TIDMAAZ
RNS Number : 3254X
Anglo Asian Mining PLC
29 April 2019
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
29 April 2019
Anglo Asian Mining plc
Gedabek and Gosha Contract Areas
Helicopter Survey Identified Multiple New Targets at Gedabek
Additional Mineralisation confirmed at the Gedabek Open Pit
New Copper-Gold Discovery at Gosha
Anglo Asian Mining plc ("Anglo Asian" or the "Company") the AIM
listed gold, copper and silver producer focused in Azerbaijan, is
pleased to provide a summary of its successful 2018 geological
exploration activities at its Gedabek ("Gedabek") and Gosha
("Gosha") Contract Areas. A detailed report of the Company's 2018
exploration work programme and results reported according to the
JORC Code (2012) can be found on its website
www.angloasianmining.com/operations. A separate report has also
been released today summarising the results of the helicopter-borne
geophysics survey which was originally announced on 21 November
2018.
Highlights
Gedabek
-- Completed a 3,385 linear kilometre helicopter-borne
electromagnetic and magnetic survey which successfully identified
multiple highly promising and prospective mineral targets - a
summary of the results of this survey has been separately released
today
-- Existence confirmed of further valuable mineable copper and
gold extensions through drilling at the northern and southern
margins of the current Gedabek open pit
o Increased ore footprint will be included in the 2019 Gedabek
Mineral Resources and Ore Reserves update, in accordance with the
JORC Code
-- Confidence increased in the production profile at Gadir
following drilling which confirmed the continuation of the orebody
down-dip and potentially along strike
-- Additional mineable mineralisation confirmed beneath the
Gedabek open pit which will be the subject of further underground
evaluation
Gosha
-- New discovery of polymetallic mineralisation from drilling at
the Asrikchay target ("Asrikchay") area which is situated seven
kilometres north of the existing Gosha underground mine
o Significant polymetallic drill-hole intersection found with
weighted grade averages from 228.70 metres to 233.00 metres (4.30
metre downhole thickness) of 4.11 grammes per tonne of gold, 112.23
grammes per tonnes of silver, 3.07 per cent copper and 3.02 per
cent zinc
-- Completed preliminary follow-up surface geophysics over Asrikchay to identify zone geometry
o Results and interpretation expected in due course
Anglo Asian Director of Geology & Mining, Stephen Westhead,
commented, "This is the first year that the Company has reported
exploration results according the JORC (2012) Code. The most
significant exploration activity at Gedabek in 2018 was the ZTEM
geophysical survey, a first for the Company and Azerbaijan. A
summary of the results of the survey is being separately released
today and we are now starting the investigation of anomaly target
areas with ground based geological exploration. Other work included
the completion of new Mineral Resources and Ore Reserves statements
for the Gedabek open pit and Gadir mine, which revealed open areas
for further work. Additional mineralisation both around the margins
and below the Gedabek open pit has also been identified.
"The polymetallic discovery at the Asrikchay area of Gosha was
also a very exciting discovery. It is the first of this mineral
style identified at Gosha and the first indication of the presence
of copper in the region.
"Exploration continues to underpin the future production and
growth of the Company. The current exploration activities are
already yielding significant results and I look forward to further
updating our shareholders on the results of our efforts in the
future"
Objectives of the 2018 Exploration Programme
The geological programme in 2018 formed part of a rolling
three-year exploration plan, designed to achieve the following main
objectives:
-- To establish the gold and copper-gold distribution of the
Gedabek open pit and update the resource and reserve estimate.
-- To assess the extent of the further mineralisation of the
Gadir underground mine and confirm ongoing mineable ore through the
publication of a resource and reserve estimate, in accordance with
the JORC Code.
-- To commence exploration of the mineral potential below the
Gedabek main open pit from underground.
-- To bring new mineral occurrence targets into the resource and reserve pipeline.
-- To identify new areas of mineralisation and targets which can
be fast tracked into production as stand-alone mines.
Overview of Exploration Activity in 2018
Gedabek
Gedabek Regional
-- 3,385 kilometres of airborne ZTEM and magnetic geophysics
completed on a 200-metre east-west line spacing.
-- 2 surface diamond core holes over the AC area (located about
1.5 kilometres west of the Company's heap leach processing area)
("AC") completed totalling 1,177 metres.
-- 3 surface reverse circulation holes over AC totalling 587 metres.
-- 25 outcrop samples collected over the Duzyurd area.
Gedabek open pit (and underground)
-- 58 surface diamond core holes completed totalling 5,947 metres.
-- 208 surface reverse circulation holes completed totalling 11,340 metres.
-- 7 underground diamond core holes completed totalling 655 metres.
-- 718 metres of tunnel development completed from the Gadir
Decline to below Gedabek 'Pit 4'. This will create drilling
platforms to better assess the potential for underground
development of the Gedabek deposit.
Gadir
-- 19 surface diamond core holes completed totalling 8,953 metres.
-- 43 underground diamond core holes (HQ/NQ in size) completed totalling 4,735 metres.
-- An additional 105 BQ-size underground core drill-holes completed totalling 2,838 metres.
-- 2,703 metres of underground geological mapping from the mine tunnels completed.
-- Surface induced polarisation ("IP") and ground magnetics over
the Gadir footprint completed covering 3.7 square kilometres -
results expected shortly.
Ugur
-- 12 surface diamond core holes completed totalling 3,875 metres.
-- 650 outcrop samples collected.
-- 250 linear metres of trenching, with 215 samples obtained.
-- 40,000 square metres of detailed geological (lithological,
alteration and structural) mapping completed.
S ydülü
-- 146 outcrop samples collected.
-- 8 stream sediment samples collected.
Gosha
First phase exploration activity at the Asrikchay target, which
is situated 7 kilometres north of the existing underground mine at
Gosha, included:
-- 8 surface core drill-holes completed totalling 2,737 metres.
-- 37 outcrop samples collected at Asrikchay.
-- Ground geophysics undertaken covering 1.4 square kilometres - results expected soon.
-- 1 surface core drill-hole at Gosha mine area.
-- 507 outcrop samples collected at the Gosha mine area
Exploration Outlook for 2019
Exploration work is progressing well according to the overall
three-year strategy. Further work defining the ore at Gedabek
underground will commence, as well as lateral and down-dip
definition at Gadir. Results from the ZTEM survey are being used to
identify regions around Gedabek that can be followed up with
geochemical soil campaigns, ground geophysics, outcrop sampling and
surface drilling. Results from the ground-based geophysics at Gadir
and Asrikchay will also assist to target follow-up drilling.
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 Director of
Geology & Mining, who is a Fellow of The Geological Society of
London, a Chartered Geologist, Fellow of the Society of Economic
Geologists, Member 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.
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 until the release of this
announcement.
**S**
For further information please visit www.angloasianmining.com or
contact:
Reza Vaziri Anglo Asian Mining plc Tel: +994 12 596 3350
Bill Morgan Anglo Asian Mining plc Tel: +994 502 910 400
------------------------------ ----------------------
Stephen Westhead Anglo Asian Mining plc Tel: +994 502 916 894
------------------------------ ----------------------
Ewan Leggat SP Angel Corporate Finance Tel: +44 (0) 20 3470
LLP 0470
Nominated Adviser and Broker
------------------------------ ----------------------
Soltan Tagiev SP Angel Corporate Finance Tel + 44 (0) 20 3470
LLP 0470
Nominated Adviser and Broker
------------------------------ ----------------------
Isabel de Sal St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
------------------------------ ----------------------
Gaby Jenner St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
------------------------------ ----------------------
Notes:
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 has a 1,962 square
kilometre portfolio, assembled from analysis of historic Soviet
geological data and held under a Production Sharing Agreement
modelled on the Azeri oil industry.
The Company's main operating location is the Gedabek contract
area ("Gedabek") which is a 300 square kilometre area in the Lesser
Caucasus mountains in western Azerbaijan. The Company developed
Azerbaijan's first modern operating gold/copper/silver mine at
Gedabek which commenced gold production in May 2009. Mining at
Gedabek was initially from its main open pit, which is an open cast
mine with a series of interconnected pits.
The Company also operates the high grade Gadir underground mine,
which is co-located at the Gedabek site. In September 2017,
production commenced at the Ugur open pit mine, a
recently-discovered gold ore deposit at Gedabek. The Company has a
second underground mine, Gosha, which is 50 kilometres from
Gedabek. Ore mined at Gosha is processed at Anglo Asian's Gedabek
plant.
The Company produced 83,736 gold equivalent ounces ('GEOs') for
the year ended 31 December 2018. Gedabek is a polymetallic ore
deposit that has gold together with significant concentrations of
copper in the main open pit mine, and an oxide gold-rich zone at
Ugur. The Company therefore employs a series of flexible processing
routes to optimise metal recoveries and efficiencies. The Company
produces gold doré through agitation and heap leaching operations,
copper concentrate from its Sulphidisation, Acidification,
Recycling, and Thickening (SART) plant and also a copper and
precious metal concentrate from its flotation plant. A second
dedicated crusher line has been commissioned and is now in
operation for the flotation plant to enable it to operate
independently of the agitation leaching plant.
The Company has forecast metal production for FY 2019 of between
82,000 to 86,000 gold equivalent ounces ("GEOs"). Of the forecast
production for FY 2019, between 28,000 to 30,000 GEOs is in the
form of copper and gold flotation concentrate.
Anglo Asian is also actively seeking to exploit its first mover
advantage in Azerbaijan to identify additional projects, as well as
looking for other properties in order to fulfil its expansion
ambitions and become a mid-tier gold and copper metal production
company.
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London Stock Exchange. RNS is approved by the Financial Conduct
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of this information may apply. For further information, please
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END
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