Anglesey announces promising Parys Mountain assays

19th Jan 2024 12:59

(Sharecast News) - Anglesey announced promising assay results from its recent drilling project at the Parys Mountain project on the Isle of Anglesey in north west Wales on Friday.

The AIM-traded firm said the drilling programme was focussed on the Northern Copper and Garth Daniel Zones, and aimed to replicate the historical drill hole H34 from the 1970s.

It said drill hole NCZ001, while deviating slightly from H34, delivered noteworthy results.

Located about 75 metres up-dip from the H34 intersection, NCZ001 intersected three mineralized zones, indicating the potential of the area.

In the Garth Daniel Zone, hole NCZ001 returned significant results, including 22 metres at 2.3% copper, 2.8% zinc, 1.3% lead, 5.0 grams of silver and 0.03 grams of gold per tonne, for a 3.7% copper equivalent and a 9.2% zinc equivalent, from a depth of 559 metres.

That included four metres at 5.2% copper, 5.0 grams of silver and 0.03 grams of gold per tonne for a 4.9% copper equivalent from 569 metres.

It also included six metres at 2.5% copper, 9.9% zinc, 4.7% lead, 10 grams of silver and 0.1 grams of gold per tonne for a 6.1% copper equivalent and a 17.4% zinc equivalent from 575 metres.

In the Northern Copper Zone, hole NCZ001 also delivered notable intersections, including 11 metres at 0.6% copper, 1.4% zinc, 0.5% lead, nine grams of silver and 0.4 grams of gold per tonne, for a 1.3% copper equivalent and a 3.6% zinc equivalent, from a depth of 503 metres. That included four metres at 1.1% copper, 2.7% zinc, 1.0% lead, 16 grams of silver and 0.7 grams of gold per tonne, for a 2.4% copper equivalent and a 6.9% zinc equivalent, from 510 metres.

It also reported 63 metres at 0.6% copper, 0.06% zinc, 0.03% lead, three grams of silver and 0.2 grams of gold per tonne, for a 0.7% copper equivalent, from a depth of 362 metres.

That included 16 metres at 0.9% copper, 0.05% zinc, 0.02% lead, three grams of silver and 0.2 grams of gold per tonne, for a 1.0% copper equivalent, from 382 metres.

The company also highlighted seven metres at 1.3% copper, 0.11% zinc, 0.05% lead, 5.5 grams of silver and 0.2 grams of gold per tonne, for a 1.3% copper equivalent, from 404 metres.

Its final highlight was 13 metres at 0.5% copper, 0.05% zinc, 0.01% lead, two grams of silver and 0.1 grams of gold per tonne, for a 0.5% copper equivalent, from a depth of 455 metres.

The results suggested significant mineralisation in both the Garth Daniel Zone and the Northern Copper Zone, reinforcing the potential of the Parys Mountain project.

"We are very encouraged by the broad widths encountered across both the Garth Daniel and Northern Copper Zones in NCZ001," said interim chairman Andrew King.

"In particular, we are excited to see the significant intersection within the Garth Daniel Zone.

"The 22-metre intersection grading 3.7% copper equivalent we believe continues to demonstrate the prospectivity of the Parys Mountain mineralised system."

King said infill drilling of the mineralised zones would play a crucial role in the development studies for Parys Mountain.

"The primary target for this program is to provide additional pierce points to enable the current Inferred resources to be upgraded to the Indicated category.

"The second drill hole, NCZ002, is currently at a depth of around 360 metres with the Northern Copper Zone target estimated to commence at a downhole depth of around 420 metres."

At 1130 GMT, shares in Anglesey Mining were down 0.73% at 1.71p.

Reporting by Josh White for Sharecast.com.