Parys Mountain drilling plans advance after £1.25m funding boost

Mark Mansfield

A mining company has raised £1.25 million to explore previously undrilled ground at a historic site, which contains copper, zinc, lead, silver and gold

Anglesey Mining will use the money to fund the first drilling at Parys Mountain since 2023 and advance plans to develop its mineral deposits.

The programme aims to establish whether separate underground deposits are connected and test whether known mineral-bearing areas extend further than previously established.

The money will also support mine design, environmental studies and planning preparations.

Parys Mountain/Mynydd Parys, lies south of Amlwch and has a mining history stretching back to the Bronze Age.

The discovery of a rich copper deposit in 1768 prompted large-scale industrial mining. By the late 18th century, the mountain had become Europe’s largest copper producer, transforming Amlwch as ore was exported through its harbour.

The latest funding will help Anglesey Mining investigate how much more of the underground resource could potentially be developed.

Executive chairman Jim Williams said: “The new management team continues to advance Parys Mountain, and this fundraise will allow us to decisively accelerate key work streams around the development of the resource inventory and de-risking of the project generally.”

Drilling will target previously unexplored ground between deposits known as Engine/Deep Engine and Garth Daniel, alongside possible extensions to the Northern Copper Zone and Garth Daniel deposits.

The company’s existing resource estimate comprises 16.1 million tonnes of mineralised material. The drilling results will inform an updated independent estimate, helping establish the extent and quality of the deposits.

Mr Williams said the company was engaging with government agencies and the local authority to support the project’s development.

The fundraising follows an October update setting out a target of securing modern planning consent for the proposed development within approximately two years.

That timetable depends on completing supporting work, consultation and a planning decision. Anglesey Mining has appointed William Sale Partnership as its planning consultant.

The proposed development would involve underground mining. The company has said no open pit is planned, with surface infrastructure and potential environmental effects to be addressed through the design and assessment process.

Technical studies will examine mine design, groundwater conditions and methods of extracting metals from the ore. The company previously said this programme was expected to run for around 18 months, subject to funding and agreed scopes.

Preparations have included geological modelling, geophysical surveys and the archiving of historical information, including more than 73,000 metres of drill core.

Growth

Chief executive Andrew Fulton said in the October update: “Our work programme at Parys Mountain is designed to answer defined questions, reduce uncertainty and test opportunities for growth.

“Responsible mining starts with respecting the community and the place in which we work. We will report regularly on what we have completed, what it tells us and what comes next.”

The £1.25 million fundraising comprises £1.185 million from a share placing and £65,000 from subscriptions by existing and new shareholders, including a £10,000 contribution from Mr Williams.

It remains conditional on the new shares being admitted to trading on AIM, which is expected on November 5.