Anglesey advances work in Wales, Sweden

Anglesey Mining said in an update on Friday that it was continuing to advance work programmes at both its Parys Mountain Cu-Zn-Pb-Ag-Au VMS project on the Isle of Anglesey in North West Wales, and its Grängesberg iron ore project in Sweden.

The AIM-traded firm said that, following initial assay results on 14 June, the second round of results had now been received from an additional three holes from the recent infill drilling programme at Parys Mountain.

All three holes recorded multiple broad intercepts, and continued to highlight that the White Rock deposit was an “extensive” mineralised system, the board said.

The final two holes of the programme were being logged for additional data to assist with geotechnical domain modelling, which would be used in the underground mine design optimisation.

Once logged, they would be sampled and dispatched for assaying.

Anglesey said that over the next month, samples would be selected for the metallurgical testwork programme, which would include both dense media separation and XRT ore sorting pre-concentration studies.

Historical pre-concentration studies demonstrated a 40% mass rejection of waste with metal losses of between 3% and 5%.

“The intention of this programme was to increase the amount of resources in the indicated category for the White Rock deposit, which stood at 4.7 million tonnes, or 79%, prior to commencing the drilling,” said chief executive officer Jo Battershill.

“Given the results, we are very confident that a significant portion of the currently Inferred material will be upgraded to Indicated.

“The importance of this should not be discounted given inferred resources are not permitted to be included in reserve estimates.”

Battershill said the next stage of the programme was to conduct pre-concentration studies on representative samples from areas that were likely to be mined.

“The ability to selectively remove the unmineralized material would have significant economic ramifications for the development studies.

“In other areas, we continue to progress the ecological surveys required for the environmental baseline work and we will soon commence the initial tailings management and design studies.

“Both of these aspects are critical to progressing Parys Mountain through the permitting phase.”

Meanwhile, Jo Battershill said work on planning the Northern Copper Zone infill drilling programme, scheduled for later in the year, was progressing.

“As part of this process, the team is currently reviewing the historical drilling and resource model with the aim of optimising the infill drilling in the zones closest to surface as these could have the most immediate impact on the mine design and production schedule.”

At 1029 BST, shares in Anglesey Mining were up 0.66% at 3.07p.

Reporting by Josh White at Sharecast.com.