Anglesey Mining PLC (LSE:AYM) told investors that it continues to advance work programmes at both its Parys Mountain project in North Wales and the Grängesberg iron ore project in Sweden.
“The progress at Parys Mountain since the drilling commenced in November has been very encouraging and we look forward to moving into the next stages of pre-development work,” said chief executive Jo Battershill.
The company, in a statement, said it expects to complete a programme of infill drilling at Parys over the next week. It added that the first of 10 holes has so far been logged, sampled and dispatched for assaying and results are expected before the end of the June quarter.
At the same time, it added that an acoustic televiewing of drill holes has been completed and the data will be used in defining geotechnical domain model to assist with mine optimisation studies. Metallurgical testwork is slated to follow the assay results.
Environmental studies that are expected to be necessary for permitting have also now begun and design work for tailings storage is due to start in the coming weeks.
At Grängesberg, a pre-feasibility study update is said to be nearing completion with the company’s consultant currently working to complete product marketing studies and financial modelling.
“We expect to receive the Grängesberg PFS Update over the next few weeks,” Battershill said.
“Once received, we will be well positioned to design and plan the next stages of work programmes for the project. The combination of elevated iron ore prices and supply shocks from the tragedy unfolding in Ukraine, has provided a very strong backdrop and strategic positioning for the Grängesberg project.”
The Anglesey boss, meanwhile, commented on the company’s appointment of Canaccord Genuity (TSX:CF, LSE:CF) as its joint broker with immediate effect.
“We are very pleased to have Canaccord now working alongside Anglesey,” Battershill added.
“Canaccord continues to demonstrate its strength in the global natural resources space, and we look forward to working with the team. With the AIM admission process successfully completed, we now look forward to focusing on our key development projects.”