TIDMAAZ
RNS Number : 2361W
Anglo Asian Mining PLC
11 December 2023
11 December 2023
Anglo Asian Mining plc
Gilar maiden JORC (2012) Mineral Resource completed
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the
AIM-listed gold, copper and silver producer focused on Azerbaijan,
is pleased to announce the completion of a maiden JORC (2012)
Mineral Resource for its Gilar polymetallic deposit (the "Gilar
deposit") prepared by Mining Plus UK. The Gilar deposit was
confirmed to have 6.10 million tonnes of mineralisation with
average grades of 0.88 per cent. for copper and 1.30 grammes of
gold per tonne.
Gilar deposit highlights
-- 6.10 million tonnes of mineralisation with average grades of
0.88 per cent. copper, 0.75 per cent. zinc and 1.30 grammes of gold
per tonne
-- 5.90 million tonnes of mineralisation within the Measured plus Indicated JORC categories
-- In-situ Mineral Resource of 54,000 tonnes of copper, 255,000
ounces of gold and 46,000 tonnes of zinc
-- 135 drill holes (117 vertical and 18 inclined) with a total
length of 42,821 metres used for the maiden Mineral Resource
estimate
-- 145 drill holes were completed for a total length of 46,409 metres
Mineral Resource estimate for the Gilar deposit at 30 November
2023
Reporting cut-off: >= 0.5 grammes per tonne of gold
equivalent*
Tonnage In-situ grades Contained metal
(million
tonnes)
Gold Copper Zinc Gold Copper Zinc
(g/t) (per (per (koz) (kt) (kt)
cent.) cent.)
====================== ========== ======== ========= ========= ======== ========= =======
Measured 3.88 1.49 1.08 0.91 186.06 42.09 35.43
---------- -------- --------- --------- -------- --------- -------
Indicated 2.02 1.00 0.56 0.48 64.80 11.30 9.77
---------- -------- --------- --------- -------- --------- -------
Measured + Indicated 5.90 1.32 0.90 0.77 250.86 53.39 45.20
---------- -------- --------- --------- -------- --------- -------
Inferred 0.20 0.70 0.26 0.26 4.38 0.50 0.51
---------- -------- --------- --------- -------- --------- -------
Total 6.10 1.30 0.88 0.75 255.24 53.89 45.72
---------- -------- --------- --------- -------- --------- -------
Note that all tonnages reported are dry metric tonnes. Totals
may not add due to rounding.
*Gold equivalent calculation = Gold grammes per tonne + (copper
%*1.49) +(zinc*0.46). The metal price assumptions used were Gold -
$1,675 per ounce; Copper - $8,000 per tonne; Zinc - $2,500 per
tonne.
Interactive presentation on the Gilar deposit
An interactive 3-D presentation on the Gilar deposit including
details of its maiden JORC Mineral Resource is available at
https://gilar-jorc-mre-2023nov.jalnext.com/ . This presentation
also includes various depictions of the local topology of the Gilar
deposit, details of drill holes, block and shell models and the
location of the decline.
Reza Vaziri, CEO of Anglo Asian, commented :
"We are proud to present the maiden mineral resource estimate
for the Gilar deposit under the JORC reporting code, which marks a
significant milestone for the asset and reflects our commitment to
international best practice. It is a great step forward in
understanding its geo-positioning, mineralisation geometry and
importantly the significant value opportunity it offers our
stakeholders."
Stephen Westhead, Vice-President of Anglo Asian, commented:
"This maiden mineral resource estimate under the JORC reporting
code is now very robust given the quantity of drilling that
provided confidence in the mineral continuity. Tunnelling to access
the mineralisation is progressing. To complement future underground
drilling, further surface drilling will test the extension of the
upper zones upon completing the ongoing geophysical
investigation.
"The Gilar mine will be an important contributor to the future
production of the Company given its high grades of both gold and
copper. The mine's production will be critical to bridge the gap
between declining grades at our existing mines at Gedabek and our
larger, new concessions entering production in the
medium-term."
Mineral Resource estimation and current work at the Gilar
deposit
Further details about the Gilar deposit, the mineral resource
estimation and the current work being carried out at Gilar can be
found below.
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
Adviser and Broker) 3470 0470
Ewan Leggat
Adam Cowl
Hudson Sandler (Financial PR) Tel: +44 (0) 20
Charlie Jack 7796 4133
Harry Griffiths
Gilar deposit
The detailed JORC ('Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves (JORC Code)
2012 Edition') "JORC" Mineral Resource estimate for the Gilar
deposit has been published on the Company's website and is
available at:
https://wp-angloasianmining-2020.s3.eu-west-2.amazonaws.com/media/2023/12/UPG12006_GILAR_MRE_REPORT_FINAL.pdf
.
The Table One report accompanying the JORC Mineral Resource
estimate is available at:
https://wp-angloasianmining-2020.s3.eu-west-2.amazonaws.com/media/2023/12/UPG12006_GILAR_JORC_TABLE1_FINAL.pdf
.
The initial announcement about the Gilar deposit, dated 8
December 2022 - " Significant mineralisation in Gilar drill results
" which gives the background to the Gilar property is available on
the Company's website.
Current work at the Gilar deposit
The development of the Gilar deposit is now well under way. Both
the primary transport decline tunnel for accessing the
mineralisation and a ventilation tunnel are being constructed. 561
metres of the main decline and 150 metres of the ventilation tunnel
have been completed, with 900 metres and 383 metres respectively
remaining to be constructed.
Infrastructure development is ongoing with the construction of a
heavy earthworks equipment workshop, mine office facilities and
technical support and services offices. Security and safety
fencing, mine entrance area and power generator set foundations are
under construction.
Land has been identified for the haul road from the Gilar portal
to the Gedabek processing plant and permission applied for the
appropriate government departments to provide the required
access.
There is no immediate surface exploration drilling planned. F
urther surface drilling will be carried out in the future to test
the extension of the upper zones. This will be undertaken once the
results of the ongoing geophysical investigation data acquired are
interpreted and targets defined for both extensions of the known
mineralisation and new targets. The geophysical work includes
electrical (induced polarisation) and gravity methods. These data
will be used in conjunction with existing satellite data and ZTEM
electromagnetic and magnetic data.
It is further planned to drill from underground to investigate
the extension potential of the lower Zone 4, identified by two
surface drillholes as an extension to the lower Zone 4 once the
tunnelling reaches the mineralisation. Mining options and design
and operational mine parameters will now be assessed as the maiden
JORC mineral resource is complete.
The underground haulage mining fleet for the Gilar mine has now
arrived at the Gedabek site. The equipment is being supplied by
Caterpillar as notified in the announcement of 22 February 2023.
This will be the first Caterpillar underground equipment to be
deployed in Azerbaijan. A ceremony will be held at Gedabek on the
afternoon of Monday 11 December 2023 to mark the arrival of the
equipment.
Gilar mineral resources - supporting work and independent expert
opinion
The Company contracted Mining Plus UK Ltd (Mining Plus) to
estimate the Mineral Resource of the Gilar deposit. This report
incorporated all the data from the most recent drilling campaign
and was designed to increase resource confidence in the deposit
with the aim to convert the majority of mineralised material to or
above an Indicated classification under the JORC (2012) code,
alongside using inclined holes to better understand the ore body
geometry.
Competent Person Statement
The information in the announcement that relates to exploration
results and Mineral Resources is based on information compiled by
Sean Lapham, who is a full-time employee of Mining Plus UK Ltd with
the position of Senior Geology Consultant. Mr Lapham is a
registered member of The Australasian Institute of Mining and
Metallurgy (AUSIMM number 318874) and the Geological Society of
London (Fellowship number 1030350).
Sean Lapham 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'. Sean Lapham consents to the inclusion in the
announcement of the matters based on his information in the form
and context in which it appears.
Sean Lapham has extensive 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. Sean Lapham has reviewed the Mineral
Resources included in this announcement.
Notes to Editors:
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/
APPIX
GLOSSARY OF TERMS AND ABBREVIATIONS
The following definitions are extracted from the JORC Code, 2012
Edition
Indicated Mineral Resource An 'Indicated Mineral Resource'
is that part of a Mineral Resource
for which quantity, grade (or
quality), densities, shape and
physical characteristics are
estimated with sufficient confidence
to allow the application of
Modifying Factors in sufficient
detail to support mine planning
and evaluation of the economic
viability of the deposit. Geological
evidence is derived from adequately
detailed and reliable exploration,
sampling and testing gathered
through appropriate techniques
from locations such as outcrops,
trenches, pits, workings and
drill holes, and is sufficient
to assume geological and grade
(or quality) continuity between
points of observation where
data and samples are gathered.
An Indicated Mineral Resource
has a lower level of confidence
than that applying to a Measured
Mineral Resource and may only
be converted to a Probable Ore
Reserve.
Inferred Mineral Resource An 'Inferred Mineral Resource'
is that part of a Mineral Resource
for which quantity and grade
(or quality) are estimated on
the basis of limited geological
evidence and sampling. Geological
evidence is sufficient to imply
but not verify geological and
grade (or quality) continuity.
It is based on exploration,
sampling and testing information
gathered through appropriate
techniques from locations such
as outcrops, trenches, pits,
workings and drill holes. An
Inferred Mineral Resource has
a lower level of confidence
than that applying to an Indicated
Mineral Resource and must not
be converted to an Ore Reserve.
It is reasonably expected that
the majority of Inferred Mineral
Resources could be upgraded
to Indicated Mineral Resources
with continued exploration.
----------------------------------------
JORC JORC stands for Australasian
Joint Ore Reserves Committee
(JORC). The Code for Reporting
of Exploration Results, Mineral
Resources and Ore Reserves (the
JORC Code) is widely accepted
as the definitive standard for
the reporting of a company's
resources and reserves. The
latest JORC Code is the 2012
Edition.
----------------------------------------
Measured Mineral Resource A 'Measured Mineral Resource'
is that part of a Mineral Resource
for which quantity, grade (or
quality), densities, shape,
and physical characteristics
are estimated with confidence
sufficient to allow the application
of Modifying Factors to support
detailed mine planning and final
evaluation of the economic viability
of the deposit. Geological evidence
is derived from detailed and
reliable exploration, sampling
and testing gathered through
appropriate techniques from
locations such as outcrops,
trenches, pits, workings and
drill holes, and is sufficient
to confirm geological and grade
(or quality) continuity between
points of observation where
data and samples are gathered.
A Measured Mineral Resource
has a higher level of confidence
than that applying to either
an Indicated Mineral Resource
or an Inferred Mineral Resource.
It may be converted to a Proved
Ore Reserve or under certain
circumstances to a Probable
Ore Reserve
----------------------------------------
Mineral Reserves or Ore Reserves An 'Ore Reserve' is the economically
mineable part of a Measured
and/or Indicated Mineral Resource.
It includes diluting materials
and allowances for losses, which
may occur when the material
is mined or extracted and is
defined by studies at Pre-Feasibility
or Feasibility level as appropriate
that include application of
Modifying Factors. Such studies
demonstrate that, at the time
of reporting, extraction could
reasonably be justified.
----------------------------------------
Mineral Resource A 'Mineral Resource' is a concentration
or occurrence of solid material
of economic interest in or on
the Earth's crust in such form,
grade (or quality), and quantity
that there are reasonable prospects
for eventual economic extraction.
The location, quantity, grade
(or quality), continuity and
other geological characteristics
of a Mineral Resource are known,
estimated or interpreted from
specific geological evidence
and knowledge, including sampling.
Mineral Resources are sub-divided,
in order of increasing geological
confidence, into Inferred, Indicated
and Measured categories.
----------------------------------------
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END
PFUNKFBQABDDBBK
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