REG - Anglo Asian Mining - Significant mineralisation in Gilar drill results

Anglo Asian MiningAnnouncement

08/12/2022 07:01

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RNS Number : 9358I  Anglo Asian Mining PLC  08 December 2022

8 December 2022

 

Anglo Asian Mining PLC

Significant mineralisation in Gilar drill results

Results advance development schedule for the Gilar Mine

 

Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold,
copper and silver producer focused in Azerbaijan, is pleased to announce
drill results at the Gilar deposit confirming over 60 metres of thick and
continuous gold and copper mineralisation.

 

The results derive from the final stage of the first phase of vertical core
drilling at Gilar. The drilling has demarcated six zones of mineralisation
with the latest drilling defining a deeper zone of continuous mineralisation
hosting significant gold, copper and zinc values.

 

Given the continuity and grade of the latest drillhole mineral intercepts, as
well as the depth of the mineral zone, a project for underground access with a
tunnel suitable for production as well as additional exploration, is being
planned.

 

Borehole 22GLDD118: 67.0m @ 2.02g/t gold, 1.58% copper and 1.58% zinc from
327m, including:

·    51.0m @ 2.54g/t Au, 2.00% Cu and 2.1% zinc at 1.0g/t gold cut-off
from 335m, including at a 2.0 g/t Au cut-off

o 17.8m @ 4.31 g/t Au, 3.14% Cu and 2.25% zinc from 335.70m

o 10.5m @ 2.21 g/t Au, 0.41% Cu and 0.13% zinc from 375.5m

 

Figure 1: Cross section showing latest drill hole.

Figure 2: Map showing location of drill holes.

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

"The extensive mineral zone thickness, continuity and grade of the recent
drill intersections mean that Gilar can now be considered of high potential to
provide significant gold and copper production. We are currently in the
process of planning our approach to gaining underground access for exploration
and drilling, and I look forward to updating you on our progress in the coming
weeks."

Details about the drilling at Gilar

As detailed in the Company's RNS on 2 November 2022, the initial database and
geological modelling are complete for estimation of an interim maiden Mineral
Resource Estimate. The estimate is nearing completion and is expected to be
published in the coming weeks. This will allow for the planning of the next
stage of work, which will include inclined drilling to test certain areas for
mineral extension and structural geology interpretation.

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

 

                       Intersection              Weighted average grades

 Borehole

 i.d.
                       Depth   Depth   Downhole  Gold      Copper     Zinc

                       from    to      length
                       Metres  Metres  Metres    g/t       Per cent.  Per cent.
 22GLDD95              286.00  329.20  43.20     1.46      1.28       1.09
 including at 2.0 g/t  300.00          27.55     2.13      1.85       1.69

 22GLDD97              225.00  226.10  38.00     0.86      0.36       1.00
 including at 1.0 g/t  227.00          6.50      1.42      1.07       0.28
 including at 1.0 g/t  239.00          3.70      1.43      0.84       4.94
 including at 1.0 g/t  252.00          3.00      4.29      0.08       0.02

 22GLDD103             187.45  217.20  29.75     1.55      1.34       0.53
 including at 1.0 g/t  198.40          13.90     3.04      2.70       1.11
 including at 2.0 g/t  198.40          7.05      4.35      4.08       1.67

 22GLDD112             333.10  410.80  77.70     1.76      0.97       0.62
 including at 1.0 g/t  342.45          50.35     2.54      1.38       0.80
 including at 2.0 g/t  345.50          3.40      2.59      4.62       5.41
 including at 2.0 g/t  357.00          35.80     2.87      0.62       0.15

 22GLDD116             329.00  340.00  11.00     1.81      0.06       0.01
 including at 0.5 g/t  331.00          3.70      4.90      0.02       0.01

 22GLDD116             347.00  414.00  67.00     1.95      0.99       0.84
 including at 1.0 g/t  346.00          57.50     2.24      1.15       0.98
 including at 2.0 g/t  349.00          11.50     2.14      3.86       3.77
 including at 2.0 g/t  371.00          11.00     2.69      0.39       0.14
 including at 2.0 g/t  392.00          13.50     3.13      0.05       0.08

 22GLDD118             327.00  394.00  67.00     2.02      1.58       1.60
 including at 1.0 g/t  335.00          51.00     2.54      2.00       2.08
 including at 2.0 g/t  335.70          17.80     4.31      3.14       2.25
 including at 2.0 g/t  375.50          10.50     2.21      0.41       0.13

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

Field acquisition of data from a ground magnetics geophysics programme is
complete and is currently being interpreted. Additional induced polarisation
(IP) geophysics is underway over the deposit itself and adjacent areas to test
for extensions of the open mineralisation.

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 118 surface core drill holes have
been completed for 32,823 metres over the Gilar deposit.

 

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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