Anglesey Mining PLC (AIM:AYM) said drilling is now underway at the Parys Mountain project in Wales with the initial hole at a depth of 545 metres (m).
Drilling is targeted to reach 650m, which Anglesey expects to reach next week when a second hole will get underway.
Initial logging of NCZ001 (the first hole) indicates that sulphide mineralisation within the Northern Copper Zone commenced at a downhole depth of around 350m, Anglesey said, in line with the company’s modelled interpretation,
Jo Battershill, chief executive, added: “The initial core from the Northern Copper Zone would appear to be very encouraging on two fronts.
"Firstly, the geological model used to target the mineralised zones has been very accurate thus far; and secondly, we are seeing a significant amount of quartz veins within the system that we have interpreted to be the Northern Copper Zone."
These quartz veins contain encouraging amounts of chalcopyrite, sphalerite, and galena – the key minerals that host copper, zinc and lead.
“We continue to believe the Northern Copper Zone at Parys Mountain has enormous potential. The original in-house resource estimate of over 30 Mt back in 1970 highlights just how extensive this zone of mineralisation is.
“This drilling is the first look at the deposit for many years and is providing very valuable information,” noted Battershill.
Cutting and sampling of core has already commenced, he added, with the first samples expected to be delivered to the assay laboratory before the Christmas break and with results received during the first quarter of 2024.