ANGLESEY MINING PLC - Final assay results from Parys Mountain 2022 drilling

PR Newswire

London, October 19

Trading Symbol

AIM: AYM

20thOctober 2022

Anglesey Mining plc

(“Anglesey” or “the Company”)

Final assay results from Parys Mountain 2022 drilling

Anglesey Mining plc (AIM:AYM), the UK minerals development company, continues 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.

Following the announcements on 14th June and 15thJuly 2022 regarding assay results, Anglesey is now pleased to announce that the final round of assay results have been received from the 2022 infill drilling programme at Parys Mountain.

Parys Mountain Cu-Zn-Pb-Ag-Au Project

Jo Battershill, Chief Executive of Anglesey Mining, commented: “With the final encouraging assay results now received, we can move onto the next round of workstreams for Parys Mountain. As previously highlighted, core will be sent to Grinding Solutions to conduct pre-concentration studies on representative samples from areas that are likely to be mined. We believe that the ability to selectively remove the unmineralized material would have a significant positive economic impact for the ongoing development studies.”

“Additionally, the intention of the recent drilling programme was to increase the resources in the Indicated category for the White Rock deposit, which stood at 4.7Mt, or 79% prior to commencing the drilling. Given the results have now all been received, we will look to update the Mineral Resource Estimate.”

“In other areas, we continue to progress the surveys required for the environmental baseline work and we will soon commence the initial design work for the tailings management facility. Both aspects are critical to progressing Parys Mountain through the permitting phase. Meanwhile, work on advancing the Northern Copper Zone is progressing well. As part of this process, Anglesey’s team has reviewed the historical drilling and resource model of the Northern Copper Zone with the aim of identifying prospective areas that would optimise future drilling programmes. We will focus on the zones that could have the most immediate impact on the mine design and production schedule. Historical drilling and internal reviews would suggest that the Northern Copper Zone could be significantly larger than the current resource estimate suggests, but additional drilling will be required to confirm this potential.”

Drill hole details

Hole ID Co-ordinates
        (E)                    (N)		 Elevation
(m)		 Azimuth
(°)		 Dip (°) End of Hole (m)
AMC-26 43289 90287 115 248 -63 303
WD-16 43154 90228 98 126 -65 179.6
WD-17 43170 90198 103 126 -65 124
WD-18 43154 90304 96 126 -65 218
WD-19 43154 90304 96 123 -50 201
WD-20 43167 90334 96 116 -52 206.5
WD-21 43167 90334 96 126 -65 224.5
WD-22 43209 90385 94 115 -55 191
WD-23 43209 90383 94 140 -73 243
WD-24 43172 90194 102 90 -88 331.5

Reported Assays

The following tables report the assay results from Holes WD-23 and WD-24. Assay results from other holes previously reported See Anglesey RNS’s dated 14 June 2022 and 15 July 2022.

Hole Number From To Sample Length Assays
(m) (m) (m) Cu
(%)		 Zn
 (%)		 Pb
(%)		 Ag         (g/t) Au
(g/t)		 ZnEq
(%)1
WD-23 93 95 2.00 0.05 0.44 0.26 2.6 0.10 0.73%
WD-23 95 97 2.00 0.10 0.98 0.63 3.6 0.03 1.42%
WD-23 97 99 2.00 0.08 0.78 0.63 4.0 0.06 1.27%
WD-23 99 101 2.00 0.13 0.67 0.39 6.6 0.08 1.17%
WD-23 101 103 2.00 0.54 1.30 0.54 10.4 0.07 2.38%
WD-23 103 105 2.00 0.30 3.58 2.91 19.6 0.11 5.63%
WD-23 105 107 2.00 0.15 0.92 0.56 6.7 0.06 1.48%
WD-23 107 109 2.00 0.17 0.40 0.18 7.8 0.03 0.84%
WD-23 109 111 2.00 0.23 1.86 0.49 7.9 0.09 2.38%
WD-23 111 113 2.00 0.17 1.08 0.40 12.3 0.25 1.85%
WD-23 113 115 2.00 0.21 0.40 0.18 12.8 0.23 1.19%
WD-23 115 117 2.00 0.06 0.08 0.04 7.6 0.11 0.42%
WD-23 117 119 2.00 0.04 0.09 0.01 3.1 0.03 0.23%
WD-23 119 119.87 0.87 0.05 0.04 0.01 2.5 0.06 0.22%
WD-23 119.87 121.87 2.00 0.21 0.04 0.02 4.7 0.09 0.51%
WD-23 121.87 123.87 2.00 0.17 0.60 0.24 5.6 0.11 1.09%
WD-23 123.87 125.64 1.77 0.27 1.18 1.36 11.0 0.12 2.50%
WD-23 125.64 126.64 1.00 0.87 7.33 6.32 41.9 0.31 12.20%
WD-23 126.64 127.36 0.72 0.48 7.00 3.67 35.2 0.27 9.60%
WD-23 127.36 128.04 0.68 0.23 0.92 0.49 23.1 0.16 1.96%
WD-23 128.04 129 0.96 0.67 8.59 6.60 36.0 0.26 12.99%
WD-23 129 131 2.00 0.49 0.81 0.46 21.6 0.21 2.22%
WD-23 131 133 2.00 0.04 0.04 0.02 2.5 0.08 0.22%
WD-23 133 135 2.00 0.09 0.18 0.06 2.8 0.08 0.43%
WD-23 135 136 1.00 0.05 0.11 0.05 4.1 0.10 0.37%
WD-23 136 137 1.00 0.33 0.59 0.34 7.2 0.11 1.38%
WD-23 137 138 1.00 0.05 0.10 0.04 4.0 0.14 0.39%
WD-23 138 139 1.00 0.37 0.18 0.05 5.8 0.11 0.89%
WD-23 139 140 1.00 0.06 0.08 0.01 5.0 0.14 0.39%
WD-23 140 141 1.00 0.07 0.02 0.01 7.2 0.21 0.47%
WD-23 141 142 1.00 0.00 0.01 0.01 2.9 0.11 0.20%
WD-23 142 143 1.00 0.01 0.06 0.02 2.7 0.09 0.22%
WD-23 143 144 1.00 0.25 0.23 0.20 11.2 0.16 1.03%
WD-23 144 145 1.00 0.04 0.06 0.02 4.5 0.12 0.33%
WD-23 145 146 1.00 0.09 0.13 0.05 5.0 0.13 0.48%
WD-23 146 147 1.00 0.01 0.03 0.01 2.1 0.07 0.15%
WD-23 147 148 1.00 0.08 0.07 0.03 5.0 0.14 0.41%
WD-23 148 149 1.00 0.04 0.03 0.02 4.3 0.10 0.28%
WD-23 149 150 1.00 0.06 0.13 0.03 3.8 0.10 0.38%
WD-23 150 151 1.00 0.04 0.04 0.02 3.5 0.13 0.30%
WD-23 151 152 1.00 0.03 0.23 0.07 5.0 0.11 0.47%
WD-23 152 153 1.00 0.07 0.09 0.06 4.3 0.14 0.43%
WD-23 153 154 1.00 0.09 0.16 0.04 2.8 0.12 0.45%
WD-23 154 155 1.00 0.11 0.57 0.16 4.2 0.14 0.94%
WD-23 155 156 1.00 0.08 0.74 0.32 4.5 0.16 1.17%
WD-23 156 157.29 1.29 0.21 1.64 0.94 7.7 0.18 2.53%
WD-23 157.29 159.29 2.00 0.41 2.22 0.97 24.7 0.53 3.98%
WD-23 159.29 161.29 2.00 0.21 0.30 0.15 9.2 0.23 1.03%
WD-23 161.29 163.29 2.00 0.27 0.80 0.35 8.0 0.11 1.49%
WD-23 163.29 165.29 2.00 0.07 0.78 0.47 4.6 0.08 1.19%
WD-23 165.29 167.29 2.00 0.03 0.26 0.10 3.5 0.10 0.48%
WD-23 167.29 169.29 2.00 0.04 0.46 0.17 6.3 0.14 0.80%
WD-23 169.29 171.29 2.00 0.08 0.72 0.33 7.4 0.16 1.21%
WD-23 171.29 173.29 2.00 0.14 0.86 0.62 10.2 0.18 1.65%
WD-23 173.29 175.29 2.00 0.12 0.45 0.29 8.6 0.20 1.07%
WD-23 175.29 177.29 2.00 0.11 0.71 0.51 9.4 0.21 1.43%
WD-23 177.29 179.29 2.00 0.11 0.72 0.35 8.6 0.28 1.41%
WD-23 179.29 181.29 2.00 0.05 0.68 0.27 9.3 0.31 1.28%
WD-23 181.29 182.22 0.93 0.03 0.18 0.07 5.0 0.11 0.43%
WD-23 182.22 184.22 2.00 0.06 0.34 0.13 9.2 0.20 0.82%
WD-23 184.22 185.62 1.40 0.04 0.46 0.32 7.7 0.14 0.92%
WD-23 186.62 186.67 0.05 0.03 0.46 0.14 2.5 0.10 0.64%
WD-23 186.67 187.53 0.86 0.41 5.03 2.00 38.7 0.17 6.81%
WD-23 187.53 188.13 0.60 0.19 3.70 1.44 21.8 0.17 4.75%
WD-23 188.13 189.13 1.00 0.31 1.10 1.01 16.4 0.23 2.48%
WD-23 189.13 190.13 1.00 0.22 1.08 0.39 15.3 0.27 1.97%
WD-23 190.13 191.13 1.00 0.32 1.12 0.54 18.8 0.20 2.24%
WD-23 191.13 192.13 1.00 0.22 0.88 0.35 19.8 0.62 2.24%
WD-23 192.13 192.94 0.81 0.45 0.79 0.34 13.4 0.20 1.91%
WD-23 192.94 194.94 2.00 0.11 0.66 0.27 7.2 0.18 1.18%
WD-23 194.94 196.94 2.00 0.07 0.23 0.11 3.9 0.09 0.51%
WD-23 196.94 198.94 2.00 0.19 0.89 0.31 9.1 0.21 1.56%
WD-23 198.94 200.94 2.00 0.12 1.70 1.09 11.2 0.15 2.60%
WD-23 200.94 202.94 2.00 0.10 0.87 0.34 9.4 0.10 1.33%
WD-23 202.94 204.94 2.00 0.17 1.43 0.46 8.9 0.11 1.96%
WD-23 204.94 206.94 2.00 0.06 0.90 0.63 6.6 0.12 1.45%
WD-23 206.94 208.94 2.00 0.08 1.11 0.37 7.4 0.15 1.54%
WD-23 208.94 210.94 2.00 0.13 1.68 0.74 9.0 0.20 2.38%
WD-23 210.94 212.94 2.00 0.07 0.81 0.38 5.8 0.19 1.30%
WD-23 212.94 214.94 2.00 0.05 0.63 0.30 4.7 0.19 1.05%
WD-23 214.94 216.94 2.00 0.11 0.80 0.40 7.4 0.19 1.38%
WD-23 216.94 218.94 2.00 0.13 1.33 0.93 9.8 0.16 2.18%
WD-23 218.94 220.94 2.00 0.18 0.61 0.30 13.3 0.23 1.41%
WD-23 220.94 222.94 2.00 0.07 0.53 0.20 6.8 0.21 0.99%
WD-23 222.94 224.94 2.00 0.15 0.91 0.40 11.9 0.26 1.68%
WD-23 224.94 226.94 2.00 0.16 1.52 0.70 12.9 0.24 2.38%
WD-23 226.94 228.94 2.00 0.10 1.02 0.54 11.9 0.45 1.99%
WD-23 228.94 230.94 2.00 0.08 0.98 0.47 11.7 0.38 1.81%
WD-23 230.94 232.94 2.00 0.07 0.65 0.35 9.7 0.21 1.23%
WD-23 232.94 234.94 2.00 0.13 0.73 0.34 17.1 0.70 2.01%
WD-23 234.94 236.92 1.98 0.13 1.89 0.86 17.0 0.30 2.88%
   Total 142.92m
WD-24 188.79 189.13 0.34 0.39 14.20 7.38 64.7 16.20 34.51%
WD-24 208.39 210.31 1.92 0.19 1.19 0.63 64.8 0.51 3.34%
WD-24 238.5 239.42 0.92 0.64 5.01 3.59 77.9 3.19 11.90%
WD-24 239.42 239.98 0.56 2.69 17.50 10.40 365 1.94 33.14%
WD-24 262.94 264.11 1.17 0.35 1.53 1.03 24.8 0.40 3.22%
WD-24 264.11 265.11 1.00 0.37 1.96 1.25 27.9 0.45 3.86%
WD-24 265.11 266.11 1.00 0.22 1.52 0.68 24.8 0.38 2.80%
WD-24 266.11 266.74 0.63 0.40 3.04 1.59 56.4 0.63 5.70%
WD-24 266.74 267.91 1.17 1.45 14.90 7.80 248 5.28 28.98%
WD-24 267.91 268.91 1.00 0.84 7.13 3.47 290 3.92 18.47%
WD-24 268.91 269.91 1.00 2.38 18.60 8.25 219 3.87 31.57%
WD-24 269.91 270.91 1.00 0.38 3.35 1.74 158 1.07 8.34%
WD-24 270.91 271.91 1.00 0.47 5.28 3.11 69.9 2.19 10.42%
WD-24 271.91 272.91 1.00 0.10 1.27 0.52 15.5 0.23 2.02%
WD-24 272.91 273.91 1.00 0.24 2.90 1.36 34.5 0.35 4.54%
WD-24 273.91 274.91 1.00 0.06 1.00 0.61 11.5 0.24 1.74%
WD-24 274.91 275.91 1.00 0.31 3.06 1.71 85.4 0.57 6.13%
WD-24 275.91 276.91 1.00 0.06 0.38 0.21 20.5 0.28 1.18%
WD-24 276.91 277.91 1.00 0.04 0.31 0.12 13.8 0.21 0.84%
WD-24 277.91 278.91 1.00 0.06 0.42 0.20 22.4 0.26 1.23%
WD-24 278.91 279.91 1.00 0.13 0.82 0.36 22.9 0.46 1.96%
WD-24 279.91 280.34 0.43 1.39 10.00 4.37 138 3.23 18.62%
WD-24 280.34 282.34 2.00 0.03 0.15 0.06 6.8 0.10 0.43%
WD-24 282.34 284.34 2.00 0.01 0.02 0.02 5 0.04 0.16%
WD-24 284.34 286.81 2.47 0.01 0.03 0.04 6.3 0.03 0.20%
WD-24 286.81 287.81 1.00 0.84 4.11 2.25 123 0.11 8.28%
WD-24 287.81 288.81 1.00 1.40 4.64 3.50 152 0.17 10.83%
WD-24 288.81 289.81 1.00 0.52 2.85 1.74 87.9 0.11 5.85%
WD-24 289.81 290.42 0.61 2.19 9.79 4.49 261 0.36 18.94%
WD-24 290.42 291.9 1.48 0.21 1.76 0.89 51.7 1.11 4.35%
WD-24 294.6 296.6 2.00 0.44 0.09 0.08 6.4 1.11 1.96%
WD-24 296.6 298.6 2.00 0.01 0.01 0.01 0.5 0.01 0.05%
WD-24 298.6 300.6 2.00 0.00 0.01 0.01 0.5 0.01 0.03%
WD-24 300.6 302.6 2.00 0.01 0.03 0.01 0.5 0.01 0.06%
WD-24 302.6 304.5 1.90 0.01 0.02 0.01 0.7 0.01 0.06%
WD-24 311.81 313.81 2.00 0.04 0.11 0.07 2.5 0.03 0.27%
WD-24 313.81 315.81 2.00 0.01 0.16 0.08 1.6 0.03 0.26%
WD-24 315.81 316.12 0.31 0.00 0.01 0.15 1.3 0.01 0.13%
WD-24 317.11 319.11 2.00 0.02 0.10 0.04 2.9 0.07 0.25%
WD-24 319.11 321.23 2.12 0.26 1.10 0.57 2.2 0.05 1.71%
WD-24 321.23 323.23 2.00 0.15 0.62 0.36 1.7 0.02 0.99%
WD-24 323.23 325.23 2.00 0.27 0.91 0.50 2.1 0.12 1.58%
   Total 55.03m

1Zinc Equivalent (ZnEq %) = Zn grade % * Zn Recovery + (Cu grade % * Cu Recovery * (Cu price $/t / Zn price $/t)) + (Pb grade % * Pb Recovery * (Pb price $/t / Zn price $/t)) + (Ag grade g/t / 31.103 * Ag recovery * (Ag price $/oz / Zn price $/t)) + (Au grade g/t / 31.103 * Au recovery * (Au price $/oz / Zn price $/t))

Zn equivalent calculated using following commodity prices: Zn – US$1.25/lb, Cu – US$3.50/lb, Pb – US$1.00/lb, Ag – US$22.50/oz & Au – US$1750/oz

Zn Equivalent calculated using following recovery assumptions for White Rock deposit: Zn – 82%, Cu – 48%, Pb – 78%, Ag – 70% & Au -50%

Sample analysis and QA/QC

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

Samples were analysed 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 Geostats Pty Ltd, Ore Research & Exploration Pty Ltd, OREAS and Natural Resources Canada.

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., MIMMM 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 Mining is traded on the AIM market of the London Stock Exchange and currently has 280,675,721 ordinary shares on issue.

Anglesey is developing its 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au 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 in the Grangesberg Iron project in Sweden, together with management rights and a right of first refusal to increase its interest to 70%.  Anglesey also holds 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

Jo Battershill, Chief Executive – Tel: +44 (0)7540 366000

John Kearney, Chairman – Tel: +1 416 362 6686

Davy

Nominated Adviser & Joint Corporate Broker

Brian Garrahy / Lauren O’Sullivan – Tel: +353 1 679 6363

WH Ireland

Joint Corporate Broker

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

Canaccord Genuity Limited

Joint Corporate Broker

James Asensio / Harry Rees – Tel: +44 (0) 20 7523 8000

Scout Advisory Limited

Investor Relations Consultant

Sean Wade – Tel: +44 (0) 7464 609025

LEI: 213800X8BO8EK2B4HQ71