TIDMAAZ
RNS Number : 8823Q
Anglo Asian Mining PLC
23 October 2023
23 October 2023
Anglo Asian Mining PLC
Drill results increase mineralisation at Gilar
Gilar mine expected to commence production in H1 2024
Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer focused in Azerbaijan, is
pleased to announce that further drill results at the Gilar deposit
confirm an extension to the mineralisation reported by previous
drilling, with intercepts of up to 21 metres of continuous gold and
copper mineralisation.
The drilling has extended the Gilar deeper zone of continuous
mineralisation hosting significant gold, copper and zinc with an
intercept thickness of over 20 metres. Two step-out drill holes
also confirm the potential of the extension of the mineralisation.
Given the depth of the mineralisation, the Company will continue
further drilling from underground.
The Company is tunnelling for the main decline to access the
mineralisation and a ventilation tunnel which is also being
constructed. An area for a rock storage dump has now been
identified, and the layout for the haul road from the mine to the
processing plant has been designed. Construction of a temporary
heavy earthworks' equipment workshop is due to commence at the
portal area. The portal pushback area has been fully supported with
geotechnical wire mesh and shotcrete. A boundary fence, lighting
and auxiliary equipment including compressor and generator have
also been installed.
Anglo Asian is also preparing a Joint Ore Reserves Committee
("JORC") Mineral Resource Estimate ("MRE") for the Gilar deposit. A
site visit by the Company's independent geological consultants,
Mining Plus UK, was completed in September as part of the required
due diligence process. The maiden JORC MRE for the Gilar deposit is
planned to be released in November. The Gilar mine is expected to
commence production in H1 2024.
Stephen Westhead, Vice-President of Anglo Asian, commented:
"The drilling results have further confirmed the extension
potential of the deeper mineralisation, which will form an
important component of the upcoming JORC report and prove once
again the significance of the Gilar deposit. We look forward to
continuing to develop the Gilar deposit, culminating in first
production in H1 2024. The Gilar mine will be an important
contributor to the future production of the Company given the high
grades of both gold and copper."
Figure 1: 3-D section showing latest drill holes
Figure 2: Map showing location of drill holes
Figure 3: Portal of the haulage decline tunnel of the Gilar
underground mine
Details about the drilling at Gilar
Table 1 : Selected assay results from new drill holes in the
Gilar deposit are as follows:
Intercepts Weighted average
grades
Borehole Depth Depth Downhole Gold Copper Zinc
i.d. From to length
(@ x g/t Au Metres Metres Metres g/t Per Per
cut-off) cent. cent.
23GLDD141 324.00 345.55 21.55 0.52 0.08 0.01
including @
0.5 Au 325.10 6.90 0.81 0.13 0.01
including @
1.0 Au 342.00 3.10 1.12 0.06 0.01
23GLDD142 No intersection
23GLDD143 No intersection
23GLDD144 357.00 377.00 20.00 1.31 0.51 0.50
including @
1.0 Au 362.00 14.00 1.75 0.63 0.69
including @
2.0 Au 360.00 3.00 4.59 2.03 0.24
23GLDD145 305.00 308.70 3.70 1.31 0.03 0.01
23GLDD145 359.00 379.00 20.00 0.57 0.10 0.01
including @
2.0 Au 374.50 3.50 2.13 0.36 0.01
23GLDD146 317.00 329.00 12.00 0.77 0.46 0.23
including @
1.5 Au 320.00 3.40 2.00 1.12 0.78
23GLDD146 343.30 350.00 6.70 0.22 0.15 0.03
including @
0.3 Au 347.00 3.00 0.35 0.21 0.06
23GLDD146 358.70 368.00 9.30 0.35 0.11 1.58
including @
0.3 Au 360.30 7.70 0.38 0.13 1.84
including @
0.4 Au 363.80 4.20 0.42 0.17 2.64
23GLDD146 388.00 391.90 3.90 0.24 0.21 0.01
Notes:
(1) Main intercepts are reported at 0.1 grammes per tonne gold cut-off.
(2) Maximum internal waste of 5 metres and minimum intercepts of 3 metres
(3) True thickness of mineralised intercepts is underdetermined.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014, which was incorporated into UK law by
the European Union (Withdrawal) Act 2018, until the release of this
announcement.
For further information please contact:
Anglo Asian Mining plc
Tel: +994 12 596
Reza Vaziri, Chief Executive Officer 3350
Tel: +994 502 910
Bill Morgan, Chief Financial Officer 400
Tel: +994 502 916
Stephen Westhead, Vice President 894
SP Angel Corporate Finance LLP (Nominated Tel: +44 (0) 20 3470
Adviser and Broker) 0470
Ewan Leggat
Adam Cowl
Hudson Sandler (Financial PR) Tel: +44 (0) 20 7796
Charlie Jack 4133
Harry Griffiths
About Anglo Asian Mining
Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver
producer with a high-quality portfolio of production and
exploration assets in Azerbaijan. The Company produced 57,618 gold
equivalent ounces ("GEOs") for the year ended 31 December 2022.
On 30 March 2023, the Company published its strategic plan for
growth which shows a clearly defined path for the Company to
transition to a multi-asset, mid-tier copper and gold producer by
2028, by which time copper will be the principal product of the
Company, with forecast production of around 36,000 copper
equivalent tonnes. It plans to achieve this growth by bringing into
production four new mines during the period 2024 to 2028 at Zafar,
Gilar, Xarxar and Garadag.
The Company owns approximately 17.4 per cent. of Libero Copper
& Gold Corporation ("Libero"). Libero is listed on the TSX
Venture Exchange in Canada and owns, or has the option to acquire,
several copper exploration properties in North and South America,
including Mocoa in Colombia, one of the world's largest undeveloped
copper-molybdenum resources.
https://www.angloasianmining.com/
About Gilar
Gilar is a mineral occurrence located in the Gedabek contract
area approximately seven kilometres from the Company's existing
processing facilities. The area hosts two styles of mineralisation,
gold in quartz veins and hydrothermal gold-copper.
On 21 March 2023, the Company published a non-JORC mineral
resource estimate which contains over 249,000 ounces of gold,
46,000 tonnes of copper, and 48,000 tonnes of zinc (see table 2
below).
Tonnes Gold Copper Zinc Gold Copper Zinc
(Mt) (g/t) (%) (%) (Oz) (T) (T)
Class
1+2 3.93 1.53 0.93 0.94 192,929 36,687 37,009
Class
3 1.71 1.02 0.57 0.69 56,155 9,778 11,777
Total 5.64 1.37 0.82 0.87 249,083 46,466 48,786
Table 2: Interim mineral resource estimate of the Gilar
deposit
Notes:
(1) Cut-off grade 0.5 Au eq / Au eq = Au g/t + (Cu% x 1.49) +
(Zn x 0.46) + (Ag x 0.01) + (Pb x 0.37)..
(2) Class 1, 2 and 3 are equivalent to the JORC classifications
of measured, indicated and inferred, respectively
Competent Person Statement
The information in the announcement that relates to exploration
results, minerals resources and ore reserves is based on
information compiled by Dr Stephen Westhead, who is a full-time
employee of Anglo Asian Mining with the position of Vice-President,
who is a Fellow of The Geological Society of London, a Chartered
Geologist, Fellow of the Society of Economic Geologists, Fellow of
the Institute of Materials, Minerals and Mining and a Member of the
Institute of Directors.
Stephen Westhead has sufficient experience that is relevant to
the style of mineralisation and type of deposit under consideration
and to the activity being undertaken to qualify as a Competent
Person as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. Stephen Westhead consents to the inclusion in the
announcement of the matters based on his information in the form
and context in which it appears.
Stephen Westhead has sufficient experience, relevant to the
style of mineralisation and type of deposit under consideration and
to the activity that he is undertaking, to qualify as a "competent
person" as defined by the AIM rules. Stephen Westhead has reviewed
the mineral resources included in this announcement.
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END
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