TIDMAAZ
RNS Number : 0873M
Anglo Asian Mining PLC
19 January 2021
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
19 January 2021
Anglo Asian Mining plc
New Copper and Gold Discovery at its Gedabek Licence Area
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer focused in Azerbaijan, is
pleased to announce a new copper-gold discovery, "Zafer", within
the central region of its Gedabek Contract Area ("Gedabek CA") in
western Azerbaijan.
This discovery resulted from a regional exploration field
mapping programme following the identification of structural trends
by the ZTEM geophysics programme. A short report on Zafer can be
found at the following link
http://www.rns-pdf.londonstockexchange.com/rns/0873M_1-2021-1-18.pdf
and on the Company's website ( www.angloasianmining.com ).
Highlights
-- Copper-gold mineral occurrence discovered approximately 1.5
kilometres northwest of the Company's Gedabek processing plant
-- Discoveries made through follow-up of field mapping associated with three ZTEM targets
-- Significant drill hole intersection of copper-gold
mineralisation - 113 metres at 0.5 per cent. copper and 0.7 grammes
per tonne gold
-- Maximum grades within all drill holes to date of up to 6.0
per cent. copper, 14.6 per cent. zinc and 12.4 grammes per tonne
gold
-- Initial phase of core drilling has commenced, which has
provided significant mineralised intersections
-- Ground-based geophysics carried out to target drill programme
Reza Vaziri, CEO and President, commented: "We are delighted to
report the discovery of Zafer, an exciting mineral occurrence
within the Gedabek contract area. This discovery demonstrates our
belief in the on-going potential of the Gedabek contract area and
the effectiveness of our geological exploration programme.
"The Company is undertaking the work necessary to produce JORC
estimates for the new discovery and to determine the best way to
commercially exploit the mineral occurrence. I look forward to
updating shareholders on our progress."
Stephen Westhead, Director of Geology and Mining, commented:
"Zafer is a high priority target resulting from the ZTEM airborne
geophysics programme which identified three anomalies at varying
depths, including one porphyry.
"Initial drilling is focused on areas identified by geological
mapping, geophysics data and the structural geology, and 12 drill
holes have been completed with a total length of 7,675 metres. 10
profile lines totalling nearly 25 kilometres were also completed
using ground-based induced polarisation electrical geophysics. This
work identified three mineralised zones within an elongated
structure. The most significant downhole intercept is 113 metres at
0.5 per cent. copper and 0.7 grammes per tonne of gold. This
thickness and style of mineralisation is consistent with
porphyry-type mineralisation.
"The geological team at Gedabek continue to evaluate the
continuity of mineralisation within the deposit to develop
resources for future economic evaluation. The identification of
this zone is exciting as extensions along strike also intersect
other targets, thus providing a potentially significant mineral
resource. "
Zafer - Background, drilling and geophysics
Anglo Asian's in-house exploration group has defined a new
mineral occurrence named Zafer, approximately 1.5 kilometres
northwest of the Company's Gedabek processing facilities. The
mineral occurrence was identified by geological exploration
follow-up of field mapping between ZTEM targets. Geological,
structural and alteration mapping was used to target the initial
drilling, which commenced in August 2020. A series of drill holes
demonstrated that the geology progressively moved from altered rock
into weakly mineralised rocks and finally into the zone of
significant mineralisation.
Once the scale of the potential mineralisation was understood,
ground-based Induced Polarisation ("IP") and resistivity electrical
geophysics was employed to define the potential extent of the
mineralisation. In total, 10 profile lines covering a total length
of nearly 25 kilometres were completed. The 2-D and 3-D
interpretations resulted in the identification of a number of "hot
spot" anomalies that will be followed up with further drilling.
The geology of the area comprises Upper Bajocian aged volcanics
and is structurally complex. The mineralisation seems to be
associated with a main northwest - southeast trending structure,
which is interpreted as post-dating smaller northeast - southwest
structures. In the southwest area, outcrops with tourmaline have
been mapped, which are indicative of the potential for
porphyry-style mineral formation. The exploration area is located
along the regional Gedabek-Shekarbek fault system, with Shekarbek
being another target area known to host copper mineralisation,
situated in the northwest of the zone.
In 2020, 12 drill holes were completed totalling 7,675 metres.
The drill results are summarised in the linked report. The deposit
is currently being drilled with three core drill machines and
further geophysics work will be carried out if required. Sampling
for a mineralogical study is also underway to assess the mineral
relations between the metallic minerals and gangue mineralogy. This
will be used to assess the relationship between the copper and gold
mineralisation (grain size and liberation characteristics), which
will be used to understand the grind sizes and processing
options.
Based on the work in 2020, a preliminary estimate of the deposit
size is about 6 million tonnes of mineralised rock. The Company
will continue to evaluate the potential of the deposit by stepping
out from the known areas of mineralisation and further testing hot
spots along the structural trend. The aim is to continue to grow
the resources to allow for their economic assessments for future
mining and production.
Drill hole intersections summary
Hole I.D. Intersection Weighted Average Grades
---------------------------------
Depth Depth Downhole Au Ag Cu Zn
From To Length
----------- --------- --------- --------- -------- ----- ---------
m m m g/t g/t % %
----------- --------- --------- --------- -------- ----- ---------
20GED02 469.10 473.70 4.60 0.31 5.00 0.03 0.05
----------- --------- --------- --------- -------- ----- ---------
483.00 484.20 1.20 3.24 5.00 0.54 5.76
----------- --------- --------- --------- -------- ----- ---------
484.20 486.00 1.80 0.42 5.00 0.11 2.00
----------- --------- --------- --------- -------- ----- ---------
499.60 505.00 5.40 0.11 5.00 0.03 1.11
----------- --------- --------- --------- -------- ----- ---------
20GED03 289.00 342.70 53.70 0.21 8.83 0.16 0.24
----------- --------- --------- --------- -------- ----- ---------
358.00 381.00 23.00 0.18 16.82 0.15 0.09
----------- --------- --------- --------- -------- ----- ---------
428.00 442.00 14.00 0.23 17.14 0.37 0.13
----------- --------- --------- --------- -------- ----- ---------
450.90 483.00 32.10 0.18 18.63 0.19 0.27
----------- --------- --------- --------- -------- ----- ---------
with notable intersection
------------------------------------------------------------------------
299.00 302.00 3.00 0.24 10.33 0.12 1.63
-----------
320.10 321.60 1.50 0.23 5.00 1.28 0.21
----------- --------- --------- --------- -------- ----- ---------
334.00 335.00 1.00 0.51 5.00 1.66 0.19
----------- --------- --------- --------- -------- ----- ---------
463.00 468.00 5.00 0.16 14.00 0.15 1.39
----------- --------- --------- --------- -------- ----- ---------
20GED04 273.20 274.20 1.00 0.32 5.00 0.07 7.91
----------- --------- --------- --------- -------- ----- ---------
306.60 315.00 8.40 0.16 5.00 0.01 0.01
----------- --------- --------- --------- -------- ----- ---------
336.00 365.00 29.00 0.15 18.69 0.06 0.28
----------- --------- --------- --------- -------- ----- ---------
399.00 413.00 14.00 0.11 10.71 0.21 0.07
----------- --------- --------- --------- -------- ----- ---------
20GED05 493 494 1.00 0.19 5.00 0.03 0.01
----------- --------- --------- --------- -------- ----- ---------
730.8 733 1.20 0.23 5.00 0.01 0.06
----------- --------- --------- --------- -------- ----- ---------
20GED06 287.00 287.60 0.60 0.03 18.00 0.01 0.02
----------- --------- --------- --------- -------- ----- ---------
357.80 358.80 1.00 0.03 15.00 0.01 0.02
----------- --------- --------- --------- -------- ----- ---------
20GED07 265.00 266.00 1.00 0.03 10.00 0.22 0.03
----------- --------- --------- --------- -------- ----- ---------
273.00 275.00 2.00 0.03 5.00 0.20 0.02
----------- --------- --------- --------- -------- ----- ---------
278.80 279.90 1.10 0.20 5.00 0.02 0.01
----------- --------- --------- --------- -------- ----- ---------
292.00 293.00 1.00 0.05 5.00 0.16 1.54
----------- --------- --------- --------- -------- ----- ---------
322.80 324.00 1.20 0.22 5.00 0.06 0.02
----------- --------- --------- --------- -------- ----- ---------
377.10 378.10 1.00 0.07 5.00 0.16 0.06
----------- --------- --------- --------- -------- ----- ---------
444.50 446.50 2.00 0.31 16.00 0.61 0.02
----------- --------- --------- --------- -------- ----- ---------
465.00 466.00 1.00 0.40 5.00 0.02 0.01
----------- --------- --------- --------- -------- ----- ---------
20GED08 257.00 370.00 113.00 0.68 13.80 0.50 0.57
----------- --------- --------- --------- -------- ----- ---------
380.00 384.00 4.00 0.16 5.00 0.14 2.25
----------- --------- --------- --------- -------- ----- ---------
with notable intersection
------------------------------------------------------------------------
269.00 270.00 1.00 12.39 50.00 5.00 2.02
----------- --------- --------- --------- -------- ----- ---------
277.00 278.00 1.00 0.66 35.00 2.91 2.46
----------- --------- --------- --------- -------- ----- ---------
Hole Intersection Weighted Average Grades
I.D.
---------------------------------
Depth From Depth To Downhole Au Ag Cu Zn
Length
----------- --------- --------- --------- -------- ----- -------
m m m g/t g/t % %
----------- --------- --------- --------- -------- ----- -------
20GED09 231.00 240.00 9.00 0.81 30.30 1.85 4.49
----------- --------- --------- --------- -------- ----- -------
243.00 247.00 4.00 1.30 37.50 3.02 2.83
----------- --------- --------- --------- -------- ----- -------
272.50 339.00 66.50 0.58 14.86 0.51 0.70
----------- --------- --------- --------- -------- ----- -------
352.00 356.00 4.00 0.21 5.00 0.07 0.83
----------- --------- --------- --------- -------- ----- -------
417.00 422.30 5.30 0.22 5.00 0.04 0.01
----------- --------- --------- --------- -------- ----- -------
464.55 474.50 9.95 0.58 5.00 1.36 0.02
----------- --------- --------- --------- -------- ----- -------
with notable intersection
----------------------------------------------------------------------
232.00 236.00 4.00 1.12 37.00 1.71 7.34
-----------
296.00 299.00 3.00 2.79 5.00 0.76 2.20
----------- --------- --------- --------- -------- ----- -------
464.55 469.00 4.45 0.83 5.00 2.55 0.01
----------- --------- --------- --------- -------- ----- -------
20GED10 351.35 354.20 2.85 0.31 32.33 0.41 2.83
----------- --------- --------- --------- -------- ----- -------
362.90 366.10 3.20 0.30 17.50 1.06 0.35
----------- --------- --------- --------- -------- ----- -------
370.00 376.00 6.00 0.32 5.00 0.14 0.03
----------- --------- --------- --------- -------- ----- -------
409.50 419.00 9.50 0.30 6.00 0.03 0.02
----------- --------- --------- --------- -------- ----- -------
434.00 449.00 15.00 0.22 6.53 0.09 0.02
----------- --------- --------- --------- -------- ----- -------
with notable intersection
----------------------------------------------------------------------
363.70 364.50 0.80 0.33 55.00 2.56 1.26
-----------
20GED11 232.55 243.00 10.45 0.17 8.18 0.03 0.13
----------- --------- --------- --------- -------- ----- -------
246.00 249.00 3.00 0.19 15.66 0.15 0.06
----------- --------- --------- --------- -------- ----- -------
252.60 281.50 28.90 0.25 10.30 0.13 0.14
----------- --------- --------- --------- -------- ----- -------
with notable intersection
----------------------------------------------------------------------
271.50 272.50 1.00 0.49 19.00 0.41 2.18
-----------
20GED12 241.20 272.00 30.80 0.32 11.46 0.54 0.63
----------- --------- --------- --------- -------- ----- -------
275.40 298.00 22.60 0.33 5.00 0.23 0.51
----------- --------- --------- --------- -------- ----- -------
314.00 339.00 25.00 0.26 4.92 0.14 0.60
----------- --------- --------- --------- -------- ----- -------
363.50 376.00 12.50 0.21 8.46 0.07 2.00
----------- --------- --------- --------- -------- ----- -------
387.00 399.00 12.00 0.22 5.00 0.15 0.30
----------- --------- --------- --------- -------- ----- -------
406.00 411.65 5.65 0.09 5.00 0.19 0.04
----------- --------- --------- --------- -------- ----- -------
415.00 423.00 8.00 0.09 9.38 0.21 0.04
----------- --------- --------- --------- -------- ----- -------
468.00 473.00 5.00 0.03 21.60 0.02 0.86
----------- --------- --------- --------- -------- ----- -------
with notable intersection
367.50 374.00 6.50 0.21 6.42 0.09 3.08
20GED13 241.00 243.00 2.00 1.51 5.00 0.14 0.10
----------- --------- --------- --------- -------- ----- -------
308.75 336.00 27.25 0.43 39.10 0.15 1.40
----------- --------- --------- --------- -------- ----- -------
547.00 558.80 11.80 0.17 5.83 0.26 0.00
----------- --------- --------- --------- -------- ----- -------
with notable intersection
----------------------------------------------------------------------
309.90 317.00 7.10 0.63 126.92 0.13 4.01
-----------
Note 1: Assaying was completed over the standard
gold-silver-copper-zinc suite.
Note 2: Minimum Reporting Limits for Exploration Results
(figures in red): Intersections were reported if samples graded
>= 0.15 g/t gold +/or >= 15 g/t silver +/or >= 0.2% copper
+/or >= 1.0% zinc.
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'; who is a Member or Fellow of a 'Recognised Professional
Organisation' (RPO) included in a list that is posted on the ASX
website from time to time (Chartered Geologist and Fellow of the
Geological Society and Member of the Institute of Material,
Minerals and Mining).
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 and consents to the inclusion in the
announcement of the matters based on his information in the form
and context in which it appears.
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.
**ENDS**
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
------------------------------ ----------------------
Adam Cowl SP Angel Corporate Finance Tel + 44 (0) 20 3470
LLP 0470
------------------------------ ----------------------
Megan Ray Blytheweigh Financial PR Tel: +44 (0) 20 7138
3224
------------------------------ ----------------------
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 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. 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 67,249 gold equivalent ounces ("GEOs") for
the year ended 31 December 2020. 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.
Anglo Asian is also actively seeking to exploit its first mover
advantage in Azerbaijan to identify additional projects, as well as
looking for properties in other jurisdictions in order to fulfil
its expansion ambitions and become a mid-tier gold and copper metal
production company. It has announced that it will enter into a
joint venture with Conroy Gold and Natural resources PLC to explore
and develop various gold properties in The Republic of Ireland and
Northern Ireland.
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