16 November 2005
- Encouraging Results from Second Drill Hole of 2005
programme at Parys Mountain
- Three Target Zones Successfully Intersected
- New Fourth Mineralized Intercept
Anglesey Mining plc reports that it has received and analyzed the assay results from hole AMC16, the second hole drilled as part of the 2005 exploration programme on the company’s Parys Mountain zinc-copper-lead-silver-gold project on the Island of Anglesey in North Wales.
AMC16 was drilled to a depth of 640 meters and was intensely altered throughout most of its depth. The hole successfully intersected the three target horizons and an additional, hitherto unrecognised, mineralized interval. The hole was sited approximately 175 meters west of hole AMC15, drilled earlier in the year, along the northern edge of the Parys Mountain volcanic complex.
“The pervasiveness of structural alteration encountered in Hole AMC-16, which is not seen elsewhere on the property, the continuity of the three target mineralized horizons, and the associated sulphide mineralization between these three mineralized horizons, together with the nature of the sulphide mineralization are all considered extremely encouraging and, from a geological perspective, make Hole AMC 16 perhaps one of the most significant holes ever drilled in the long history of Parys Mountain” said Peter Tyler, Anglesey’s Chief Geologist.
Copper Mineralization over 45.5 meters
At a depth of 283 meters, within the Carreg-y-Doll horizon, hole AMC16 intersected 45.5 meters of continuous copper mineralization, with associated weak lead and zinc mineralization, between 283m. and 329m. Within this zone copper values over 3m sections ranged from 1.64% to 0.24%, the highest 3m section averaging 1.64% copper, 0.07% lead and 0.08% zinc.
North Central and Engine zones intersected
At a depth of 352 meters hole AMC16 intersected the North Central Zone horizon with ‘reworked’, fragmentary massive sulphide mineralization averaging 0.81% copper, 0.23% lead and 0.60% zinc over 1.5 meters, whilst at a depth of 529 meters a narrow zone of 0.35 meters averaging 14.18% combined base metals (2.19% copper, 4.18% lead and 7.81% zinc) indicated the presence of the Engine Zone horizon.
Of particular interest in hole AMC-16 was the discovery, between the target horizons, of intensely altered volcanics and associated sulphide mineralization, including a mineralized intersection of 9.4 meters averaging 1.4% copper, 0.1% lead and 0.2% zinc, which included a section grading 3.7% copper over 1.3 meters lying between the North Central and Engine Zones at a depth of 389 meters.
Significant Target Zone Defined
AMC16 was sited to test the three mineralized horizons intersected in hole AMC15. All three horizons were successfully intersected as anticipated, and all were mineralized.
The results from AMC15 and AMC16, when taken together with earlier holes H30 and A15, indicate a well defined target area that has now been outlined by these four widely spaced holes, extending approximately 350 meters east-west along strike, open both to the east and to the west and that appears to host zones of mineralization at three separate identified horizons, together with an as yet undefined separate fourth area of mineralisation.
This target along the northern edge of the volcanic complex is considered particularly prospective from a geological point of view and has the potential to add to the existing resource base at Parys Mountain. Exploration of this target is at a very early stage but the results are considered extremely encouraging . This target area is considered particularly important because these potential zones are within reach of the existing 280m level of the Morris shaft and have the potential to provide new production areas, additional to those upon which the 1992 positive feasibility study was based. Further definition of the zones in this area is clearly required.
Next Hole – AMC 17
The target area outlined by AMC15, AMC16, H30 and A15, along the northern margin of the Parys Mountain volcanic complex, will remain the primary focus of the remainder of the 2005 exploration program.
Hole AMC17, which commenced drilling last week, has been sited 155 metres west of hole AMC16 and 65 metres west of hole A15 and is again a multi target hole aimed at the same three mineralized horizons, successfully found in holes AMC15 and AMC16.
About Anglesey Mining plc:
Anglesey Mining is a UK company listed on the London Stock Exchange (Symbol LSE: AYM) which is developing the Parys Mountain base metal deposit in Wales and the Iron Mountain Iron Ore Project in Labrador, Canada.
Parys Mountain Deposit Anglesey holds the Parys Mountain copper-zinc, lead, silver, gold deposit on the Isle of Anglesey in North Wales. The property is the only underdeveloped polymetallic mineral deposit in the United Kingdom and comprises an important identified geological resource of 6.5 million tones with a combined average grade of over 10% zinc, copper and lead with gold and silver.
Labrador Iron Mountain Project
Anglesey is also working on its recently acquired Iron Mountain Project in Labrador, Canada. This deposit of 100 million tonnes of direct shipping iron ore is already partially developed, has a short time to production, low capital expenditure requirements, existing infrastructure transportation, deep water ports, shipping facilities and hydro power. The company has commenced work on a feasibility study for the Labrador Iron Ore project. Anglesey can earn a 70% interest in the Labrador Iron Mountain Project by placing the mine into production. The company is targeting production of 2mt per year by 2008, increasing to between 3 and 5mt after 3 years, and a potential mine life of more than 20 years.
Contacts J F Kearney + (1) 416 362 6686
Ian Cuthbertson + (44) 1248 361333
Cathy Malins / Annabel Leather,
Parkgreen Communications + (44) 20 7493 3713
|Anglesey Mining plc
Parys Mountain, Amlwch,
Anglesey, LL68 9RE, UK
|Phone +44 1248 361333