(Sharecast News) - Anglesey Mining updated the market on the progress of drilling in the Northern Copper Zone (NCZ) at its Parys Mountain project on the Isle of Anglesey on Tuesday.
The AIM-traded firm said drilling of NCZ001 started on 27 October, with a targeted depth of 650 metres.
As of 3 December, the hole had reached a depth of 545 metres and was expected to be completed within the next week before moving on to NCZ002.
The initial logging of NCZ001 indicated the start of sulphide mineralisation at about 350 metres, consistent with the company's modelled interpretation.
Sulphides of varying quantities were observed from 350 metres to the current depth.
Drilling had primarily occurred in the Northern Shale host of the Northern Copper Zone until reaching around 400 metres, at which point it transitioned into intrusive rhyolites.
Both geological units contained varying degrees of sulphides.
Core cutting and sampling had already started, with the first samples anticipated to be delivered to the assay laboratory before the Christmas break.
Results from the analysis were expected to be received in the first quarter of next year.
"The initial core from the Northern Copper Zone would appear to be very encouraging on two fronts," said chief executive officer Jo Battershill.
"Firstly, the geological model used to target the mineralised zones has been very accurate thus far; and secondly, we are seeing a significant amount of quartz veins within the system that we have interpreted to be the Northern Copper Zone.
"These quartz veins contain encouraging amounts of chalcopyrite, sphalerite, and galena - the key minerals that host copper, zinc and lead."
Battershill said the samples from the drill hole would be sent off to the assay laboratory as soon as possible, with results expected during the first quarter of 2024.
"This current drilling programme has been designed to infill some of the upper levels of the Northern Copper Zone to potentially upgrade the resource categorisation from inferred to indicated.
"This will allow the Northern Copper Zone to be included in the planned pre-feasibility study and potentially lead to an optimised development scenario relative to that proposed in the 2021 preliminary economic assessment (PEA).
"We believe there is potential for the Northern Copper Zone to be accessed significantly quicker than envisaged in the PEA, which would bring meaningful levels of copper into the revenue stream much earlier than currently modelled."
Anglesey believed the Northern Copper Zone at Parys Mountain had "enormous" potential, Jo Battershill added.
"The original in-house resource estimate of over 30 million tonnes back in 1970 highlights just how extensive this zone of mineralisation is.
"This drilling is the first look at the deposit for many years and is providing very valuable information."
At 1422 GMT, shares in Anglesey Mining were down 4.92% at 1.45p.
Reporting by Josh White for Sharecast.com.
Anglesey Mining (AYM)