In May 2014 Anglesey announced that it had entered into agreements giving it the right to acquire a controlling interest in the Grangesberg Iron project in central Sweden including a direct 6% interest in GIAB and an option exercisable until 30th June 2015 to acquire an additional 51% in GIAB. Anglesey also entered into shareholder and cooperation agreements such that during the term of the option Anglesey holds management control and operatorship of GIAB and has appointed three out of five directors to the board of GIAB including the chairman.
In September 2014 the following resource summary was received form RPA
Grängesberg Iron AB – Grängesberg Iron Mine
CIM definitions were followed for Mineral Resources. The values for tonnages, grades and contained iron have been rounded. Mineral Resources are estimated at a cut-off grade of approximately 20% Fe. A minimum mining width of approximately 10 m was used.
RPA concluded that the Grängesberg iron ore deposit hosts a significant iron resource that has excellent potential for expansion at depth. Geophysical interpretations from the 1960s suggest that the ore body continues to at least 1,700 m below surface. Diamond drill holes confirm the mineralization continues to at least 1,100 m to 1,200 m below surface. In RPA’s opinion, more geotechnical, metallurgical, and other engineering studies are warranted to advance this Project.
A programme has been developed to look closely at geo-mechanical and hydro-geological aspects of the site which will be critical components of the permitting regime required for the dewatering and reopening of the mine. This will include drilling boreholes into the general mine area and the capture and interpretation of key data on the physical aspects of the ground and hydrological conditions. No programme for this work has yet been fixed.
The Parys Mountain Property
- - On the island of Anglesey in north Wales
- worked for copper since prehistoric times
- - JORC Code-compliant resource of 2.1mt at 6.9%
combined base metals in the indicated category
and 4.1mt at 5.0% combined in the inferred category
- - Life of mine contributions to revenue - zinc 21%,
copper 49% and lead 12%.
Copper more important in later years
- - Successful drill programmes in 2005-08 and 2012
in Garth Daniel and the Pearl Engine in the east
and near-surface White Rock in the west
near to the existing shaft
- - Excellent exploration potential over an area of several kilometres
- - Planning permission for a 1,000 tonne per day mine
- - Strong local community and government support