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

Anglo Asian MiningAnnouncement

23/10/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231023:nRSW8823Qa&default-theme=true

RNS Number : 8823Q  Anglo Asian Mining PLC  23 October 2023

23 October 2023

 

Anglo Asian Mining PLC

Drill results increase mineralisation at Gilar

Gilar mine expected to commence production in H1 2024

 

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 21
metres of continuous gold and copper mineralisation.

 

The drilling has extended the Gilar deeper zone of continuous mineralisation
hosting significant gold, copper and zinc with an intercept thickness of over
20 metres. Two step-out drill holes also confirm the potential of the
extension of the mineralisation. Given the depth of the mineralisation, the
Company will continue further drilling from underground.

 

The Company is tunnelling for the main decline to access the mineralisation
and a ventilation tunnel which is also being constructed. An area for a rock
storage dump has now been identified, and the layout for the haul road from
the mine to the processing plant has been designed. Construction of a
temporary heavy earthworks' equipment workshop is due to commence at the
portal area. The portal pushback area has been fully supported with
geotechnical wire mesh and shotcrete. A boundary fence, lighting and auxiliary
equipment including compressor and generator have also been installed.

 

Anglo Asian is also preparing a Joint Ore Reserves Committee ("JORC") Mineral
Resource Estimate ("MRE") for the Gilar deposit. A site visit by the Company's
independent geological consultants, Mining Plus UK, was completed in September
as part of the required due diligence process. The maiden JORC MRE for the
Gilar deposit is planned to be released in November. The Gilar mine is
expected to commence production in H1 2024.

 

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

"The drilling results have further confirmed the extension potential of the
deeper mineralisation, which will form an important component of the upcoming
JORC report and prove once again the significance of the Gilar deposit. We
look forward to continuing to develop the Gilar deposit, culminating in first
production in H1 2024. The Gilar mine will be an important contributor to the
future production of the Company given the high grades of both gold and
copper."

 

Figure 1: 3-D section showing latest drill holes

Figure 2: Map showing location of drill holes

 

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

 

Details about the drilling at Gilar

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

                       Intercepts                                      Weighted average grades

 Borehole              Depth         Depth         Downhole            Gold                Copper              Zinc
 i.d.                  From          to            length
 (@ x g/t Au cut-off)  Metres        Metres        Metres              g/t                 Per cent.           Per cent.
 23GLDD141                 324.00        345.55          21.55                  0.52                0.08                0.01
 including @ 0.5 Au        325.10                           6.90                0.81                0.13                0.01
 including @ 1.0 Au        342.00                           3.10                1.12                0.06                0.01

 23GLDD142              No intersection
 23GLDD143              No intersection
 23GLDD144                 357.00        377.00          20.00                  1.31                0.51                0.50
 including @ 1.0 Au        362.00                        14.00                  1.75                0.63                0.69
 including @ 2.0 Au        360.00                           3.00                4.59                2.03                0.24
 23GLDD145                 305.00        308.70             3.70                1.31                0.03                0.01
 23GLDD145                 359.00        379.00          20.00                  0.57                0.10                0.01
 including @ 2.0 Au        374.50                           3.50                2.13                0.36                0.01
 23GLDD146                 317.00        329.00          12.00                  0.77                0.46                0.23
 including @ 1.5 Au        320.00                           3.40                2.00                1.12                0.78
 23GLDD146                 343.30        350.00             6.70                0.22                0.15                0.03
 including @ 0.3 Au        347.00                           3.00                0.35                0.21                0.06
 23GLDD146                 358.70        368.00             9.30                0.35                0.11                1.58
 including @ 0.3 Au        360.30                           7.70                0.38                0.13                1.84
 including @ 0.4 Au        363.80                           4.20                0.42                0.17                2.64
 23GLDD146                 388.00        391.90             3.90                0.24                0.21                0.01

 

Notes:

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

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

(3)      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 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/ (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
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  DRLFLFVRIILFFIV