Anglesey Mining moving forward on several fronts at Parys Mountain property
Last updated: 07:26 13 Mar 2024 GMT, First published: 13:59 08 Sep 2023 BST
Snapshot
- Anglesey Mining intersects more copper in second hole at Parys Mountain
- Anglesey Mining fundraise a 'significant' step, says broker
- Anglesey Mining "could be pulling out some very very significant copper intersections"
About the company
Anglesey Mining PLC is engaged in exploring and developing its Parys Mountain property which hosts a significant polymetallic zinc, copper, lead, silver and gold deposit where there is a head frame, a 300m deep production shaft, planning permission for operations and freehold ownership of the minerals and land.
How it is doing
Anglesey Mining said assays from the recently completed second drill hole at Parys Mountain in Wales confirmed a significant zone of mineralisation consistent with earlier exploration.
Focused on an area known as the Northern Copper Zone, the drilling recorded a best intercept of 9.4m at 1.9% copper. which Anglesey believes is part of a 114m zone of mineralisation across the NCD.
“Within the broad mineralised envelope, there are numerous higher-grade zones,” Anglesey added that demonstrate good continuity with previous drilling results.
A resource update on the NCZ is now planned to convert a significant portion of the Inferred Resource into the higher confidence Indicated category.
Anglesey Mining said preliminary inspections of drill core from the Northern Copper Zone at Parys Mountain in Anglesey indicate a continuation of mineralisation.
Recently completed, drill hole NCZ002 contained a 107m (apparent thickness) zone of visible sulphides identified between 413m – 520m downhole, said the statement.
Anglesey Mining said assays from the first hole in its new drill campaign at Parys Mountain in Wales contained a wide copper intercept as well as other signs of other metals.
“Drill hole NCZ001 was designed to provide a repeat of the historical drill hole H34, drilled in the early 1970s, which intersected three mineralised zones that bulked out to 146 metres at 1.2% copper equivalent (CuEq),“ said the statement.
What the brokers say
Anglesey Mining PLC (AIM:AYM)’s recent £1mln placing and subscription is significant as it reaffirms the confidence held by institutions, investors and directors in the direction of Anglesey, according to WH Ireland.
Nearly 66.7mln shares will be issued to subscribed institutions and investors (including directors) at a price of 1.5p.
WHI said the funds raised will be invested to advance, grow and de-risk the Parys Mountain and Grängesberg projects.
What management says
Anglesey Mining PLC (AIM:AYM) chief executive Jo Battershill speaks to Thomas Warner from Proactive after announcing that the explorer has started preparations for a new round of drilling at Parys Mountain on Anglesey.
Battershill puts the announcement in context, going on to say that the company "could be pulling out some very very significant copper intersections" at the Northern Copper Zone.
He adds that he believes "Anglesey Mining is probably the best positioned junior on the AIM market."