Anglesey Mining PLC (AIM:AYM) said the first hole in a new drilling programme at Parys Mountain in Wales has largely confirmed its modelling.
"Drill hole NCZ001 was modelled to intersect two zones of potential sulphide mineralisation – the first between 365 – 510 metres, relating to the Northern Copper Zone; and the second between 610 – 620m interpreted to be an extension of the high-grade Garth Daniel Zone.
"Visual logging of NCZ001 suggests two zones of sulphide mineralisation were intersected with the Northern Copper Zone interpreted to be between 351 – 540m and a second zone, potentially the Garth Daniel Zone, between 560 – 586m."
Jo Battershill, chief executive, commented: “We are very pleased to have finished the first drill hole into the Northern Copper Zone and get confirmation of both our geological and mineralisation models.
“The mineralisation from the lower zone, currently interpreted to be the Garth Daniel Zone, is particularly encouraging.
Assay results are expected in the first quarter.
Battershill added: “The next hole in the program is designed to step out 200 metres to the southwest and provide infill drilling pierce points within the Northern Copper Zone.
Converting the upper levels of the Northern Copper Zone from the Inferred category to the higher confidence Indicated category is the key objective of this program.
Our current planning is to drill two holes from the new-collar position to reduce any downtime between holes – changing the angle of the rig should ensure the targeted pierce points are achievable.”
“We were originally planning on completing the downhole Muon survey on NCZ001; however, a zone of broken ground at a depth of 390 metres – interpreted to be a large fault – would present a risk to the survey tool and increase the chance of losing the tool down the hole.
“Subsequently, we will aim to conduct the Muon survey upon completion of the next hole.”