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(Alliance News) - Anglesey Mining PLC said Thursday the project development and cooperation agreement signed with QME Mining Technical Services in 2018 has shown a larger tonnage of material could be available for mining at the Parys Mountain zinc, copper lead project.
Shares in Anglesey Mining closed 17% higher in London on Thursday at 2.04 pence each.
The miner also said Non-Executive Director David Lean is retiring from the firm after serving as a director for nearly 18 years. He will not stand for re-election at the company's upcoming annual general meeting.
Irish-based firm QME is conducting the optimisation study of Parys Mountain, and is currently in the second stage of the study.
"This second stage of the QME exercise is ongoing with completion scheduled for the end of 2019. Subject to financing being available, this work would then form the basis for commissioning an updated scoping or preliminary feasibility study," Anglesey said.
QME's study is building off the work of a 2017 scoping study.
That report showed a 7.0 million tonne indicated resource at a USD0 per tonne operating cost cut-off grade. At an estimated USD80 per tonne cut off, the report estimated 2.1 million tonnes. A further USD60 per tonne cut off grade showed similar levels of resources.
On Thursday, however, Anglesey, said when applying a USD48 per tonne cut off grade a "larger tonnage of material could be available for mining".
The QME work suggests 6.9 million tonnes would be available in Parys Mountain, "substantially higher" than the 2.1 million tonnes previously reported.
Anglesey continued: "Applying a 10% dilution and 98% recovery, would result in some 7.3 million tonnes being available for conversion into 'potentially mineable tonnage' within the current global resource in all categories."
"As a further refinement, QME also looked at mining criteria and developing potential stoping blocks within this 7.3 million 'potentially mineable tonnage' and in doing so eliminated some material not located in economically mineable locations. Based on these assumptions approximately 5.25 million tonnes in situ would fall within these designed stoping blocks," the company added.
Using the lower cut-off grade, Anglesey said the life of the mine could be increased to 18 years from the initial eight years indicated in 2017.
"However, it does have to be noted that by reducing the cut-off, the grade of material that would be delivered to the mill would be lower overall than that used in the 2017 scoping study," said Anglesey.
The miner added: "The economic trade-off between a longer mine life and reduced head-grade will need to be further studied to determine what, if any, would be the net financial benefit. It will then likely require further studies to determine if there is an 'optimum' cut-off grade that maximises the financial returns."