has been validated by these latest results from NCZ002 and we look forward to providing a further update once drilling of NCZ003 is complete."

At 1221 GMT, Anglesey Mining shares were down 3.56% at 1.3p.

Reporting by Josh White for Sharecast.com.