🕐30.07.12 - 09:00 Uhr
ANGLESEY MINING - PARYS 2012 DRILLING RESULTS
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Parys 2012 drilling results
Anglesey Mining plc is pleased to report that it has now completed the
diamond drilling programme at Parys Mountain that was initiated in
January 2012.
The programme consisted of 12 drill holes totalling
almost 2,000 metres of core drilling.
Assay results have now been
returned for the first ten of these holes.
The programme was divided into three stages:
Upper Engine Zone
The first stage targeted the upper levels of the Engine Zone which
comprised a major portion of the resources identified at and below the
bottom of the Morris Shaft.
This part of the programme was designed to
test the upward continuity of the Engine Zone through to surface.
Each
of the seven holes in this stage intersected the Zone and significant
assays were recorded in the deepest two holes.
The remaining five holes
all showed fairly narrow and relatively low grade intersections.
Details of the most significant intersections in this stage are shown
in the following table:
------------------------------------------Intercepts-------------------
-----------------------------
Hole Total From To Width Cu Pb Zn Ag Au Combined
number Depth m m m % % % ppm ppm %
CZ14 246 203.2 210.3 7.1 0.8 3.2 5.3 47 1.7 9.3
Including: 204.4 205.6 1.2 1.8 7.5 12.7 93 3.3 22.0
CZ15 236 171.2 175.0 3.8 2.1 4.6 8.0 141 0.6 14.7
Including: 171.7 173.0 1.3 4.8 10.9 18.5 153 0.5 34.2
CZ16 136 42.8 43.4 0.6 0.3 1.0 2.0 8 0.1 3.3
CZ17 79 48.4 48.9 0.5 0.4 0.0 0.0 0 0.1 0.4
CZ18 78 24.8 27.1 2.3 0.4 0.6 1.2 9 0.0 2.2
32.4 33.6 1.2 0.0 0.5 1.1 4 1.6 1.6
CZ19 25 12.4 14.5 2.1 0.1 0.4 1.0 6 0.0 1.5
CZ20 66 39.2 41.2 2.0 0.1 0.8 1.2 31 0.2 2.1
It is evident that the Engine Zone does persist upward from the
originally identified location but does not appear to continue through
to surface at economic grades and widths.
These holes have now been
added to the Engine Zone drill data base and will form part of a JORC
compliant resource estimate which is currently in the course of
production.
This upward extension of the Engine Zone lies in relatively close
proximity to the White Rock Zone and could be mined from an underground
decline in association with production from White Rock and would
provide an important bonus to the potential economics of an initial
White Rock production programme.
These results are now being included
as part of major update to the White Rock Scoping Study and the results
are expected in the autumn.
Great Open Cast Area
The second stage of drilling comprised two holes on the edge of the old
open pit to explore the potential of the Engine Zone horizon at the
base of the rhyolite succession, beneath the mineralisation hosted by
the Central Shales and which in some areas was mined historically in
the Great Open Cast.
If this area proves of interest it could
eventually be reached via underground drives from the Morris Shaft
associated with potential development of the main Engine Zone
Details of the major intersections in this stage are shown in the table
below:
------------------------------------------Intercepts-------------------
-----------------------------
Hole Total From To Width Cu Pb Zn Ag Au Combined
number Depth m m m % % % ppm ppm %
AMC20 282 72.2 77.4 5.2 1.8 0.5 1.0 7 0.1 3.3
Including: 72.2 74.6 2.4 2.9 1.0 2.2 14 0.1 6.1
AMC21 276 70.6 72.6 2.0 0.2 0.3 1.6 4 0.1 2.1
These results whilst not high grade do give an indication of some
potential for this area and additional drilling associated with these
structures may be planned for later in the year from the northern edge
or bottom of the Great Open Cast.
New Pearl Engine House area
The final stage of the programme consisted of three holes drilled on
the eastern boundary of the property to test areas of the Northern
Copper Zone that historically were partially exploited in this area.
AMC22 was drilled at 65 degrees inclination, AMC23 at 75 degrees
inclination and AMC24 was vertical, all from the same site.
Assay
results from the first of these holes have been received and are shown
in the following table.
Results from the last two holes are expected
in several weeks.
------------------------------------------Intercepts-------------------
----------------------------
Hole Total From To Width Cu Pb Zn Ag Au Combined
number Depth m m m % % % ppm ppm %
AMC22 161 111.0 113.0 2.0 2.5 0.0 0.0 0 0.0 2.5
plus 138.8 153.7 14.9 1.1 1.2 2.0 11 0.1 4.3
Including: 145.6 149.6 4.0 2.6 2.6 6.2 20 0.3 11.4
AMC23 185 No assay results to hand
AMC24 212 No assay results to hand
These are very encouraging results and further work on this area will
be considered when the final assay results are received.
Summary
All the stages of this programme are considered to have been
successful.
Whilst it was a little disappointing that the Engine Zone could not be
established at economic grades and widths at higher levels,
nevertheless the results in the first two holes did extend the
potentially viable zone upwards and will enable a combined White Rock –
Upper Engine Zone mining operation to be reviewed in a very positive
light.
The work in the Great Open Cast was always somewhat speculative in
nature but has provided an opportunity to develop additional resources
that could be developed in conjunction with a production operation
based on the Morris Shaft.
The Pearl area drilling is particularly encouraging as it opens up an
area that is more than one kilometre away from the Morris Shaft and in
conjunction with previous results from the Garth Daniel area which lie
midway between the Pearl Engine House and Morris Shaft locations
demonstrates that mineralisation at potentially economic grades and
widths persists across the entire property.
This can only generate
further optimism and interest in the overall potential for Parys
Mountain.
About Anglesey Mining plc
Anglesey holds 26% of Toronto-listed Labrador Iron Mines Holdings
Limited which is now producing iron ore from its James deposit, one of
LIM’s twenty direct shipping iron ore deposits in western Labrador and
north-eastern Quebec.
Anglesey is also carrying out development and exploration work at its
100% owned Parys Mountain zinc-copper-lead deposit in North Wales, UK
where there is estimated to be a total historical resource in excess of
7 million tonnes at over 9% combined copper, lead and zinc.
For further information, please contact:
Bill Hooley, Chief Executive +44 (0)1492 541981;
Ian Cuthbertson, Finance Director +44 (0)1248 361333;
Samantha Harrison / Klara Kaczmarek: RFC Ambrian +44 (0)2076 344700;
Emily Fenton / Jos Simson: Tavistock Communications +44 (0)20 7920
3155
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