Anglesey Mining plc has taken further measures to grow resource at its Parys Mountain base and precious metals volcanogenic sulphide project in North Wales.
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Steps include a review of the mineral resource estimate, delineation of more exploration targets, and bringing together historical geological data, geophysics and geo-metallurgy.
The company has additionally appointed a principal and an exploration geologist.
The principal geologist will help lead the historical data review, including core log assays, not yet incorporated in the 2023 MRE.
Older drill core will also be re-evaluated for potential inclusion in a revised MRE.
The exploration geologist will help with archiving historic data and oversee exploration.
Anglesey additionally confirmed it had cancelled the previously proposed hydro scheme because it was “not worth any further financial commitment or management time”.
“Current initial evaluations of historic drill core and underground sampling analysis clearly demonstrate the enormity of the contained data,” said the company.
“Cataloguing this data into a user-friendly format will be instrumental for the systematic success of the Parys Mt. project.”
Chief executive officer Andrew Fulton added: “I am already pleasantly surprised with the huge upside potential of Parys Mountain, the UK’s largest polymetallic asset, after having been in the role for just over one month.
“My ambition is to develop Parys Mountain into a flourishing mining operation.
“Metal prices, particularly copper, gold and zinc, have been on a general upward trajectory in recent times, which we believe has given the UK a mandate to be less reliant on importing certain metals.
“This will become the foundation on which we will drive our strategic plans.”