TIDMAAZ
RNS Number : 5831T
Anglo Asian Mining PLC
21 March 2023
21 March 2023
Anglo Asian Mining PLC
Increased Mineral Resource Estimate 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 a significant increase in the Mineral Resource
Estimate ("MRE") for the Gilar deposit.
The MRE of the Gilar deposit (non-JORC) now contains over
249,000 ounces of gold, 46,000 tonnes of copper, and 48,000 tonnes
of zinc. Further encouraging drill results have increased the size
of the deposit and provide additional confidence regarding the
mineralisation. The latest drill results further validate the
decision to start the construction of an underground tunnel at
Gilar for exploration and production. The new MRE is shown in Table
1. Further information on the drill results is given below.
Stephen Westhead, Vice-President of Anglo Asian, commented:
"Gilar is a significant gold and copper project. Its lower zone
has the potential to supply high-grade ore at a throughput of about
700,000 tonnes per annum for over 3 years to the agitation leach
plant. This will enable the evaluation of the remaining resources
and expansion of the mineral resource estimate. The Company is very
excited that Gilar can extend production at the current Gedabek
processing facilities until Xarxar and Garadag are brought into
production."
Tonnes Gold Copper Zinc Gold Copper Zinc
(Mt) (g/t) (%) (%) (Oz) (T) (T)
Class
1+2 3.93 1.53 0.93 0.94 192,929 36,687 37,009
------- ------- ------- ----- -------- ------- -------
Class
3 1.71 1.02 0.57 0.69 56,155 9,778 11,777
------- ------- ------- ----- -------- ------- -------
Total 5.64 1.37 0.82 0.87 249,083 46,466 48,786
------- ------- ------- ----- -------- ------- -------
Table 1: Interim Mineral Resource Estimate
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)
The increase in resources is due to an additional 13 drill holes
being drilled since the last estimate that included drilling up to
and including 22GLDD118. For information relating to the previous
MRE, refer to RNS of 19 December 2022 and for previous drill
results up to and including drillhole 22GLDD127, refer to RNS of 24
January 2023. A section and plan showing the latest drill hole
locations are shown in Figures 1 and 2.
Figure 1: 3-D section showing latest drill holes.
Figure 2: Map showing location of drill holes.
The lower zone (Figure 3) is open in the south-west direction
and is currently estimated to host a minimum of 2.1 million tonnes
of mineralisation at 1.92 grammes per tonne of gold, 1.29 per cent.
copper and 1.23 per cent. zinc, containing 128,615 ounces of gold,
27,003 tonnes of copper and 25,623 tonnes of zinc (see Figure 3).
Underground tunnelling has commenced to access this lower zone for
further drilling and in due course for production. Surface
definition core drilling will continue to target infill areas
between the currently defined higher level mineral zones.
Figure 3: Mineralisation Block Model showing Inset border that
defines area of lower target zone (based on Au Equivalent (AU = Au
g/t + (Cu% x 1.49) + (Zn x 0.46))
In addition to the new drill results, data relating to the
specific gravity of the mineralisation zones have been validated
and analysed, resulting in a higher specific gravity. In this
latest Mineral Resource Estimation, the specific gravity of blocks
is estimated based on these data, which also had the effect to
increase the overall tonnage. Selected results from new drill assay
data from the Gilar deposit are shown in Table 2.
Borehole Intercepts Weighted average grades
i.d.
Depth Depth Downhole Gold Copper Zinc
from to length g/t Per cent. Per cent.
Metres Metres Metres
-------- -------- --------- ----- ----------- -----------
23GLDD128 330.00 389.00 59.00 2.52 1.47 0.93
-------- -------- --------- ----- ----------- -----------
including @ 1.0
Au 335.00 49.00 2.95 1.70 1.09
-------- -------- --------- ----- ----------- -----------
including @ 2.0
Au 360.80 22.10 4.85 2.24 1.11
-------- -------- --------- ----- ----------- -----------
23GLDD129 315.00 325.10 10.10 0.90 0.62 0.14
-------- -------- --------- ----- ----------- -----------
including @ 1.0
Au 318.70 5.10 1.59 0.83 0.13
-------- -------- --------- ----- ----------- -----------
23GLDD130 369.20 374.00 4.80 1.77 0.28 0.02
-------- -------- --------- ----- ----------- -----------
including @ 1.0
Au 369.20 2.80 2.92 0.45 0.02
-------- -------- --------- ----- ----------- -----------
23GLDD131 317.00 378.65 61.65 2.17 2.51 2.83
-------- -------- --------- ----- ----------- -----------
including @ 1.0
Au 330.30 42.20 2.95 3.62 4.07
-------- -------- --------- ----- ----------- -----------
including @ 2.0
Au 341.00 30.70 3.51 4.43 4.60
-------- -------- --------- ----- ----------- -----------
Table 2: Selected new drill assay results from the Gilar
deposit
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
Gilar deposit and drilling data management
Gilar is a mineral occurrence 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. A total of 131 surface
core drill holes have been completed for 41,661 metres over the
Gilar deposit.
The Company is currently updating its databases to incorporate
the increasing amount of information collected about each deposit.
The Gilar database is being updated to capture this valuable
information that will be used for QA/QC control, engineering and
planning. Drilling will continue to test the extensions of
mineralisation to the south-west as well as infill drilling in the
central area.
The MRE was compiled by an independent consultant and it was
based on all core drill results. 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. This means the
MRE figures are not based on a Standard, such as JORC. The Company
intends to carry out JORC reporting on completion of the ongoing
drilling and exploration programme.
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 Adviser Tel: +44 (0) 20 3470
and Broker) 0470
Ewan Leggat
Adam Cowl
Hudson Sandler (Financial PR) Tel: +44 0) 20 7796
Charlie Jack 4133
Harry Griffith
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.
For the avoidance of doubt, Mineral Resources figures in this
notification are not based on a Standard for the reporting of
reserves and resources, such as JORC, as defined in the AIM Rules
for Companies.
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/
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