TIDMAAZ
RNS Number : 9890E
Anglo Asian Mining PLC
02 November 2022
2 November 2022
Anglo Asian Mining plc
Development of Future Mines & Geological Exploration
Progressing at Pace
Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer focused in Azerbaijan, is
pleased to provide an update on its development of new mines and
associated geological progress.
Highlights
Zafar - mine design well advanced and geotechnical assessment
underway
o Site of mine portal determined, situated close
to existing processing facilities
o 13 geotechnical diamond drill holes for a total
length of 1,664 metres completed over the planned
ramp, providing information for tunnelling, which
is scheduled to commence in December 2022
o Mining fleet identified and vendor financing under
negotiation
o Mining method provisionally determined as sub-level
caving
Gilar - underground exploration to commence
o Thirty surface diamond drill holes for a total
of 9,581.3 metres have been completed over the
Gilar district during YTD 2022
o Analysis of samples is being fast-tracked through
the AIMC laboratory with results expected shortly
o Surface magnetic, induced polarisation (IP) geophysics
is underway and additional drilling will be conducted
in Q4 2022
o Mineralisation modelling for a maiden Mineral Resource
Estimate is well advanced and expected to be published
by end Q4 2022
o The development of an exploration tunnel to access
the mineralisation, which can also be used for
production, is planned to commence in November
2022
Vejnaly - excellent gold and copper grades returned
o Geological exploration well underway with small-scale
mining commencing in Q4 2022
o Underground vein sampling collected 230 samples
with a total length of 117 metres, including six
channel samples with assays ranging from 51 to
104 g/t of gold
o New gold mineralisation zone discovered in the
north-west of the mine area
All these deposits provide future resources to extend mid-term
production. Additionally, a significant pipeline of exploration
targets contribute to the Company's valuable project portfolio.
Anglo Asian Vice-President, Stephen Westhead commented:
"The development of new mines and exploration has been
progressing well at a number of sites. These new mines are planned
to provide future sustainable gold and copper production until the
major ramp up of copper production at Garadagh.
At Zafar, drilling and geotechnical assessment is now complete
for the portal area and ramp layout to access the orebody.
Metallurgical testwork on the Zafar ores is also well advanced.
Mine design is nearing completion.
Drilling at the Gilar deposit has identified three main zones of
copper mineralisation. Independent geological modelling of these
zones and mineral resource estimation is planned for Q4 2022. Given
the depth of drilling (approximately 450 metres), a plan for
underground access suitable for both exploration and production has
been developed. A large-scale ground-based magnetic and induced
polarisation (IP) geophysics programme is underway over the deposit
area to test for extensions of the open mineralisation.
The Vejnaly project is progressing at pace with the mining and
geology teams evaluating the deposit from underground. Initial
channel sampling has yielded significant grades of gold in the
walls of the tunnels and stopes.
The data for XarXar and Garadagh have been received from
Azergold, following the acquisition of these new contract areas.
Data validation in relation to both deposits is ongoing. I look
forward to reporting on these new contract areas later in the
year.
All these deposits provide future resources to extend mid-term
production. Garadagh hosting a Soviet classified resource of over
300,000 tonnes of in-situ copper provides the longer-term major
copper potential. Additionally, a significant pipeline of
exploration targets contribute to the Company's outstanding project
portfolio."
Development Projects Overview
The Company is making excellent progress on the development of
its future new mines. Zafar, Gilar and Vejnaly, are planned to
provide copper and gold production in the medium term for at least
the next four to five years, until forecast production of copper
from Garadagh commences.
Zafar
The development of the Zafar deposit hosting JORC Mineral
Resources of 28,000 tonnes of copper, 73,0000 ounces of gold and
36,000 tonnes of zinc (see RNS 21 March 2022) is progressing
well.
Geotechnical evaluation for mine construction planning is well
advanced. 13 geotechnical diamond drill holes for a total length of
1,664 metres have been drilled and are being laboratory tested. The
tests relate to rock strength and include uniaxial compressive
tests and point-load tests for the purpose of providing
geotechnical data for the design of the mine portal and decline. A
site for the portal has been identified close to the Company's
existing processing facilities at Gedabek and about 1,000 metres
from the mineralisation, which will be accessed via a decline
ramp.
Mine design is progressing well. A preliminary mining method
study has indicated semi-bulk extraction by sub-level caving is
likely to be the optimum mining method. Stope design has commenced.
The proposed stope design and the geotechnical data will be used by
the Company's external mining consultants to design the underground
tunnels and infrastructure.
Underground equipment has been selected, with the major drilling
equipment being supplied by Epiroc and the mining and loading
equipment by Caterpillar. Auxiliary equipment is being sourced from
a range of local and international suppliers. Negotiations are well
underway with Caterpillar to provide vendor finance.
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. Three coherent
mineralisation zones have been discovered at the occurrence at a
depth of about 300 metres.
Thirty surface diamond drill holes for a total of 9,581.3 metres
have been completed over the Gilar district during YTD 2022.
Analysis of samples is being fast-tracked through the AIMC
laboratory with results expected shortly. Surface magnetic, induced
polarisation (IP) geophysics is underway and additional drilling
will be conducted in Q4 2022
All exploration data have been modelled in three dimensions
using Leapfrog software. A maiden Mineral Resource Estimate is well
advanced and expected to be published by end Q4 2022
An exploration tunnel into the deposit will be developed,
starting in Q4 2022. The tunnel will also be used for future
production and a site for the portal has already been
identified.
Vejnaly
Work is now proceeding rapidly at Vejnaly following the
establishment of a camp and facilities at the site earlier this
year. An underground mining team is resident at the Vejnaly mine
and is currently installing ladderways into existing stopes. This
is to provide access to the stopes so the extent of mineralisation
can be fully determined.
In YTD 2022, a total of 850 metres of underground geological
mapping was carried out. 230 underground vein samples, 17 outcrop
samples and 8 trench samples were collected at Vejnaly. Very high
gold grades in vein intersection samples were encountered. Those
samples returning gold grades of 50 grammes per tonne or greater
are set out below:
Sample Sample Weighted average grades
----------------------------
I.D. Length
------- ------- --------- --------
Gold Silver Copper
Metres g/t g/t %
------- ------- --------- --------
BM1-43 0.35 51 46 0.6
------- ------- --------- --------
BM4-1 0.45 81 25 0.6
------- ------- --------- --------
BM-2 0.11 71 109 0.6
------- ------- --------- --------
BM2RO5-01 0.22 75 307 0.1
------- ------- --------- --------
BM2RO6-01 0.22 104 264 0.2
------- ------- --------- --------
BM2R08-02 0.25 61 85 0.4
------- ------- --------- --------
Small-scale mining from the Vejnaly underground mine will
commence in Q4 2022.
A new gold-bearing zone hosted by hematite-quartz-kaolin
mineralisation has been discovered in the north-west of the Vejnaly
mine area by surface mapping. The host rock mostly exhibits
silicification and kaolinization alteration which changes to
quartz-haematite alteration in limestone. This area will be subject
to further exploration.
Gedabek and Gosha
Geological exploration in the Gedabak area has been focused
mainly on the Gilar and Zafar projects. While, at Gosha, tunnelling
toward the Hasan Zone and Zone 5 is ongoing and stope access is
providing areas for sampling.
Garadagh and Xarxar
The Company is well underway in evaluating the data received
from Azergold on its new XarXar and Garadagh concessions, which the
Company believes hold massive potential and which underpin its
ability to transform to mid-tier production status. As previously
stated, the Company will update the market on these new licenses
along with an overview of its growth strategy later in 2022.
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:
Tel: +994 12 596
Reza Vaziri Anglo Asian Mining plc 3350
Tel: +994 502 910
Bill Morgan Anglo Asian Mining plc 400
--------------------------- ---------------------
Tel: +994 502 916
Stephen Westhead Anglo Asian Mining plc 894
--------------------------- ---------------------
Ewan Leggat SP Angel Corporate Finance Tel: +44 (0) 20 3470
Adam Cowl LLP 0470
Nominated Adviser and
Broker
--------------------------- ---------------------
Charlie Jack Hudson Sandler Tel: +44(0) 20 7796
Harry Griffiths 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 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 the Company's Production Sharing Agreement which granted it
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.
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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END
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