REG - Anglo Asian Mining - Discovery at Gosha and Vejnaly Assessment Update

Anglo Asian MiningAnnouncement

02/03/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220302:nRSB2771Da&default-theme=true

RNS Number : 2771D  Anglo Asian Mining PLC  02 March 2022

2 March 2022

 

Anglo Asian Mining plc

Discovery of a New Sub-vertical Gold Vein "Hasan" at Gosha

Assessment of Vejnaly progressing at pace

 

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
discovery of a new sub-vertical gold vein, "Hasan", to the south of the main
Gosha gold mine.

 

An evaluation of the existing Vejnaly mine and plant in the restored contract
area in Zangilan is also progressing at pace. Ore production from the new gold
vein at Gosha and the Vejnaly mine is anticipated in H2 2022.

 

Highlights

·    New sub-vertical gold vein, "Hasan", discovered at Gosha

o Discovered by surface drilling to the south of the main Gosha mine

o Vein can be easily accessed from existing underground mine workings

o Bonanza gold intersections of up to 229.5 grammes of gold per tonne returned

·    Activity at Vejnaly is steadily ramping up

o Land mine clearance activities are now complete and there is safe access to
the site and the underground mine

o Staff are now permanently based on site and the mine camp is undergoing
refurbishment

o The site assets have been transferred to Company ownership by the Government
of Azerbaijan at no cost to the Company

·    Gold production at both Hasan and Vejnaly is expected to begin in H2
2022, with the amounts achievable by the year end currently under evaluation

o Current FY 2022 metal production from existing Gedabek operations is
forecast to be between 54,000 to 58,000 gold equivalent ounces, which will be
supplemented by production from Vejnaly and Gosha

o Total production guidance for FY 2022 will be released later in H1 2022

 

Anglo Asian CEO Reza Vaziri commented:

"We are highly encouraged by the discovery of the promising Hasan vein, which
looks to be an exciting addition to the Gosha mine. We are now planning the
mining of the vein, whilst our ongoing assessment work at Vejnaly continues to
progress.

"We continue to produce from our existing mines at Gedabek, and we look
forward to providing an update on full year production guidance once the
assessments at Hasan and Vejnaly have been completed."

 

Anglo Asian Vice-President, Stephen Westhead commented:

"The commencement of work at Vejnaly marks a further step in Anglo Asian's
development. Accommodation and an office block are being refurbished for our
team of surveyors, geologists and mining engineers who are present at site.
The team will determine the extent of underground tunnelling, commence
geological mapping and sampling and plan the mine's development.

"At Gosha, geological structural mapping of the Hasan gold vein is now
underway, along with planning for the underground development.

"Project development and planning of ore extraction for the Zafar deposit at
the Gedabek contract area is also progressing well."

 

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.

 

**ENDS**

 

For further information please 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 LLP  Tel: +44 (0) 20 3470 0470

                   Nominated Adviser and Broker
 Adam Cowl         SP Angel Corporate Finance LLP  Tel + 44 (0) 20 3470 0470

                   Nominated Adviser and Broker
 Charlie Jack      Hudson Sandler                  Tel: +44(0) 20 7796 4133
 Elfie Kent        Hudson Sandler                  Tel: +44(0) 20 7796 4133

 

Notes to editors:

 

ANGLO ASIAN MINING PLC

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 September 2021, the Company announced a transaction with the Government
of Azerbaijan which grants it 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. The
transaction is subject to ratification by the parliament of Azerbaijan.

 

In December 2021, the Company undertook a private placement which acquired
19.8 per cent. of Libero Copper & Gold Corporation ("Libero"). The
transaction was completed in January 2022. 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/ (https://www.angloasianmining.com/)

 

 

Gosha

A new sub-vertical high gold grade mineralised vein ("Hasan") has been
discovered immediately south of the existing underground mine workings at
Gosha. Geological surface mapping suggested the presence of gold at this
location, and the vein was discovered through surface drilling. The host rock
mostly exhibits silicification and kaolinisation alteration which changes to
quartz-haematite alteration in andesite. Bonanza grades of up to 229.5 grammes
of gold per tonne were encountered, with significant drill intersections as
follows:

 

            Depth             Downhole  Gold    Silver

 Hole i.d                     Length

                              meters    g/t     g/t
            From     To

            meters   meters
 21GODDH01  65.80    69.40    3.60      53.42   5.00
            66.80    67.30    0.50      229.50  5.00
            61.00    71.00    10.00     23.24   5.00

 

Full results of the drill data will be included in the H2 2021 Gosha
geological exploration report.

 

The new gold vein can be accessed via a short tunnel from the existing
tunnelling at Gosha. The vein is currently being evaluated and its mining
planned and it is expected to produce ore in H2 2022.

 

Vejnaly

Activity at Vejnaly is steadily being ramped up. Employees are now permanently
based on site and the camp is being refurbished. The Azerbaijan National
Agency for Mine Action (ANAMA) has recently completed its inspection and has
certified access to the site and underground mine as safe. In accordance with
our existing production sharing agreement, the Government of Azerbaijan has
transferred all assets at the site to the Company free of charge.

 

A geological assessment is currently underway of the remaining reserves of the
underground mine and underground geological sampling is being undertaken to
identify any further mineralisation and sub-parallel veins. An assessment of
the cost to refurbish the plant is also underway, which will enable the
Company to weigh the costs of producing a gold concentrate at Vejnaly compared
to gold doré at Gedabek.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLBRGDXDDGDGDB