REG - Anglo Asian Mining - Follow-on investment in Libero Copper & Gold Corp

Anglo Asian MiningAnnouncement

08/08/2022 07:00

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RNS Number : 1667V  Anglo Asian Mining PLC  08 August 2022

Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining

8 August 2022

 

Anglo Asian Mining plc

Follow-on investment in Libero Copper & Gold Corporation

2.9 million new shares acquired as part of Libero's CAN$4.5 million placing

 

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold,
copper and silver producer primarily focused in Azerbaijan, is pleased to
announce it has made a further investment in Libero Copper & Gold
Corporation ("Libero") to acquire 2.9 million new shares at CAN 33 cents per
share for a total consideration of CAN$957,000 (US$748,000). The investment
forms part of Libero's recently launched private placement with gross proceeds
of approximately CAN$4.5 million to be used for exploration at the Big Red
porphyry copper project in British Columbia, Canada.

 

Libero is listed on the TSX Venture Exchange (ticker LBC) and owns, or has the
right 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. Maintaining its 19.9 per cent. interest in Libero
reflects Anglo Asian's strategy to increase its exposure to copper both in
Azerbaijan and internationally, which will be critical to transitioning
towards a mid-tier production profile.

 

All references to "US$" are to United States dollars and all references to
"CAN$" are to Canadian dollars. An exchange rate of US$1 = CAN$1.28 has been
used throughout.

 

Placing Highlights

·    Libero launched a private placement with proceeds to be used for
exploration at the Big Red porphyry copper project in British Columbia, Canada

o  Libero issued a total of 13.7 million new shares at CAN 33 cents per share
by a private placement - gross proceeds of approximately CAN$4.5m (US$3.5m)

·    Anglo Asian acquired 2.9 million of the new shares issued for
CAN$957,00 (US$748,000) to maintain its ownership of Libero at 19.9 per cent.
Following the further investment, Anglo Asian now has the following interest
in Libero

o  15.5 million common shares

o  6.3 million warrants exercisable at CAN 75 cents per share

·    The investment maintains Anglo Asian's substantial holding in Libero,
which has a range of exiciting assets, a highly experienced and competent
management team and strong relationships with local communities across its
geographies

 

Anglo Asian CEO Reza Vaziri, commented:

"Anglo Asian was delighted to further invest to maintain our holding in
Libero, while helping to fund the exploration of the Big Red copper project.
Libero holds an exciting range of copper assets throughout the Americas,
providing us with significant exposure to future copper production. Libero
also diversifies our risk profile as our first investment outside of
Azerbaijan. We maintain full confidence in Libero and its accomplished
management team to drive forward these exciting projects."

 

Libero Copper & Gold corporation

Libero is a holding company incorporated in British Columbia, Canada with its
head office in Vancouver, British Columbia. It has a very experienced and
seasoned management team and its Executive Chairman is Ian Slater, who has
founded numerous companies and been involved in the Mining industry for 25
years. Libero's management team is led by Ian Harris, Chief Executive Officer
and President, who is a mining engineer with over 20 years' experience leading
mining projects worldwide including over 10 years working and living in South
America. Michael Sununu (a director of Anglo Asian) was appointed to the board
of Libero in January 2022. Libero is listed on the Toronto Venture  Exchange
(ticker LBC). For further information, visit: https://www.liberocopper.com
(https://www.liberocopper.com) .

 

Libero holds a collection of porphyry copper deposits throughout the Americas
in prolific but stable jurisdictions. Its four principal exploration
properties are:

 

1 Mocoa (Colombia)

Mocoa is a porphyry copper-molybdenum deposit located in Putumayo, Colombia in
the Jurrasic porphyry belt which extends through Ecuador and Colombia,
including the Mirador mine and Waritza deposit. A pit-constrained NI 43-101
compliant resource at Mocoa contains 636 million tonnes of 0.45 per cent.
copper equivalent at 0.25 per cent. cut-off, containing 4.6 billion pounds of
copper and 511 million pounds of molybdenum. Mocoa is open in both directions,
along strike and at depth.

 

The drill results from its recent campaign have been released, which are
highly encouraging. The first drill hole was completed to a depth of 1,236
metres and complete assay results have been reported. 1,229 metres of 0.58 per
cent. copper equivalent (0.42 per cent. copper and 0.047 per cent. molybdenum)
from 7 metres to 1,236 metres was returned. These assay results confirm the
exceptional grade, thickness, and strength of the mineralisation present in
the area. Nine new porphyry targets indicating significant expansion potential
at Mocoa have been identified. A water baseline study which forms part of an
environmental baseline study has commenced.

 

2 Big Bulk (Canada)

(https://www.liberocopper.com/projects/big-bulk/overview/) Big Bulk is a
porphyry copper-gold target located 50 kilometres southeast of Stewart,
British Columbia, Canada. Big Bulk is fully permitted. In September 2021, the
Company completed a 2,000 metre diamond drill programme at Big Bulk.

 

The results of the drill programme in September 2021 were were announced by
Libero on 4 January 2022. Drill hole one intersected 37.44 metres of 0.42 per
copper equivalent* (0.3 per cent. copper, 0.15 grammes per tonne of gold and
0.59 grammes per tonne of silver) including 9.5 metres of 0.59 copper
equivalent* (0.43 per cent. copper, 0.20 grammes per tonne of gold and 0.79
grammes per tonne of silver). Drill hole 5 intersected 97 metres of 0.34 per
cent. copper equivalent* (0.19 per cent. copper, 0.18 grammes per tonne of
gold and 0.97 grammes per tonne of silver). The drill results indicate the
potential of the property to host a sizeable porphyry deposit. Further details
of the drilling results are available at
https://www.liberocopper.com/_resources/news/nr_20220104.pdf
(https://www.liberocopper.com/_resources/news/nr_20220104.pdf) .

 

* metal prices used to calculate the copper equivalent are Copper - US$3.5/lb,
Gold - US$1,850 per ounce and Silver - US$25 per ounce.

 

3 Big Red (Canada)

Big Red is a new porphyry copper-gold discovery in the Golden Triangle,
British Columbia, Canada - a geological province famous for its prodigious
gold and copper mineralisation. The initial drill programme was completed
during the 2020 field season, resulting in the Terry discovery. Four holes
were drilled at the end of the season and each of the holes was mineralised
from surface to end of hole. In October 2021 the Company completed an initial
5,000 metre diamond drill programme.

 

Processing of the 2021 airborne magnetics and radiometrics survey has now been
carried out, which identified a large four by four by four kilometre
triangular-shaped area with strong potassic alteration immediately southeast
of, and continuous with, the Terry porphyry copper-gold discovery representing
a possible hydrothermal source for the copper-gold mineralisation. A number of
targets for follow-up examination have been identified and a field crew has
been mobilised to commence the summer field program.

 

4 Esperanza (Argentina)

Esperanza is a porphyry copper-gold and epithermal gold project located in the
prolific precious and base metal endowed Huachi mining district, San Juan
province, Argentina. Permits to start exploration at Esperanza are in the
process of being acquired.

 

**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

 Harry Griffiths   Hudson Sandler                  Tel: +44(0) 20 7796 4133

 

Notes to editors:

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 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.

 

On 5 July 2022, the Government of Azerbaijan ratified amendments to its
Production Sharing Agreement, granting Anglo Asian three additional
concessions totalling a combined area of 882 square kilometres. This includes
the Garadagh porphyry copper deposit, with a Soviet classified resource of
over 300,000 tonnes of copper. The acquisition of these concessions is
transformational to Anglo Asian's asset portfolio and underpins the strategic
target of transitioning into a mid-tier copper focused miner.

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

 

 

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