Released 20 June 2005
Core drilling programme at Parys Mountain
Anglesey Mining plc is pleased to report the long awaited commencement of a planned drilling programme at its Parys Mountain copper-lead-zinc-silver-gold property in Anglesey, North Wales. A Boyles drilling rig, contracted from Irish Drilling Limited, arrived on site on 9 June and the first hole was spudded on 11 June. The diamond drill is operated by drillers all of whom have previous experience of drilling at Parys Mountain.
The programme is planned to consist of up to 2,000 metres of surface diamond drilling in four holes to further explore for mineralisation at three different targets: the Northern Copper, White Rock and Engine zones.
Despite its long history, and the identified resource base of 6.5 million tonnes at over 10% combined metals, the Parys Mountain deposit is only partially explored and considerable potential remains to significantly increase the resources already identified on the property. The proposed drilling is based on a comprehensive reassessment of the geology of Parys Mountain carried out by the company over the past eight years.
Northern Copper Zone
Throughout the 1800s there was extensive underground mining over a strike length of 1.2 kilometres aimed at extracting the siliceous copper ores, lying beneath and to the north of the old open pit, at the top of the volcanic setting. In the 1960s drilling by various companies explored the down-dip continuation of this mineralisation to depths 500 metres below surface. A geological resource of 30 million tonnes, with an average grade of about 0.7 per cent copper, was estimated at that time, based on widely spaced drill holes, some of which intersected only part of the total thickness of mineralisation.
However, of current note, the drill core in this northern Copper Zone was not routinely assayed for gold (not unusual in the 1960s when gold was at a value of US $35 per ounce) and only scant information is available as to the distribution of gold within the Northern Copper zone. Drill hole AMC14, the last hole drilled by the company in its previous programme in 1998, intersected 2.49 grams per tonne of gold, with low base metal values, over 0.65 metres, at the projected updip periphery of the Northern Copper zone.
One of the objectives of the current drill programme is to follow up on hole AMC14 and obtain data on the distribution and grade of gold within the Northern Copper zone. At an estimated 30 million tonnes, the Northern Copper Zone is a large deposit but with an average copper grade of less than 1% it is unlikely to be economic. The identification of higher grade areas which might be selectively mined within the overall Northern Copper area, together with information on gold distribution, will be valuable.
The first drill hole of the current programme is located on the northern flank of Parys Mountain and is targeted to intersect the Northern Copper Zone horizon at a projected depth of about 200 metres and then go on to explore for Engine zone horizons at greater depths. At 7.30am on Monday 20 June 05 the hole was at a depth of 148 metres.
The drilling programme at Parys Mountain is expected to continue for about four months throughout the summer.
J F Kearney Chairman +1 416 362 6686
Ian Cuthbertson Finance director + 44 1248 361333
|Anglesey Mining plc
Parys Mountain, Amlwch,
Anglesey, LL68 9RE, UK
|Phone +44 1248 361333