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Newbies may not quite grasp some of the numbers in today’s announcement. The expressions CuEq means “given that there are five different metals in the sample, a simplified way of stating its value is to pretend it’s all copper, and this is the copper equivalent”.
The units of the three base metals (copper (Cu), zinc (Zn) and lead (Pb) )are stated as a percentage; the precious metals with much lower concentrations but with much higher value are quoted in grams per tonne (g/t).
Another thing worth knowing is the distinction between inferred and indicated resources. The former might be paraphrased as “there is strong reason to believe that X is down there” and the latter as “having spent all this dough on drilling we can now damn well prove that there is X down there”. When AYM borrows the £50m necessary to commence digging the lenders want to be certain they’ll get their money back plus a handsome return, and that certainty is based on indicated resources. The current drilling program has allowed inferred metals to be upgraded to indicated.
Some very nice grades in there.... would love some more core photos on Twitter... always good
holes 2 and 3 from same location so hole 3 should come fairly soon too.
If they are all good then AYM will not be under 2p..... Happy Friday!
12 year mine life in wales estimated !!,just what they need imho how many locals ,experienced staff is that going to employ
Second drill nearly at target depth aswell
Wow great results
Deep!
Parys Mountain drilling returns strong assays including 22.0m at 3.7% CuEq
Anglesey Mining plc (AIM:AYM), is pleased to announce that the assay results have been received from the recently completed drill hole NCZ001. Drill hole NCZ001 is the first hole from the infill drilling program of the Northern Copper and Garth Daniel Zones at the Company’s Parys Mountain Cu-Zn-Pb-Ag-Au VMS project on the Isle of Anglesey in North West Wales.
Drill hole NCZ001 was designed to provide a repeat of the historical drill hole H34, drilled in the early 1970’s, which intersected three mineralised zones that bulked out to 146 metres at 1.2% copper equivalent (CuEq). Due to the deviation of NCZ001, the intersection encountered is estimated to be approximately 75 metres up-dip from the H34 intersection and provides a valuable infill pierce point.
Garth Daniel Zone – Hole NCZ001
22.0m @ 2.3% Cu, 2.8% Zn, 1.3% Pb, 5.0g/t Ag and 0.03g/t Au (3.7% CuEq / 9.2% ZnEq) from a depth of 559m, including
4.0m @ 5.2% Cu, 5.0g/t Ag and 0.03g/t Au (4.9% CuEq) from 569m; and,
6.0m @ 2.5% Cu, 9.9% Zn, 4.7% Pb, 10g/t Ag and 0.1g/t Au (6.1% CuEq / 17.4% ZnEq) from 575m
Northern Copper Zone – Hole NCZ001
Significant intersections include:
11.0m @ 0.6% Cu, 1.4% Zn, 0.5% Pb, 9.0g/t Ag and 0.4g/t Au (1.3% CuEq / 3.6% ZnEq) from a depth of 503m including
4.0m at 1.1% Cu, 2.7% Zn, 1.0% Pb, 16g/t Ag and 0.7g/t Au (2.4% CuEq / 6.9% ZnEq) from 510m
63.0m @ 0.6% Cu, 0.06% Zn, 0.03% Pb, 3g/t Ag and 0.2g/t Au (0.7% CuEq) from a depth of 362m including
16.0m @ 0.9% Cu, 0.05% Zn, 0.02% Pb, 3g/t Ag and 0.2g/t Au (1.0% CuEq) from 382m
7.0m @ 1.3% Cu, 0.11% Zn, 0.05% Pb, 5.5g/t Ag and 0.2g/t Au (1.3% CuEq) from 404m
13.0m @ 0.5% Cu, 0.05% Zn, 0.01% Pb, 2g/t Ag and 0.1g/t Au (0.5% CuEq) from a depth of 455m
***CuEq and ZnEq grades are based on recovery factors and commodity prices as detailed on page 9 of this release***
Andrew King, Interim Chairman of Anglesey Mining, commented: “We are very encouraged by the broad widths encountered across both the Garth Daniel and Northern Copper Zones in NCZ001. 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.”
“Infill drilling of these mineralised zones will 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”.
The small trades are down to these apps where you allocate spare cash to shares, they pretty much always go through at full ask
Small buys again this morning never understand the reason for these small trades unless it’s the mms doing it
Am going to buy more this month ,unbelievable price atm considering asset value imho
Drill results should be any day now
We're all getting old, I look more like Uncle Albert with every passing day.
I know but I'm getting old can't wait much longer, lol. No,really! To quote a famous entrepreneur...next year we'll all be millionaires. 🥱 😆
Patience my friend ,Rome wasn’t built in a day!😂
....we're still waiting for the "news". Tell you what, let's drill some more holes while we wait and wait or employ another salaried CEO and dilute again. Ho hum.
Tesla totally agree multibagger in the making imho
I was told theres no inheritance tax on aim shares. I was recently thinking the same thoughts. We hold and wait.
On a serious note, I believe it was a Goldman Sachs person who said we should head into a super cycle on copper in 2025. My concern is we miss the boat should this occur. However one would also assume the share price should increase based on the value of what is under ground. So at the very least our portfolios may at least sit in the blue.
Demand will outstrip supply over next few years imho
Anglesey have just tweeted a link to this:
https://www.cnbc.com/2024/01/03/copper-appears-set-to-rally-more-than-75percent-by-2025-analysts-say.html
Which suggests an ever growing business case for Parys. Particularly as we seem to have entered another period of slow slippage in the SP when there is no news. One hopes for a wake up call soon or my kids will reap the benefit of my long term holding. GLA and DYOR and even BYOB, as the sayings go.
Based on the extensive knowledge on here... when might one reasonably expect hole 2 to be complete do we know?
They are long drills so I know they take a while. Hoping for some new core picture on Twitter/X.... obviously hole 3 same location but different angle to speed matters....
Interesting ..,,,,
Worth noting that Anglesey Mining shared this on the Twitter feed today
https://twitter.com/Alan__Green/status/1744725072622018717
Ben indeed it was 😂😂 here’s hoping for an update!!
News was a year ago 😂
Excellent news and link sunningdale many thanks for sharing 👍