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Anglesey hopeful of resource upgrade

UK-based Anglesey Mining has returned assay results from its Parys Mountain copper-zinc-lead-silver-gold project in Wales which have added confidence to the resource estimate ahead of pre-construction studies for the project.
Anglesey hopeful of resource upgrade Anglesey hopeful of resource upgrade Anglesey hopeful of resource upgrade Anglesey hopeful of resource upgrade Anglesey hopeful of resource upgrade

Parys Mountain, Anglesey, North Wales

"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," Anglesey's CEO Jo Battershill said.

The company listed the following intersections:

  • 9.0 metres at 4.9% Zn, 3.1% Pb, 0.2% Cu, 24g/t Ag & 0.3g/t Au (WD-20 from 133.5 metres) including 6.0 metres at 6.3% Zn, 4.0% Pb, 0.2% Cu, 25g/t Ag & 0.3g/t Au
  • 11.0 metres at 3.7% Zn, 2.3% Pb, 0.2% Cu, 27g/t Ag & 0.3g/t Au (WD-20 from 146.5m) including 4.0 metres at 5.6% Zn, 3.8% Pb, 0.3% Cu, 43g/t Ag & 0.3g/t Au
  • 1.04 metres at 8.5% Zn, 5.3% Pb, 1.0% Cu, 27g/t Ag & 0.3g/t Au (WD-21 from 195m)
  • 12.74 metres at 3.7% Zn, 1.9% Pb, 0.2% Cu, 22g/t Ag & 0.6g/t Au (WD-21 from 204.5m)
  • 5.4 metres at 3.3% Zn, 1.8% Pb, 0.2% Cu, 53g/t Ag & 0.6g/t Au (WD-22 from 147.3m)
  • 12.8 metres at 3.0% Zn, 1.3% Pb, 0.2% Cu, 51g/t Ag & 0.5g/t Au (WD-22 from 167.9m) including 4.2 metres at 5.6% Zn, 2.5% Pb, 0.4% Cu, 95g/t Ag & 0.8g/t Au

"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 final two holes of the programme are currently being logged for additional data and once done, they will be sampled and dispatched for assaying, Anglesey said.

"The next stage of this programme is to conduct pre-concentration studies on representative samples from areas that are likely to be mind. The ability to selectively remove the unmineralized material would have significant economic ramifications for the development studies," the CEO said.

WH Ireland Capital Markets analyst Paul Smith said Anglesey is making "positive strides" as it builds on the 2021 preliminary economic assessment for Parys Mountain.

"We note that assay results report today add confidence to the current resource estimate and may contribute towards a resource reclassification which would add to the robustness of any economic modelling in our opinion," he said.

"Today's news buildings on recent positive news following Scully Royalty's recent US$3 million strategic investment in Labrador Iron Mines Holdings Limited in which Anglesey has an 11% interest," he said.

Anglesey's share price was 3.05p on July 17.