TIDMAAZ
RNS Number : 0375N
Anglo Asian Mining PLC
18 January 2023
18 January 2023
Anglo Asian Mining PLC
Completion of the Gilar Portal and commencement of
tunnelling
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 that the portal to the Gilar
mine has been completed and underground tunnelling is now underway
to access the mineral deposit.
As announced on 19 December 2022, the Company has published a
preliminary maiden, non-JORC mineral resource estimate for Gilar,
which contains over 135,000 ounces of gold, 21,500 tonnes of
copper, and 23,000 tonnes of zinc.
The underground tunnel will access the lower zone of
mineralisation and will enable further exploration drilling from
depth, followed in due course by production via the tunnel. Surface
core drilling is continuing and, visually, the mineralised
intercepts appear to be significant, with the assay results still
awaited.
Geotechnical drilling alongside the decline ramp has been
completed to determine the rock type and geological structure which
is required for tunnel design. A ventilation ramp will be
constructed to the lower decline, which will also allow access to
the upper levels of mineralisation.
Stephen Westhead, Vice-President of Anglo Asian, commented: "The
Gilar project is an exciting addition to the Company's portfolio
and the commencement of the tunnelling puts the mine into
development. We are delighted with the progress being achieved at
Gilar, and surface drilling has so far yielded visually significant
intercepts. The Company looks forward to reporting the results of
the assaying and analysis in due course."
Construction of the Gilar portal
Commencement of tunnelling at Gilar
Planned view of the Gilar decline and mineralisation projected
to the surface
Underground tunnelling at Gilar
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/
About 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.
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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