Anglesey Mining PLC (LSE:AYM) said drilling will start at its Parys Mountain copper-zinc-lead deposit in early November, following the company’s recent fundraising.
READ: Anglesey Mining starts work at Parys Mountain and Grängesberg after fund raise
A drill rig has been secured for the first drilling programme at Parys Mountain in North Wales since 2012.
“Now that the recent funding has been successfully completed, it is time to get the work programmes moving,” said chief executive Jo Battershill. “With the drilling at Parys Mountain expected to commence in early November, we would expect to have results coming back to us during Q1 of 2022.
“We have also commenced a review of the historical environmental studies to determine what is required to take the project through to a development decision. We aim to engage a specialist consultant to assist with the environmental baseline and permitting activities at Parys Mountain as soon as possible given the potential lead time usually required with baseline work.
“Recently, copper and zinc prices have moved up significantly – primarily due to energy shortages in the downstream processing sectors. However, with the rapidly accelerating move towards the electrification and decarbonisation of the economy, the prospects for elevated copper and zinc prices remain well supported,” he said.
The nine-hole diamond core drilling programme was designed to provide additional information for a planned feasibility study in 2022, with infill drilling of the White Rock Zone looking to lift the remaining inferred resource to the more confident indicated category between surface and 280 metres. About 78% of the White Rock resource is currently in the indicated category.
The 2,750-metre drilling programme will also provide geotechnical information to be used in the mine design and additional metallurgical testwork from the Engine Zone and White Rock Zone.