TIDMAAZ
RNS Number : 0626K
Anglo Asian Mining PLC
19 December 2022
19 December 2022
Anglo Asian Mining PLC
Preliminary Mineral Resource Estimate completed at Gilar
Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer focused in Azerbaijan, is
pleased to announce the completion of a preliminary maiden Mineral
Resource Estimate ("MRE") of the Gilar deposit, which contains over
135,000 ounces of gold, 21,500 tonnes of copper, and 23,000 tonnes
of zinc.
The MRE (which is not a JORC resource) was compiled by an
independent consultant and is based on stage one drilling. The
resources have been estimated using the JORC guidelines, but
because the estimate is subject to validation classes 1, 2, and 3
are stated, instead of the usual Measured, Indicated and Inferred
classifications.
The site location for the portal has been finalised in order to
enable tunnelling to commence. Preliminary earthworks for portal
construction are underway and the Company looks forward to updating
on the commencement of tunnelling.
Stephen Westhead, Vice-President of Anglo Asian, commented:
"As an initial resource estimate that is likely to be increased
with further drilling, Gilar has the potential to provide
significant gold and copper mineralisation from underground
production. This will prove critical as we bridge the gap between
declining grades at Gedabek and our larger, new concessions
entering production in the medium-term.
"Given the considerable depth of the mineralisation, an
underground tunnel will be constructed for further drilling. I look
forward to updating on this in the near future."
Preliminary Maiden Mineral Resource Estimate
Tonnes Gold Copper Zinc Gold Copper Zinc
(Mt) (g/t) (%) (%) (Oz) (T) (T)
Class
1+2 2.41 1.22 0.62 0.66 94,500 14,800 15,900
------- ------- ------- ----- -------- ------- -------
Class
3 1.49 0.86 0.45 0.52 41,000 6,800 7,700
------- ------- ------- ----- -------- ------- -------
Total 3.90 1.08 0.55 0.60 135,500 21,600 23,600
------- ------- ------- ----- -------- ------- -------
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) Amounts of contained metal have been rounded to the nearest hundred of ounces or tonnes
Figure 1: Grade continuity in drill holes 3D view (Au
cutoff=0.1, intercept average Au>=0.3g/t
Modelling of the drill results has demarcated six zones of
mineralisation with the latest drilling defining a deeper zone of
continuous mineralisation over 60 metres thick hosting both gold
and copper mineralisation, as reported in the RNS of 8 December
2022.
Figure 2: 3-D model showing domain zones used for modelling and
estimation (modelled from drill results)
Figure 3: Mineralisation Block Model based on Au Equivalent (AU
= Au g/t + (Cu% x 1.49) + (Zn x 0.46). Inset border defines area of
lower target zone.
The lowest zone is open in all directions and currently is
estimated to host a minimum of 0.9 million tonnes of mineralisation
at 1.59 grammes per tonne of gold, 0.88 per cent. copper and 0.85
per cent. zinc, containing 45,900 ounces of gold, 7,800 tonnes of
copper and 7,600 tonnes of zinc. Given the depth of this
mineralisation, an underground tunnel will be constructed to access
this lower zone for further drilling and in due course for
production. This is more efficient and cost-effective than
continuing the surface drilling. Surface definition core drilling
will continue to target infill areas between the currently defined
higher level mineral zones.
Gilar
Gilar is a mineral occurrence located in the Gedabek contract
area, approximately seven kilometres from the Company's processing
facilities. The area hosts two styles of mineralisation, gold in
quartz veins and hydrothermal gold-copper.
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:
Tel: +994 12 596
Reza Vaziri Anglo Asian Mining plc 3350
Tel: +994 502 910
Bill Morgan Anglo Asian Mining plc 400
--------------------------- ---------------------
Tel: +994 502 916
Stephen Westhead Anglo Asian Mining plc 894
--------------------------- ---------------------
Ewan Leggat SP Angel Corporate Finance Tel: +44 (0) 20 3470
Adam Cowl LLP 0470
Nominated Adviser and
Broker
--------------------------- ---------------------
Charlie Jack Hudson Sandler Tel: +44(0) 20 7796
Harry Griffiths 4133
--------------------------- ---------------------
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,
Azerbaijan International Mining Company, 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 resources and reserves included in this announcement.
Notes to Editors:
Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver
producer in Central Asia with a broad portfolio of production and
exploration assets in Azerbaijan. The Company produced 64,610 gold
equivalent ounces ("GEOs") for the year ended 31 December 2021.
In December 2021, the Company undertook a private placement
which acquired 19.8 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.
On 5 July 2022, the Parliament of Azerbaijan ratified amendments
to the Company's Production Sharing Agreement, which granted it
legal title to three additional concessions with a combined area of
882 square kilometres, including the Garadagh porphyry copper
deposit, with a Soviet classified resource of over 300,000 tonnes
of copper.
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END
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