AYM Anglesey Mining Plc

Trading Symbol

AIM: AYM

13th May 2024

Anglesey Mining plc

(“Anglesey” or “the Company”)

Further drilling results confirm scale of Northern Copper Zone at

Parys Mountain

Anglesey Mining plc (AIM:AYM), is pleased to announce that assay results have been received for the recently completed drill hole NCZ003. Drill hole NCZ003 was the third hole to be completed from the infill drilling program of the Northern Copper Zone (NCZ) and Garth Daniel Zone (GDZ) at the Company’s Parys Mountain Cu-Zn-Pb-Ag-Au VMS project on the Isle of Anglesey in North West Wales.

Consistent both with historical drilling and the recently completed NCZ001 and NCZ002 holes, the assays confirm NCZ003 intersected a significant zone of mineralisation across the NCZ with 90m @ 0.57% CuEq (including internal dilution). Drill hole NCZ003 was terminated prematurely at a depth of 535m due to a large, potentially fault-related void. The last 6 metres of core prior to the 4m void assayed 1.16% CuEq and coincides with previous high-grade assays from historic drilling.

As with the previous two holes in the program, NCZ003 intersected both broad zones of mineralisation and multiple higher-grade zones. Importantly, the drilling is demonstrating good continuity and further supports the integrity of the geological model and drill targeting, with indications of greater mineralised volumes overall.

Key intersections within the broad zone of mineralisation are detailed below:

Northern Copper Zone - Hole NCZ003

• 90.0m @ 0.51% Cu, 0.06% Zn, 0.03% Pb, 2.16g/t Ag and 0.14g/t Au (0.57% CuEq) from a depth of 389m, including:

•                     8.0m @ 0.80% Cu, 2.19g/t Ag and 0.16g/t Au (0.82% CuEq) from 427.0m
•                     9.0m @ 0.99% Cu, 4.33g/t Ag and 0.15g/t Au (1.08% CuEq) from 449.0m
•                     15.0m @ 0.47% Cu, 1.53g/t Ag and 0.07g/t Au (0.49% CuEq) from 490.0m, including 4.0m @ 0.48% Cu, 2.48g/t Ag and 0.13g/t Au (0.53% CuEq)
•                     6.0m @ 1.20% Cu, 1.10g/t Ag and 0.01g/t Au (1.16% CuEq) from 529m (hole stopped in mineralisation)

***CuEq grades are based on recovery factors and commodity prices as detailed after the tabulated reported assays of this release***

The third drill hole, NCZ003, concludes the on-site portion of the current exploration and infill drilling program and we are expecting litho-geochemical analysis results, from each of the three holes, to be back from the laboratory in Canada in the coming weeks. Subsequently, on the strength of all the data collected and the interpretation thereof, the Company is targeting a resource update on the NCZ, with the aim of converting a significant portion of the Inferred Resource into the higher confidence Indicated category. Based on the Joint Ore Reserve Committee (JORC) guidelines, only Indicated and Measured category Mineral Resources can be converted into Ore Reserves.  

Andrew King, Interim Chairman of Anglesey Mining, commented: “Once again, we are very pleased to see the Parys Mountain project delivering some very strong drilling results. It is worth reminding investors that Parys Mountain is demonstrably the largest and most advanced copper project in the UK with substantial resource upside still evident. In addition, the project is favourably located on a previously permitted, brownfield development site with significant existing infrastructure already in place.“

“All three holes in the current program; NCZ001 NCZ002 and NCZ003 have delivered some exceptional high-grade copper intersections within broad thicknesses of mineralisation up to 100m wide. The results continue to support our view that the NCZ provides significant upside for the Parys Mountain project, over and above the 5 million tonne contribution included within the 2021 Preliminary Economic Assessment.”

NCZ - Cross Section 4600mE

Section 4600mE below highlights the position of the recently completed drill hole NCZ002 and NCZ003.

The interpreted outline of the NCZ in the cross-section does not imply an economic outcome, it simply highlights where sulphides have been identified within the Northern Shales with a 0.5% CuEq cut-off. A significant number of the drill holes within this zone have returned consistent zones of higher-grade material, which was a key target of the program. The recognition of a shear zone along the hanging wall of the NCZ could imply a structural emplacement, or thickening of the sequence within the mine environment and will greatly assist with future targeting and drilling.

Importantly, every hole drilled into the interpreted position of the NCZ has intersected broad zones of sulphides; the drilling has demonstrated the predictability of the mineralised zone from the detailed geological model that has been constructed and refined over several years.

The most recent drill hole, NCZ003, targeted the up-dip area above historical hole H17A and has provided important additional information relating to the key lithology Rhyolite B – the emplacement of this unit is closely associated to the mineralising event. This additional information will now be incorporated into the geological model and the resource block model of the NCZ.

Drill hole NCZ003 ended prematurely at a depth of 535m due to faulted ground conditions and the intersection of a 4m void. The last metre of core prior to the void assayed 1.3% Cu and 1.22% CuEq. The location of the void correlates to the contact position of Rhyolite B and the host northern shale unit, which has traditionally been a zone related to higher grade intersections – drill hole A15 intersected 1.6m @ 3.7% CuEq approximately 100m up-dip from NCZ003 and NCZ001 intersected 22.0m @ 3.2% CuEq on section 4800mE (200m along strike).

NCZ - Cross Section 4800mE

Section 4800mE below highlights the position of drill hole NCZ001.

As per section 4600mE, this section also highlights the continuity of sulphide mineralisation across the NCZ. With the completion of NCZ003, the Company has gained a greater understanding of the influence from Rhyolite B on the higher-grade zones of mineralisation.

Section 4800mE also highlights the potential related to the Central Zone with significant intersections from historical 1970’s drilling, including 3.8m @ 8,6% Cu and 6.7m @ 2.4% Cu. The Company believes potential exists for these intersections to link to the 22m @ 3.2 % CuEq (including 4.0m @ 5.2% Cu) in NCZ001.

Drill hole details:

Reported Assays (results >0.5 CuEq in bold):

* Copper Equivalent (CuEq %) = Cu grade % * Cu Recovery + (Zn grade % * Zn Recovery * (Zn price $/t /Cu price $/t)) + (Pb grade % * Pb Recovery * (Pb price $/t /Cu price $/t)) + (Ag grade g/t / 31.103 * Ag recovery * (Ag price $/oz /Cu price $/t)) + (Au grade g/t / 31.103 * Au recovery * (Au price $/oz /Cu price $/t))

Cu Equivalent calculated using following commodity prices: Zn – US$3350/t, Cu – US$9523/t, Pb – US$2292/t, Ag – US$25.50/oz and

Au – US$1850/oz

Cu Equivalent calculated using following recovery assumptions for Northern Copper Zone: Zn – 82%, Cu – 93%, Pb – 78%, Ag – 72% and  Au – 65%

Sample analysis and QA/QC

All samples generated from the drilling were dispatched to ALS Loughrea, Ireland.

Samples were assayed for multi-element data analysis using their ME-ICP61 package, which includes Ag, Cu, Pb and Zn. The samples were also assayed for gold using their Au-AA23 analysis package. Overlimit assays were then analysed using their Ag-OG62, Cu-OG62, Pb-OG62, Zn-OG62 and ME-OG62 analysis packages.

For QA/QC purposes, Anglesey Mining used the industry standard of inserting 5% Certified Reference Material (CRM) samples, 2.5% Certified Blank Samples (Blanks) and 5% duplicate samples at source. The CRMs were sourced from OREAS Australia.

Competent Person

The information in this announcement which relates to Drilling Results has been approved by Mrs. Liz de Klerk, M.Sc., Pr.Sci.Nat., FIMMM who is a professional registered with the South African Council for Natural Scientific Professionals (SACNASP: 400090/08) and independent consultant to the Company. Mrs. de Klerk is the Senior Geologist & Managing Director of Micon International Co Limited and has over 20 continuous years of exploration and mining experience in a variety of mineral deposit styles. Mrs. de Klerk has sufficient experience which is relevant to the style of exploration, mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves" (JORC Code). Mrs. de Klerk consents to inclusion in the announcement of the matters based on this information in the form and context in which it appears.

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About Anglesey Mining plc:

Anglesey is traded on the AIM market of the London Stock Exchange and currently has 420,093,017 ordinary shares in issue.

Anglesey is developing the 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au VMS deposit in North Wales, UK with a reported resource of 5.3 million tonnes at over 4.0% combined base metals in the Measured and Indicated categories and 10.8 million tonnes at over 2.5% combined base metals in the Inferred category. 

Anglesey also holds a 49.75% interest in the Grängesberg iron ore project in Sweden and 12% of Labrador Iron Mines Holdings Limited, which through its 52% owned subsidiaries, is engaged in the exploration and development of direct shipping iron ore deposits in Labrador and Quebec.

For further information, please contact:

Anglesey Mining plc

Rob Marsden, Chief Executive Officer – Tel: +44 (0)7531 475111

Andrew King, Interim-Chairman – Tel: +44 (0)7825 963700

Davy

Nominated Adviser & Joint Corporate Broker

Brian Garrahy / Daragh O’Reilly – Tel: +353 1 679 6363

WH Ireland

Joint Corporate Broker

Katy Mitchell / Harry Ansell – Tel: +44 (0)207 220 1666

Brand Communications

Public & Investor Relations

Alan Green – Tel: +44 (0)7976 431608

A PDF version of this RNS may be viewed/downloaded via the following link: RNS_13May2024

LEI: 213800X8BO8EK2B4HQ71