REG - Anglo Asian Mining - Gilar drill results extend mineralisation

Anglo Asian MiningAnnouncement

24/01/2023 07:00

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RNS Number : 6088N  Anglo Asian Mining PLC  24 January 2023

24 January 2023

 

Anglo Asian Mining PLC

Gilar drill results extend mineralisation

 

Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold,
copper and silver producer focused in Azerbaijan, is pleased to announce
further drill results at the Gilar deposit. These confirm an extension to the
mineralisation reported by previous drilling with intercepts of up to 68
metres of continuous gold and copper mineralisation:

 

Borehole 22GLDD127: 68.35m @ 2.40g/t gold, 2.89% copper and 1.58% zinc from
320.00m, including:

·    55.4m @ 2.7g/t Au, 3.5% Cu and 1.4% zinc at 1.5g/t gold cut-off from
331.00m, including at a 2.0 g/t Au cut-off

o  33.3m @ 3.0g/t Au, 5.4% Cu and 2.0% zinc from 333.00m

o  14.4m @ 2.8 g/t Au, 0.4% Cu and 0.2% zinc from 372.00m

 

The results are from the extension drilling of six vertical core drill holes
at the south-west of the Gilar site. The overall drilling has demarcated six
zones of mineralisation referenced in the RNS of 19 December 2022. Recent
drilling has extended and confirmed the deeper zone of continuous
mineralisation hosting significant gold, copper and zinc with intercept
thickness of over 65 metres. One drill hole (22GLDD122 - figure 2 below) in
the centre of Gilar also intersected significant mineralisation. Two further
inclined drill holes in the south-west of Gilar are now complete and subject
to verification and analysis.

 

These results give additional confidence to the decision to start the
construction of a tunnel at Gilar for underground access suitable for
exploration and production. The new drill results are likely to increase the
recently reported preliminary resource estimates. Selected drill hole assay
results are detailed below in Table 1.

 

Stephen Westhead, Vice-President of Anglo Asian, commented: "Gilar continues
to deliver exceptionally good grades of gold and copper over significant
thicknesses of mineralisation. This will clearly increase the mineral
resources of the deposit. The discovery of free gold at Gilar will mean
adjusting our approach to processing the deposit, with preliminary
metallurgical testwork planned to optimise the recovery of metals. The team
are very excited to progress this project at pace and begin production."

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

 

                                  Figure 2:
Map showing location of the latest drill holes.

 

Details about the drilling at Gilar

The Company is currently updating its databases to incorporate the increasing
amount of information collected about each deposit. The Gilar database is
being updated to capture this valuable information that will be used for QA/QC
control, engineering and planning. Drilling will continue to test the
extensions of mineralisation to the south-west as well as infill drilling in
the central area.

 

Table 1: Selected results from new drill assay results from 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.
 22GLD D122           169.50             213.90           44.40                   0.69    0.39        0.34
 Including @ 0.50 Au  169.50                              32.10                   0.84    0.52        0.46
 Including @ 1.25 Au  184.00                              5.00                    1.40    1.11        0.85
 Including @ 1.25 Au  197.30                              3.10                    2.18    0.82        2.60

 22GLD D123           295.40             308.00           12.60                   0.34    0.15        0.01
 Including @ 0.40 Au  299.20                              4.00                    0.77    0.38        0.02

 22GLD D124           337.20             390.90           53.70                   1.92    2.91        1.14
 Including @ 1.0 Au   339.70                              49.30                   2.05    3.12        1.21
 Including @ 1.5 Au   339.70                              17.80                   2.72    7.25        2.74
 Including @ 1.5 Au   364.50                              5.00                    1.64    0.74        0.28
 Including @ 1.5 Au   378.50                              10.50                   2.49    0.80        0.59

 22GLD D125           344.20             406.50           62.30                   2.24    2.77        1.86
 Including @ 1.0 Au   344.20                              5.80                    1.32    1.35        0.68
 Including @ 1.0 Au   357.30                              42.40                   2.94    3.83        2.60
 Including @ 1.5 Au   356.00                              22.00                   1.86    2.83        3.32
 Including @ 1.5 Au   386.00                              13.70                   5.54    2.37        0.97

 22GLD D126           339.20             377.35           38.15                   0.75    0.30        0.19
 Including @ 0.40 Au  340.10                              7.90                    1.02    0.10        0.02
 Including @ 0.40 Au  354.00                              12.60                   1.33    0.69        0.54
 Including @ 1.25 Au  360.75                              5.85                    2.01    1.30        0.26

 22GLD D127           320.00             388.35           68.35                   2.40    2.89        1.58
 Including @ 1.5 Au   331.00                              55.40                   2.72    3.47        1.41
 Including @ 2.0 Au   333.00                              33.30                   3.01    5.42        2.02
 Including @ 2.0 Au   372.00                              14.40                   2.79    0.37        0.22

 

 

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

 

 

Free gold in the Gilar deposit

A mineralogical analysis facility has been established at Gedabek with the
capability of preparing polished and thin sections of ore samples to enable
the characterisation and quantification of the minerals contained in the
samples by optical microscopy.  In a recent study, free gold in quartz has
been identified in samples of Gilar ore (Figure 3). This type of ore
characterisation work allows the determination of mineral interrelations and
liberation sizes, which are valuable data for both comminution and mineral
separation process optimisation purposes.

Detailed mineralogical examination of field samples, combined with XRD (X-ray
diffraction) analysis, also enables the Company's exploration geologists to
interpret mineral sequences that can be used for vectoring towards target
mineralisation.

Figure 3: Gilar free gold in quartz in photo-micrograph.

 

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
in south-west Asia with a broad portfolio of production and exploration
assets in Azerbaijan. The Company produced 57,618 gold equivalent ounces
("GEOs") for the year ended 31 December 2022.

 

In December 2021, the Company undertook a private placement which acquired
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. Two further follow-on investments have been made
in Libero to maintain the Company's shareholding at 19.8 per cent.

 

On 5 July 2022, the Parliament of Azerbaijan ratified amendments to the
Company's Production Sharing Agreement, which granted it legal title to 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. 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. A total of 127 surface core drill holes have
been completed for 36,168 metres over the Gilar deposit.

 

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.

 

 

 

 

 

 

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