REG - Anglo Asian Mining - Drill results extend mineralisation at Gilar

Anglo Asian MiningAnnouncement

31/05/2023 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:20230531:nRSe0821Ba&default-theme=true

RNS Number : 0821B  Anglo Asian Mining PLC  31 May 2023

 

31 May 2023

 

Anglo Asian Mining PLC

Drill results further extend mineralisation 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 that
further drill results at the Gilar deposit confirm an extension to the
mineralisation reported by previous drilling, with intercepts of up to 51
metres of continuous gold and copper mineralisation.

 

The drilling has extended and confirmed the deeper zone of continuous
mineralisation hosting significant gold, copper and zinc with intercept
thickness of over 50 metres. Details of the intercepts can be found below.

 

Borehole 22GLDD133: 51.00m @ 1.9g/t gold, 1.4% copper and 0.5% zinc from
333.00m, including:

·    34.50m @ 2.6g/t Au, 2.0% Cu and 0.7% zinc at 1.0g/t gold cut-off from
342.50m, including at a 2.0 g/t Au cut-off

o  6.80m @ 4.0g/t Au, 6.3% Cu and 3.2% zinc from 345.50m

 

The Company has also commenced portal construction and tunnelling for the
second ventilation tunnel at Gilar. A significant amount of portal development
has been undertaken including a cut back for geotechnical purposes,
reinforcement of the portal area and development of infrastructure including
water, power and underground ventilation.

 

Stephen Westhead, Vice-President of Anglo Asian, commented:

"We are delighted to announce this extension to Gilar, which hosts
exceptionally strong grades of gold and copper over significant thickness. We
continue to develop the portal, and the team is making great progress with the
tunnelling. Gilar is an exciting project for Anglo Asian, and we look forward
to bringing it into production in the fourth quarter of this year."

 

Figure 1: 3-D section showing latest drill holes.

Figure 2: Map showing location of drill holes.

Figure 3: Portal of the haulage tunnel of the Gilar underground mine

Details about the drilling at Gilar

The Company is updating its databases to incorporate the increasing amount of
information collected about each deposit. The Gilar database is being updated
as results of drilling and underground geological mapping of the tunnels is
completed to capture this valuable information that will be used for QA/QC
control, engineering and planning.

Table 1: Selected assay results from new drill holes in the Gilar deposit are
as follows:

                     Intercepts                          Weighted average grades
 Borehole            Depth From Metres  Depth to Metres  Downhole length Metres  Gold    Copper      Zinc

 i.d.                                                                            g/t     Per cent.   Per cent.
 23GLD D132          306.70             312.00           5.30                    0.55    0.92        0.29
 23GLD D132          327.00             363.50           36.50                   1.65    0.90        1.82
 including @ 1.0 Au  328.00                              17.50                   2.69    1.62        3.69
                     357.50                              4.00                    1.38    0.27        0.10
 including @ 2.0 Au  337.00                              7.50                    4.45    1.02        1.91

 23GLD D133          333.00             384.00           51.00                   1.93    1.36        0.50
 including @ 1.0 Au  342.50                              34.50                   2.61    1.97        0.74
 including @ 2.0 Au  345.50                              6.80                    3.96    6.28        3.15
 including @ 2.0 Au  362.70                              14.30                   3.31    0.16        0.01

 23GLD D134
 including @ 1.0 Au  322.00             353.00           31.00                   2.11    2.21        1.04
 including @ 2.0 Au  322.00                              26.10                   2.44    2.62        1.22
                     323.50                              20.90                   2.73    3.16        1.50

 23GLD D135          311.70             363.50           51.80                   2.33    1.92        0.84
 including @ 1.0 Au  313.70                              36.30                   3.01    2.67        1.17
 including @ 2.0 Au  311.70                              31.30                   3.31    2.97        1.33

 23GLD D136          358.00             368.50           10.50                   0.46    0.53        0.24
 including @ 1.0 Au  365.50                              3.00                    1.12    1.10        0.80

 23GLD D137          336.40             371.00           34.60                   1.33    1.53        0.49
 including @ 1.0 Au  337.30                              16.00                   2.28    3.07        1.04
 including @ 1.0 Au  363.50                              3.00                    1.16    0.21        0.02
 including @ 2.0 Au  338.40                              10.60                   2.83    3.82        1.51

 23GLD D138          312.00             348.00           36.00                   1.76    1.47        0.92
 including @ 1.0 Au  313.00                              34.00                   1.85    1.54        0.98
 including @ 2.0 Au  313.00                              12.10                   2.84    3.08        2.30
 including @ 2.0 Au  330.60                              5.40                    2.28    1.19        0.82

 23GLD D139          367.70             379.00           11.30                   3.25    1.56        1.45
 including @ 1.0 Au  372.00                              4.00                    7.90    2.24        2.27
 including @ 2.0 Au  372.80                              3.20                    9.39    1.94        1.29

 23GLD D140          383.00             391.00           8.00                    0.15    0.06        0.01

 

Notes

(i)            Main intercepts are reported at 0.1 grammes per tonne
gold cut-off

(ii)           Maximum internal waste of 5 metres and minimum intercepts
of 3 metres

(iii)          True thickness of mineralised intercepts is
underdetermined

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
 Reza Vaziri, Chief Executive Officer                            Tel: +994 12 596 3350
 Bill Morgan, Chief Financial Officer                            Tel: +994 502 910 400
 Stephen Westhead, Vice President                                Tel: +994 502 916 894

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

 Ewan Leggat

 Adam Cowl

 Hudson Sandler (Financial PR)                                   Tel: +44 (0) 20 7796 4133

 Charlie Jack

 Harry Griffiths

 

About Anglo Asian Mining

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 2028, 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 2023 to 2028 at Zafar, Gilar, Xarxar and
Garadag.

 

The Company owns approximately 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.

 

https://www.angloasianmining.com/ (https://www.angloasianmining.com/)

 

About Gilar

Gilar is a mineral occurrence located in the Gedabek contract area
approximately seven kilometres from the Company's existing processing
facilities. The area hosts two styles of mineralisation, gold in quartz veins
and hydrothermal gold-copper.

 

On 21 March 2023, the Company published a non-JORC mineral resource estimate
for Gilar which contains over 249,000 ounces of gold, 46,000 tonnes of copper,
and 48,000 tonnes of zinc (see table 2 below).

 

            Tonnes  Gold    Copper  Zinc  Gold     Copper  Zinc

            (Mt)    (g/t)   (%)     (%)   (Oz)     (T)     (T)
 Class 1+2  3.93    1.53    0.93    0.94  192,929  36,687  37,009
 Class 3    1.71    1.02    0.57    0.69  56,155   9,778   11,777
 Total      5.64    1.37    0.82    0.87  249,083  46,466  48,786

Table 2: Interim mineral resource estimate of the Gilar deposit

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)        Class 1, 2 and 3 are equivalent to the JORC classifications of
measured, indicated and inferred respectively.

 

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, 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 mineral resources included in
this announcement.

 

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  DRLNKKBKOBKDQPN