TIDMAAZ
RNS Number : 7222S
Anglo Asian Mining PLC
13 March 2023
13 March 2023
Anglo Asian Mining plc
Significant copper mineralisation identified at Xarxar
Development of Geological Block Model and Open Pit Mining Study
are underway
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 it has identified significant
copper mineralisation at Xarxar. An initial exploration model of
the mineralisation has been prepared. A geological block model and
open pit mining study are currently being developed and will be
published in the coming weeks.
Anglo Asian has identified significant mineralisation at the
Xarxar mineral deposit by an in-depth review and verification of
data acquired from AzerGold CJSC and in-house geological field
work. This gives the Company confidence that the Xarxar deposit
contains significant copper mineralisation.
AzerGold CJSC drilled 15 core drill holes at Xarxar with a total
length of 4,923 metres. Three of the drill holes (totalling 1,140
metres) had been sampled and assayed by AzerGold CJSC. Geological
core logging, sampling and assaying of the remaining drill core has
been conducted by Anglo Asian. The Company has also reviewed other
information acquired from AzerGold CJSC which included geochemical
and geophysical data together with maps and interpretative
reports.
The Company commenced a core drilling programme at Xarxar
immediately following its acquisition. It has also constructed a
portal and is developing an exploration tunnel towards the ore
body.
Anglo Asian Vice-President, Stephen Westhead commented: "We are
very excited about the acquisition of Xarxar and the potential
copper that it can bring to the Anglo Asian production pipeline.
Surface drilling and underground exploration tunnelling is ongoing,
and the Company looks forward to reporting the results soon.
Metallurgical testwork is under way to assess the processing
options. The Xarxar Contract Area has very good exploration
potential with both known mineral occurrences and targets
identified by the previously conducted ZTEM survey."
About the Xarxar Contract Area
The Xarxar contract area borders the Gedabek contract area to
the north, east and west and the two contract areas are contiguous.
Xarxar hosts the Xarxar deposit and multiple other mineral
occurrences. A map of the Xarxar and Gedabek contract areas is
shown in figure 1.
Figure 1: Gedabek and Xarxar Contract Area boundaries showing
the position of ongoing projects.
An initial exploration model of the mineralisation has been
prepared which will be dynamically updated. A section through the
exploration model showing the geometry of the Xarxar deposit is
exhibited in figure 2.
Figure 2: Section through the 3D exploration model of the Xarxar
deposit
The mineralisation including the recent drilling is hosted
within a zone that is over 500 metres in the broadly east-west
direction by about 290 metres in the north-south direction.
Mineralisation is exposed at surface in some areas, but the upper
contact ranges from 25 metres to 115 metres from the surface and
continues to a depth of over 500 metres. The model is based on a
cut-off of 0.2 per cent. copper.
The structural positioning of the mineral-forming process was
largely controlled by a north-east striking fault system, where a
300 x 300 metre quartz-diorite-porphyry stock is in direct contact
with the metasomatite host rock.
The mineralisation is copper-dominant and comprises mainly
oxides and secondary sulphides, with minerals such as malachite,
azurite, pyrite, chalcocite and bornite, together with some primary
chalcopyrite as common minerals in the deposit, and minor barite
and magnetite minerals are also recorded. The main copper
mineralisation lenses are located in the central part of the Xarxar
deposit, with approximate east-west orientations. The depth of
oxide, transition and sulphide zones is being studied.
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
Tel: +994 12 596
Reza Vaziri, Chief Executive Officer 3350
Tel: +994 502 910
Bill Morgan, Chief Financial Officer 400
Tel: +994 502 916
Stephen Westhead, Vice President 894
SP Angel Corporate Finance LLP (Nominated Tel: +44 (0) 20
Adviser and Broker) 3470 0470
Ewan Leggat
Adam Cowl
Hudson Sandler (Financial PR) Tel: +44 0) 20 7796
Charlie Jack 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,
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.
Notice to editors
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/
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