Anglesey Mining plc has raised £200,000 via a placing of 12.5 million shares, representing approximately 6.7% of its current issued share capital, at 1.6 pence per share.
SCOPING STUDY
Proceeds will be used to incorporate all QME engineering and optimisation studies into an updated scoping study or preliminary economic assessment for Parys Mountain.
Anglesey will also investigate new areas for development, having identified copper and other volcanogenic massive sulfide (VMS) projects and gold and precious metals as the “most potentially attractive”.
Parys has zinc, copper, lead, silver and gold deposits and a reported resource of 2.1 million tonnes.
Micon International conducted a scoping study in 2017 with “positive” financial results.
QME Mining Technical Services, a division of Irish mining contractor QME Ltd, then carried out the engineering and optimisation studies relating to the development of Parys.
Anglesey added: “The QME work is near to completion and we believe that upon bringing it into a compliant basis for reporting standards it should be possible to positively report a total resource figure somewhere around 10 million tonnes at Parys Mountain, which is significantly higher than the tonnage used in the earlier scoping study.
“The company expects to complete the updated scoping study or preliminary economic assessment later this year.
“The company notes that with the current precious metal prices, the value of gold and silver to be produced at Parys Mountain would represent approximately 25% of the total revenue stream”.
Anglesey also holds a 10% interest and management rights to the Grangesberg Iron project in Sweden, and 12% of Labrador Iron Mines Holdings Ltd.