Anglesey Mining PLC (AIM:AYM) has released details of an updated resource for its Parys Mountain project on the island of Anglesey.
The resource estimates for the White Rock and Engine Zones have been updated on the basis of 10 additional drill holes completed in 2022 and a detailed review of the previous geological interpretations.
Measured resources are now reported at Parys Mountain for the first time in the project’s history. This provides a very strong base for the next round of mine optimisation work, the company said.
The combined resource for the White Rock and Engine Zones, now being referred to as Morfa Du, have been reported at 5.72mln tonnes at 0.4% copper, 2.30% zinc, 1.24% lead, 28 grams per tonne silver, and 0.3 grams per tonne gold. Those grades run equivalent to 2% copper or 5.6% zinc.
The Morfa Du Zone has 5.3mln tonnes of the resource now reporting to the measured and indicated categories, and contains 213,000 tonnes of combined zinc, lead, and copper, as well as 4.8mln ounces of silver and 48,000 ounces of gold.
The overall resource for Parys Mountain, including the Northern Copper Zone which has not yet been updated, is reported at 16.1mln tonnes 1.0% copper, 1.3% zinc, 0.7% lead, 15 grams silver and 0.2 grams gold, containing 486,000 tonnes of combined zinc-lead-copper, 7.9mln ounces of silver and 86,000 ounces of gold.
The company said it will undertake a similar resource update process for the large Northern Copper Zone, including additional drilling, which will be the first into this zone since 2008. It believes there is substantial upside to the existing resource base there.
The updated resource will provide the foundation for the pre-feasibility study, which will incorporate an optimised mine design layout and results from recently commenced metallurgical testwork.
“It is very pleasing to have finalised the updated Mineral Resource Estimate for Parys Mountain, which for the first time includes significant tonnes in the Measured category,” said Jo Battershill, chief executive of Anglesey Mining in a statement.
“This update was completed to provide the most robust resource estimate going into the next steps of the project’s evaluation. The geology and resources form the basis for every other subsequent aspect in the evaluation phase, from the mine design through to metallurgy and management of tailings. The first inclusion of tonnes in the measured category demonstrates the increased level of confidence the team has in the Parys Mountain project," Battershill added.