Released 7 September 2005
HIGH GRADE INTERSECTION AT PARYS MOUNTAIN
Anglesey Mining plc is pleased to report highly encouraging drill results, including an intersection grading 40% combined base metals and 886 grams per tonne of silver (25 ounces per ton) over 2.5 metres.
Hole AMC 15, the first to be drilled on Parys Mountain since 1997, was completed on 8 August 2005 at a depth of 632 metres and, as previously announced, intersected the Engine zone massive sulphide horizon at a depth of 562 metres along the northern margin of the Parys Mountain volcanic complex.
This announcement reports the assay grades obtained so far from hole AMC 15 where an intersection of 2.5 metres at the Engine zone horizon recorded values of 22.2% zinc, 11.9% lead and 6.3% copper, together with 886 grams silver and 0.46 grams gold per tonne, while a narrow intersection at the newly identified central zone horizon returned grades of 15.2% zinc, 8.5% lead and 8.4% copper.
The high grade intersections recorded in both zones in AMC 15 contain metal grades which are amongst the highest recorded at Parys Mountain. Previous drilling had encountered quite a number of intersections with a total metal content over 30%.
Central zone intersection
At a depth of 366 metres AMC 15 intersected a horizon of intensely altered volcanics and sediments containing a small section of massive sulphides grading 8.4% copper, 8.5% lead and 15.2% zinc. This is 100m east of corresponding intersections in (a) hole H30 (12.2m averaging 1.1% copper, 5.1% lead and 7.8% zinc) and (b) 290m east of an intersection in hole A15 (6.6m averaging 0.8% copper, 2.3% lead and 4.1% zinc). These intersections are aligned along the northern margin of the Parys Mountain volcanic complex within a well defined stratigraphic horizon. The narrow intersection of the shallower lying zone in hole AMC 15 gives this emerging new zone a potential strike length exceeding 500 metres.
Engine zone intersection
200 metres deeper, at 563 metres, AMC 15 intersected 2.5 metres of massive sulphides grading 6.3% copper, 11.9% lead, 22.2% zinc, 886 g/t silver and 0.46 g/t gold in the main Engine zone horizon. This intersection lies 100 metres east of an earlier intersection in drill hole H30 (4.9m averaging 1.3% copper, 1.5% lead and 3.9% zinc). These Engine zone intersections are also spatially associated with the northern margin of the Parys Mountain volcanic complex, 200m below the Central zone horizon.
The intersection of these massive sulphide zones in AMC 15 has demonstrated the validity of the company's geological interpretation and has indicated the continuation of the Engine zone at least 100 metres east of the nearest previous intersection in drillhole H30.
Assay results to date
Assays were conducted by Omac Laboratories in Ireland. The gold assays are provisional.
"We are very pleased with the results from AMC 15” said John Kearney, chairman. “We have been waiting for results like this for some years. The high grade of the mineralisation, particularly of zinc and copper, demonstrates the potential of the Parys Mountain property, confirms the validity of our geological model and justifies our confidence in this drilling programme."
The probable ore reserves upon which the 1990 positive feasibility study of the Parys Mountain mine was based lie principally at the Engine zone horizon along the western end of the volcanic complex. Potential for the continuation and extension of massive sulphide mineralization at the same Engine zone horizon along the northern margin of the volcanic complex, over a strike length of 1.5 km, is very considerable. With the exception of AMC 15 and H30, however, this target remains unexplored.
The company believes that there is potential for the discovery of major bodies of massive sulphide mineralization, similar to those outlined in underground development and drilling by Anglesey Mining in the early 1990s, over a strike length of 1.5 km following the northern contact of the Parys Mountain complex, at both the horizons intersected by AMC 15.
The next drill hole of the 2005 programme, AMC 16, started on 16 August, has been sited to further explore both of these horizons between previous drill holes H30 and A15.
Contacts J F Kearney + (1) 416 362 6686
Ian Cuthbertson + (44) 1248 361333
|Anglesey Mining plc
Parys Mountain, Amlwch,
Anglesey, LL68 9RE, UK
|Phone +44 1248 361333