Black Angel 2007 Resource Statement
30/11/2007
Press Release
Angus & Ross PLC (AGU) (“Angus & Ross” or
the “Company”) is pleased to announce updated resource
figures for the satellite deposits adjacent to its Black Angel zinc
/ lead mine in West Greenland.
- 2007 Drilling programme of 8,142 metres of diamond drilling
results in significant increase in resources.
- Upgrading of most of the tonnage from ‘inferred’ to ‘indicated’ category.
- 150m extension of the South Lakes Glacier mineralised
zone, where contained zinc metal is up 66% and contained lead
up 114%.
- 150kt resource increase in the Nunnagarut satellite deposit.
- High
prospectivity of the new Uvkusigssat licence area.
The company has received a new Resource Statement from its geological
consultants Wardell-Armstrong International (WAI) incorporating the
results of the 2007 drilling programme. This programme, which ran
from June to September, resulted in 37 holes totalling 8,142m and
around 600 assayed samples. (67 holes/8,720m were drilled in 2006).
The South Lakes Glacier (SLG) prospect was the main drilling target
and a 150 metre extension of it along the strike to the west was
established. The mineralisation remains open to the west and down
dip and further drilling is planned. A certain amount of in-fill
drilling was also undertaken.
In a separate study, WAI re-evaluated the resources of the Nunngarut
2 (N2) former mine workings, lying in close proximity to the Black
Angel mine. It was previously estimated that N2 may contain approximately
50k tonnes of ore, but after the new study incorporating all available
data the new resource figure stands at 196k tonnes (see table).
It is worth noting that this is a new resource calculation and not
just an addition to last year’s statement. As a result of new
drilling the overall grade of mineralisation in SLG is higher than
before and the amount of contained metal is significantly higher
than in the 2006 statement; contained zinc metal is up 66% and contained
lead up 114%. The satellite deposits now contain 160k tonnes of zinc
metal and 61k tonnes of lead metal. The increased confidence supported
by drilling allowed WAI to move most of the tonnage from the ‘inferred’ to ‘indicated’ resource
category.
The WAI report also highlights the high prospectivity of the new
licence area around Uvkusigssat. Angus & Ross’s geologists
estimate that this area holds at least 500k tonnes of zinc/lead mineralisation.
The proven reserve in the Black Angel mine itself previously estimated
at 1.7 million tonnes of 9.7% Zn and 3.1% Pb is not part of this
resource statement as it is being studied separately as part of the
Feasibility Study being prepared by WAI and due out by the end of
the year.
2007 Resources Statement
for the satellite deposits in the Black Angel area
(does not include the Black Angel mine itself)
in accordance with JORC (2004) standard
Resource |
Tonnage |
Pb |
Zn |
Ag |
Category |
'000 |
(%) |
(%) |
(g/t) |
South
Lakes Glacier (SLG) |
Indicated |
1,726 |
2.5 |
6.9 |
14.5 |
Nunngarut
2 (N2) |
Indicated |
196 |
3.4 |
9.0 |
31.0 |
Inferred |
0.7 |
1.9 |
4.5 |
9.0 |
ARK |
Inferred |
492 |
2.2 |
4.7 |
20.4 |
TOTAL
(Indicated and Inferred, weighted average) |
| |
2,414.7 |
2.5 |
6.6 |
17.0 |
Robin Andrews, Chairman
of Angus & Ross,
commented: “The new resource statement
confirms that we had yet another very successful drilling season
in Greenland. The significant increase in the metal contained
figure is particularly encouraging and with further definition
drilling, could go still higher. Our conviction that ‘another
Black Angel’ can be discovered in the area remains strong.”
- 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 and Martin Potts +44-20-7426 9000
NB: This release has been approved by the Company's
technical staff 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 outlines standards of disclosure for mineral
projects. These 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; and Dr Robert Dowdell formerly
a mine superintendent of the Black Angel Mine who obtained his Doctorate
in Rock Mechanics from University of Newcastle upon Tyne.
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