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Anglesey Mining encouraged by Parys Mountain scoping study update

Review by QME identified several ways to improve the project’s economics

Allergy Therapeutics PLC - Anglesey Mining encouraged by Parys Mountain scoping study update
Zinc is one of the metals at Parys
  • Anglesey Mining owns the Parys Mountain poly-metal prospect in Wales

  • Parys contains 2.1mln tonnes of ore in the indicated category at 6.9% combined base metals

  • The inferred portion has 4.1mln tonnes at 5.0% combined base metals in the inferred category.

  • Review by QME identified several ways to improve the project’s economics

 

How is it doing

QME was appointed at the end of last year to optimise the mining plan.

The consult suggests the mineable tonnage can be increased by using a lower cut-off grade and a revised mine development.

For example, a 2017 Scoping Study was based on mining only the 2.1mln tonnes of indicated resources and did not include the 4.1mln tonnes of inferred resources.

Anglesey (LON:AYM) says these options are being assessed in the second stage of the review process, which is now underway with completion scheduled for the end of 2019.

Funds permitting, that would lead to an upgraded scoping study or a preliminary feasibility study said Anglesey.

On completion of a feasibility study QME has the option to undertake the mine's development in return for a 30% stake in the project.

 

What the boss says: John Kearney, chairman

 “The 2017 Scoping Study demonstrated a viable mine development at Parys Mountain with a healthy financial rate of return.

“The outlook for metal prices, particularly zinc, copper and lead, which form the basis of Parys Mountain revenue, remains very positive.”

 

Inflection points

  • Second phase of scoping study review

  • Prices rise of basket of base metals

  • Financing for full feasibility study at Parys

Quick facts: Anglesey Mining PLC

Price: 1.53 GBX

LSE:AYM
Market: LSE
Market Cap: £2.86 m
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Anglesey Mining's Bill Hooley pleased with progress on optimisation study

Anglesey Mining plc's (LON:AYM) chief executive Bill Hooley tells Proactive the optimisation study for the Parys Mountain copper, zinc, lead, gold and silver project is progressing well. The study is being conducted under a project development and cooperation agreement entered into with...

on 22/1/19

2 min read