Further results of Black Angel 2007 exploration & mine reopening progress
20/09/2007
Press Release
Angus & Ross PLC (AGU.L) (“Angus & Ross” or
the “Company”) is pleased to update its shareholders
with the latest results from its exploration programme at the Black
Angel Zinc / Lead Project in West Greenland; as well as progress
towards the re-opening of the mine previously operated by Cominco
and then Boliden – and closed in 1990.
- 2007 exploration programme of 8,142 metres
of diamond drilling in 37 holes completed. Excellent results
obtained from the first 26 holes; results from the remaining
11 holes awaited.
- The South Lakes Glacier Zone, (SLG),
is developing into the third largest zone, found in Black Angel
area (where 8 zones were mined).
- Hole 70 the best hole since the original
Black Angel discovery - 10.99m of 4.5% Pb and 12.2%
Zn including 5.38m of 8% Pb and 21%.4% Zn (See Table below).
- Cable car being shipped to Greenland
in November with installation due for completion in summer 2008.
- Bankable Feasibility Study expected in
early November 2007
THE DRILLING
The drilling programme was completed on 29th August
with 37 holes drilled totalling 8,142m. This year’s exploration
has concentrated on probing the extensions of the South Lakes Glacier
(SLG) zone drilled last year. Five further holes were drilled in
the ARK area, one in the Wedge area and three in the Lakeshore area
(never drilled before). The results of the first two
batches of samples were published by the Company on 28th August 2007
and the results of Batch 3 are published below. Assays from Batches
4, 5, and 6 are awaited.
The 2006 drilling programme resulted in anindependently
estimated JORC-compliant resource of nearly 2 million tonnes
of zinc-lead mineralisation (see PR of 6/12/06)., Therefore the main
objective of the 2007 programme was to build on this success and
test the expectation that the SLG discovery could be extended both ‘down
dip’ and ‘along strike’. Results so far from the
2007 programme have supported this assumption. Indeed in terms of
continuous massive sulphide mineralisation the SLG zone is now the
third largest ever found in the Black Angel area and is becoming
larger still especially along strike to the west.
The structural re-interpretation of another mineralised
zone, named ‘Lakeshore’, which had never been drilled
in earlier programmes, indicates that it lies in a similar structural
and stratigraphic setting tothe main SLG discovery. However, the
three holes drilled this year were inconclusive. Assays are awaited
and further drilling will take place next year.
RESULTS
Hole No.70 reported in this batch is described
as “the best hole since the original Black Angel discovery”.
At about 250 metres down the hole, it intersected 10.99m
of 4.5% Pb and 12.2% Zn, which includes a shorter interval
of 5.38m of 8.0% Pb and 21.4% Zn (see table below
for the breakdown of these composite values). The style of mineralisation
is similar to the original Black Angel deposit. With this intercept,
the extension of the Glacier Zone towards the west (and further downdip
along section lines 550 E and 500 E) remains open.
The latest drill intercepts indicate a high potential
for continued massive sulphide mineralisation in an extensive and
poorly explored area north of the two lakes, between the Glacier
in the east and the Black Angel mine in the west. The new
resource is likely to be accessible from adits lower down the mountain
side.
Our consultants Wardell Armstrong International
(WAI) are being requested to assess the economic viability of the
SLG zone, for mining initially as an open pit and subsequently from
underground. New resource estimates will be prepared later
this year once all assays have been received.
THE ASSAYS AND INTERCEPTS
The assays of the best intersections from the
third batch of samples covering 14 holes of the 37 drilled this year
are shown in the table below. Results from the remaining 11 holes
are awaited. Assaying is done by the ALS Chemex laboratory in Pitea
in Sweden (preparation) and in Vancouver.
Selected
assays from the 2007 drilling programme
at the Black Angel Glacier Zone Zn/Pb
(Batch 3)
Hole |
Eastings
UTM 22 |
Northings
UTM W |
From |
Intercept |
Pb |
Zn |
Ag |
|
(m) |
(m) |
(m) |
(m) |
(%) |
(%) |
(g/t) |
Glacier Prospect (32 holes drilled so far,
results pending from 20 holes)
|
07GLA059 |
500949 |
7889858 |
133.38 |
0.32 |
8.4 |
20.5 |
52 |
07GLA060 |
500850 |
7889872 |
25.65 |
0.58 |
5.9 |
5.8 |
65 |
|
|
and |
140.31 |
0.46 |
7.6 |
16.8 |
48 |
|
|
and |
140.77 |
1.01 |
0.2 |
1.3 |
3 |
|
|
and |
141.78 |
0.37 |
11.4 |
27.3 |
58 |
07GLA062 |
500752 |
7889897 |
5.47 |
0.59 |
0.0 |
29.2 |
4 |
|
|
and |
183.33 |
1.52 |
9.0 |
21.9 |
53 |
07GLA063 |
500752 |
7889897 |
25.85 |
0.36 |
0.1 |
28.0 |
16 |
|
|
and |
26.21 |
1.24 |
0.1 |
2.3 |
4 |
|
|
and |
27.45 |
0.34 |
0.1 |
13.5 |
4 |
|
|
and |
29.50 |
1.08 |
0.3 |
15.5 |
5 |
07GLA065 |
500650 |
7889828 |
251.42 |
1.40 |
7.7 |
23.6 |
38 |
|
|
and |
252.82 |
1.30 |
3.7 |
20.7 |
25 |
07GLA068 |
500901 |
7889870 |
140.65 |
0.56 |
9.5 |
23.1 |
49 |
|
|
and |
141.21 |
0.47 |
1.8 |
6.2 |
21 |
07GLA070 |
500553 |
7889862 |
250.26 |
0.56 |
4.2 |
12.3 |
13 |
|
|
and |
250.82 |
0.86 |
0.2 |
1.9 |
1 |
|
|
and |
251.68 |
1.70 |
0.1 |
0.3 |
8 |
|
|
and |
253.38 |
0.82 |
1.0 |
2.6 |
5 |
|
|
and |
254.20 |
1.40 |
10.0 |
30.2 |
39 |
|
|
and |
255.60 |
1.40 |
9.2 |
22.8 |
45 |
|
|
and |
257.00 |
1.40 |
6.3 |
15.9 |
28 |
|
|
and |
258.40 |
1.18 |
6.4 |
15.9 |
29 |
|
|
and |
259.58 |
0.70 |
0.0 |
0.1 |
1 |
|
|
and |
260.28 |
0.97 |
3.2 |
8.4 |
16 |
MINE RE-OPENING PROGRESS
Re-installation of a cable car to the entrance
of the mine is proceeding. Blasting in the upper terminal
continues to widen the portals to accept the larger cable car and
concrete modifications are about to commence at the lower terminal. The
cable car, motors, drives etc., are now scheduled to be shipped to
Maarmorilik in November this year and should be operational in mid
2008 giving access to the mine and a means of producing ore.
WAI are making good progress with the Bankable Feasibility Study
for the pillar extraction phase which is due in early November 2007.
Recently they, together with A&R personnel visited the Doe Run
mine in the USA where pillar extraction on a similar scale to that
proposed at the Black Angel is practiced.
In July WAI personnel spent seven days in the
mine, (including the Swedish Mine Superintendent who worked
for Boliden in 1986-1990) mapping and checking all the pillars.
As a result of this visit they were able to confirm that conditions
have not changed at all since the mine was closed in 1990. In
addition the electrical system and rail transport system in the 4
km of tunnels were all found to be useable.
Robin Andrews, Chairman of Angus & Ross,
commented: “The spectacular intercept in hole
70 has reinforced our belief that there are significant mineralised
zones and reserves close to the old Black Angel mine. When added
to the reserves in the mine itself a significantly larger mining
plan can now be contemplated. In the
meantime good progress is being made towards the objective of
re-opening the mine and achieving production or ore in 2008."
- Ends -
Angus & Ross
plc
Robin Andrews (Chairman) +44-1751 430 988
Andrew Zemek
(COO of Angus & Ross, CEO of Black Angel Mining) +44-7850-755 450
Bishopsgate Communicatons
Nick Rome +44-20-7562 3366
Landsbanki Securities(UK) Limited
Fred Walsh +44-20-7426 9000
NB: This release has been approved by the Company’s technical staff who include Dr Tom Elder, Director, who holds a BSc and Doctorate in Geology from Durham University, is a Fellow and former Member of Council of The Institution of Mining and Metallurgy and a Fellow of The Geological Society, in accordance with the recent Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies, which outline standards of disclosure for mineral projects.
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