REG - Anglo Asian Mining - Mineral Resource Estimate completed at Gilar

Anglo Asian MiningAnnouncement

19/12/2022 07:00

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RNS Number : 0626K  Anglo Asian Mining PLC  19 December 2022

19 December 2022

 

Anglo Asian Mining PLC

Preliminary Mineral Resource Estimate completed 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 the
completion of a preliminary maiden Mineral Resource Estimate ("MRE") of the
Gilar deposit, which contains over 135,000 ounces of gold, 21,500 tonnes of
copper, and 23,000 tonnes of zinc.

 

The MRE (which is not a JORC resource) was compiled by an independent
consultant and is based on stage one drilling. The resources have been
estimated using the JORC guidelines, but because the estimate is subject to
validation classes 1, 2, and 3 are stated, instead of the usual Measured,
Indicated and Inferred classifications.

 

The site location for the portal has been finalised in order to enable
tunnelling to commence. Preliminary earthworks for portal construction are
underway and the Company looks forward to updating on the commencement of
tunnelling.

 

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

"As an initial resource estimate that is likely to be increased with further
drilling, Gilar has the potential to provide significant gold and copper
mineralisation from underground production. This will prove critical as we
bridge the gap between declining grades at Gedabek and our larger, new
concessions entering production in the medium-term.

 

"Given the considerable depth of the mineralisation, an underground tunnel
will be constructed for further drilling. I look forward to updating on this
in the near future."

 

Preliminary Maiden Mineral Resource Estimate

            Tonnes  Gold    Copper  Zinc  Gold     Copper  Zinc

            (Mt)    (g/t)   (%)     (%)   (Oz)     (T)     (T)
 Class 1+2  2.41    1.22    0.62    0.66  94,500   14,800  15,900
 Class 3    1.49    0.86    0.45    0.52  41,000   6,800   7,700
 Total      3.90    1.08    0.55    0.60  135,500  21,600  23,600

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)      Amounts of contained metal have been rounded to the nearest
hundred of ounces or tonnes

 

 

Figure 1: Grade continuity in drill holes 3D view (Au cutoff=0.1, intercept
average Au>=0.3g/t

 

Modelling of the drill results has demarcated six zones of mineralisation with
the latest drilling defining a deeper zone of continuous mineralisation over
60 metres thick hosting both gold and copper mineralisation, as reported in
the RNS of 8 December 2022.

 

 

Figure 2: 3-D model showing domain zones used for modelling and estimation
(modelled from drill results)

 

 

Figure 3: Mineralisation Block Model based on Au Equivalent (AU = Au g/t +
(Cu% x 1.49) + (Zn x 0.46). Inset border defines area of lower target zone.

 

The lowest zone is open in all directions and currently is estimated to host a
minimum of 0.9 million tonnes of mineralisation at 1.59 grammes per tonne of
gold, 0.88 per cent. copper and 0.85 per cent. zinc, containing 45,900 ounces
of gold, 7,800 tonnes of copper and 7,600 tonnes of zinc. Given the depth of
this mineralisation, an underground tunnel will be constructed to access this
lower zone for further drilling and in due course for production. This is more
efficient and cost-effective than continuing the surface drilling. Surface
definition core drilling will continue to target infill areas between the
currently defined higher level mineral zones.

 

Gilar

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

 

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:

 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

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

 Harry Griffiths

 

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, Azerbaijan International Mining Company, 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 resources and reserves included
in this announcement.

 

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"). 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 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.

 

 

 

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