Anglesey Mining plc reported major increase in mineable tonnage at its precious and base metals deposits at Parys Mountain in North Wales.
POTENTIAL
A preliminary economic assessment (PEA) conducted by Micon International Ltd of copper-zinc-lead-gold-silver deposits showed a new estimate of 5.2m tonnes in the indicated category at a combined base metal grade of 4.3%.
In the inferred category, the PEA showed 11.7m tonnes at a combined base metals grade of 2.8%.
Future work includes extra exploration drilling to bring some inferred resources into the indicated category.
Chief executive Bill Hooley said that the PEA showed that a major mining operation could be established at Parys with “robust economics at a reasonable capital cost and competitive operating costs”.
“We are very encouraged with these financial results, particularly for the expanded scenario.
“The PEA clearly demonstrates that Parys Mountain has the potential to be developed as a serious mining project producing an average 7,300 tonnes of copper, 8,000 tonnes of zinc, 7,600 tonnes of lead, 6,000kg of silver and 160kg of gold, in concentrates, per year in Case C and become a major contributor to the UK economy.”
STUDIES
Previous studies at Parys Mountain have included work by Micon in 2006 and a JORC resource estimate in 2012.
In 2017, Micon produced a scoping study which included major input by Fairport Engineering Ltd on the process plant design and costing.
The 2017 study was based on only the indicated resources in the Engine and White Rock zones.
In 2020, Quarry and Mining Equipment Limited (QME) completed an optimisation study to include the inferred resources.
Micon reviewed QME’s work and made some amendments before producing the PEA.
COMPANY ASSETS
Anglesey also has a 20% interest and management rights to the Grangesberg iron project in Sweden, and right of first refusal to increase its interest by a further 50.1%.
The company additionally holds 12% of Labrador Iron Mines Holdings Ltd which holds direct shipping iron ore deposits in Labrador and Quebec.
Anglesey is also reviewing other base metal projects at advanced stages.