Anglesey Mining plc announced progress at its Parys Mountain base and precious metals project on the Isle of Anglesey and Grängesberg iron ore interest in Sweden.
PARYS MOUNTAIN
The company said it expected to complete infill drilling over the next week at Parys Mountain, which hosts a polymetallic zinc, copper, lead, silver and gold deposit.
The first of the ten drill holes have been logged, sampled, cut and dispatched for assaying, with results expected towards the end of the June quarter.
Anglesey Mining has also completed acoustic televiewing of drill holes, from which data will define geotechnical domain model to assist with mine optimisation studies.
Metallurgical testwork is expected to start following receipt of assay results.
Environmental studies for part of the permitting process have begun and baseline surveys started last week.
Design work for the tailings storage facility is also expected to begin in the coming weeks.
GRÄNGESBERG
The company holds nearly 20% interest in the Grangesberg iron project, together with management rights and a right of first refusal to increase its interest to 70%.
Anglesey Mining said that the project’s pre-feasibility study update was due the coming weeks, followed by the design and planning of the next stages of work programmes.
Micon International is currently completing the product marketing studies and financial modelling.
Anglesey Mining has also appointed Canaccord Genuity Ltd as joint broker.
PRE-DEVELOPMENT WORK
Chief executive Jo Battershill added that the progress at Parys Mountain since drilling began in November was very encouraging, with the next stages being pre-development work.
“This work will include optimising mine designs, confirmatory metallurgical and pre-concentration testwork, tailings storage facility design work and environmental and permitting activities.”
“The combination of elevated iron ore prices and supply shocks from the tragedy unfolding in Ukraine, has provided a very strong backdrop and strategic positioning for the Grängesberg project.”
Anglesey Mining also holds 12% of Labrador Iron Mines Holdings Limited, which through its 52% owned subsidiaries, is exploring and developing direct shipping iron ore deposits in Labrador and Quebec.