RE: Anglesey Mining mobilises drilling rig at Parys Mountain27 Oct 2023 15:16
Highlights
Measured resources are now reported at Parys Mountain for the first time in the project’s history. The inclusion of 1.3Mt in the highest confidence category of resource provides a very strong base for the next round of mine optimisation work
The combined MRE for the White Rock and Engine Zones, now referred to as Morfa Du, have been reported at 5.72Mt at 0.4% Cu, 2.30% Zn, 1.24% Pb, 28/t Ag and 0.3g/t Au, or 2.0% Copper Equivalent (“CuEq”) / 5.6% Zinc Equivalent (“ZnEq”) – reported above a cut-off based on a Net Smelter Revenue (“NSR”) of US$45.15/t, including 1.6Mt at 2.5% CuEq in the Engine Zone
The Morfa Du Zone has 5.3Mt (93%) of the resource now reporting to the Measured and Indicated (“M&I”) categories (23% Measured and 70% Indicated) and contains 213,000t of combined Zn/Pb/Cu, 4.8Moz silver and 48koz gold
The overall MRE for Parys Mountain, including the Northern Copper Zone which has not yet been updated, is reported at 16.1Mt at 1.0% Cu, 1.3% Zn, 0.7% Pb, 15g/t Ag and 0.2g/t Au (1.9% CuEq or 5.3% ZnEq) containing 486,000t of combined Zn/Pb/Cu, 7.9Moz silver and 86koz gold
The Company will undertake a similar resource update process for the large Northern Copper Zone including additional drilling, which will be the first into this zone since 2008. As detailed in the RNS dated 28 November 2022, the company believes there is substantial upside to the existing resource base of 9.4Mt, relative to the 1969 internal resource of 32.7Mt (which should not be considered compliant with any modern JORC or NI43-101 methodologies)
The updated MRE will provide the foundation for the Pre-Feasibility Study, which will incorporate an optimised mine design layout and results from recently commenced metallurgical testwork
Jo Battershill, Chief Executive of Anglesey Mining, commented: “It is very pleasing to have finalised the updated Mineral Resource Estimate for Parys Mountain, which for the first time includes significant tonnes in the Measured category. This update was completed to provide the most robust resource estimate going into the next steps of the project’s evaluation. The geology and resources form the basis for every other subsequent aspect in the evaluation phase, from the mine design through to metallurgy and management of tailings. The first inclusion of tonnes in the Measured category demonstrates the increased level of confidence the team has in the Parys Mountain project.”
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