TIDMAAZ
RNS Number : 3341F
Anglo Asian Mining PLC
21 March 2022
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
21 March 2022
Anglo Asian Mining plc
Zafar JORC Mineral Resource completed - 6.8 million tonnes of
mineralisation with average copper grade of 0.50 per cent.
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the
AIM-listed gold, copper and silver producer focused on Azerbaijan,
is pleased to provide a JORC Mineral Resource for its Zafar
polymetallic deposit (the "Zafar deposit"). The Zafar deposit is
situated in the central region of the Company's Gedabek contract
area in western Azerbaijan and is approximately 1.5 kilometres from
the existing Gedabek processing facilities.
Zafar deposit highlights
-- 6.8 million tonnes of mineralisation with average grades of
0.5 per cent. copper, 0.6 per cent. zinc and 0.4 grammes of gold
per tonne
-- In-situ Mineral Resource of 28,000 tonnes of copper, 73,000
ounces of gold and 36,000 tonnes of zinc
-- Angled drill holes completed since the maiden Mineral
Resource was published on 16 August 2021 identified voids which has
resulted in a smaller resource
-- Upper part of the resource is now defined as more massive and
continuous which will result in more efficient mining
-- Over 302 metres of continuous mineralisation in the thickest intersection
-- Total drilling to date is 40,538 metres
Mineral Resource estimate for the Zafar deposit at 30 November
2021
Reporting cut-off: >= 0.3 per cent. copper equivalent
Tonnage In-situ grades Contained metal
million
tonnes
Copper Gold Zinc Copper Gold Zinc
% g/t % kt kozs kt
======================== ========= ========= ======= ======= ========= ======= =======
Measured and indicated 5.5 0.5 0.4 0.6 25 64 32
--------- --------- ------- ------- --------- ------- -------
Inferred 1.3 0.2 0.2 0.3 3 9 3
--------- --------- ------- ------- --------- ------- -------
Total 6.8 0.5 0.4 0.6 28 73 36
======================== ========= ========= ======= ======= ========= ======= =======
Note that all tonnages reported are dry metric tonnes. Totals
may not add due to rounding.
Anglo Asian CEO Reza Vaziri commented :
"Anglo Asian is pleased to report this JORC Mineral Resource for
Zafar. While this final resource estimate is not as large as
initially evaluated in our maiden JORC mineral resource, it is a
considerable asset that adds significant value to our growing
portfolio of resources. The upper part of the deposit is now
defined as more continuous, which can be mined more efficiently and
economically. Preparations at the site continue at pace, and we are
on track to begin production in 2023. We look forward to updating
the market on its progress."
Anglo Asian Vice-President, Stephen Westhead commented:
"This Mineral Resource estimate is now very robust under the
criteria of the JORC reporting Code. The deposit can be broadly
divided into an upper and lower section. The upper portion contains
the main mineralisation zone where continuity of mineralisation
provides for a high confidence of estimation. The lower portion
exhibits less continuity with mineralisation being less massive and
more irregularly distributed. The lower portion will be subject to
further evaluation drilling in the future from underground.
"We are now proceeding with Ore Reserves estimation and mine
planning. The location of the underground portal has been defined.
Following further geotechnical drilling, access tunnelling and
development work will commence this year."
Mineral Resource estimation and current work at Zafar
Further details about the Zafar deposit, the Mineral Resource
estimation and the current work being carried out at Zafar can be
found below.
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
Elfie Kent 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 September 2021, the Company announced a transaction with the
Government of Azerbaijan which grants 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. The
transaction is subject to ratification by the parliament of
Azerbaijan.
In December 2021, the Company undertook a private placement
which 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.
https://www.angloasianmining.com/
Zafar deposit
The detailed JORC ('Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves (JORC Code)
2012 Edition') "JORC" Mineral Resource estimate for the Zafar
deposit has been published on the Company's website and is
available at
https://wp-angloasianmining-2020.s3.eu-west-2.amazonaws.com/media/2022/03/MP-10032-Zafar-JORC-MRE-Update-r3-220316.pdf
. The Table 1 report accompanying the JORC Mineral Resource
estimate is available at
https://wp-angloasianmining-2020.s3.eu-west-2.amazonaws.com/media/2022/03/UPG10032_Zafar_MRE_JORC_TABLE1_r0.pdf
.
The initial announcement dated 19 January 2021 "New Copper and
Gold Discovery at its Gedabek Licence Area" is available on the
Company's website which gives the background to the Zafar
property.
Zafar mineral resources - supporting work and independent expert
opinion
The Company engaged Mining Plus UK Limited, the independent
consulting group, to review the Company's database and provide the
Mineral Resource estimate.
A preliminary mining method study comparing open pit versus
underground methods has indicated that underground semi-bulk
extraction by a sub-level caving system is likely to be the optimum
mining method for the Zafar ore body. Stope design has commenced
and a mineable shape optimiser ('MSO') was used to generate stope
shapes to test the data, which resulted in a coherent stope model.
A schematic ramp design to access the mineralisation has also been
completed to allow for planning of condemnation drill targets and
geotechnical studies.
In conjunction with Mining Plus, the Company engaged a
hydrological and geotechnical consulting group ('KLM Consulting
Services') to assess water issues and rock mass for mine planning
and design. A structural and hydrological model was produced and
the design completed for emplacing piezometer sensors for
monitoring ground water.
The Company has also prepared indicative three-dimensional
geology, geological structural and mineral alteration models. Data
from the recent ground-based geophysical Induction Polarisation
('IP') and resistivity survey are being interpreted in conjunction
with the nearby ZTEM data.
Competent Person Statement
The information in the announcement that relates to exploration
results and Mineral Resources is based on information compiled by
Dr Matthew Field, who is a full-time employee of Mining Plus UK Ltd
with the position of Principal Geology Consultant, who is a Fellow
of The Geological Society of London, a Fellow of the Geological
Society of South Africa, Fellow of the Society of Economic
Geologists, and registered with the South African Council for
Natural Scientific Professions (SACNASP) with the designation
Pr.Sci.Nat.
Matthew Field 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'. Matthew Field consents to the inclusion in the
announcement of the matters based on his information in the form
and context in which it appears.
Matthew Field has extensive 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. Matthew Field has reviewed the Mineral
Resources included in this announcement.
APPENDIX: GLOSSARY OF TERMS AND ABBREVIATIONS
The following definitions are extracted from the JORC Code, 2012
Edition
Indicated Mineral Resource An 'Indicated Mineral Resource'
is that part of a Mineral Resource
for which quantity, grade (or
quality), densities, shape and
physical characteristics are estimated
with sufficient confidence to
allow the application of Modifying
Factors in sufficient detail to
support mine planning and evaluation
of the economic viability of the
deposit. Geological evidence is
derived from adequately detailed
and reliable exploration, sampling
and testing gathered through appropriate
techniques from locations such
as outcrops, trenches, pits, workings
and drill holes, and is sufficient
to assume geological and grade
(or quality) continuity between
points of observation where data
and samples are gathered. An Indicated
Mineral Resource has a lower level
of confidence than that applying
to a Measured Mineral Resource
and may only be converted to a
Probable Ore Reserve.
Inferred Mineral Resource An 'Inferred Mineral Resource'
is that part of a Mineral Resource
for which quantity and grade (or
quality) are estimated on the
basis of limited geological evidence
and sampling. Geological evidence
is sufficient to imply but not
verify geological and grade (or
quality) continuity. It is based
on exploration, sampling and testing
information gathered through appropriate
techniques from locations such
as outcrops, trenches, pits, workings
and drill holes. An Inferred Mineral
Resource has a lower level of
confidence than that applying
to an Indicated Mineral Resource
and must not be converted to an
Ore Reserve. It is reasonably
expected that the majority of
Inferred Mineral Resources could
be upgraded to Indicated Mineral
Resources with continued exploration.
------------------------------------------
JORC JORC stands for Australasian Joint
Ore Reserves Committee (JORC).
The Code for Reporting of Exploration
Results, Mineral Resources and
Ore Reserves (the JORC Code) is
widely accepted as the definitive
standard for the reporting of
a company's resources and reserves.
The latest JORC Code is the 2012
Edition.
------------------------------------------
Measured Mineral Resource A 'Measured Mineral Resource'
is that part of a Mineral Resource
for which quantity, grade (or
quality), densities, shape, and
physical characteristics are estimated
with confidence sufficient to
allow the application of Modifying
Factors to support detailed mine
planning and final evaluation
of the economic viability of the
deposit. Geological evidence is
derived from detailed and reliable
exploration, sampling and testing
gathered through appropriate techniques
from locations such as outcrops,
trenches, pits, workings and drill
holes, and is sufficient to confirm
geological and grade (or quality)
continuity between points of observation
where data and samples are gathered.
A Measured Mineral Resource has
a higher level of confidence than
that applying to either an Indicated
Mineral Resource or an Inferred
Mineral Resource. It may be converted
to a Proved Ore Reserve or under
certain circumstances to a Probable
Ore Reserve
------------------------------------------
Mineral Reserves or Ore Reserves An 'Ore Reserve' is the economically
mineable part of a Measured and/or
Indicated Mineral Resource. It
includes diluting materials and
allowances for losses, which may
occur when the material is mined
or extracted and is defined by
studies at Pre-Feasibility or
Feasibility level as appropriate
that include application of Modifying
Factors. Such studies demonstrate
that, at the time of reporting,
extraction could reasonably be
justified.
------------------------------------------
Mineral Resource A 'Mineral Resource' is a concentration
or occurrence of solid material
of economic interest in or on
the Earth's crust in such form,
grade (or quality), and quantity
that there are reasonable prospects
for eventual economic extraction.
The location, quantity, grade
(or quality), continuity and other
geological characteristics of
a Mineral Resource are known,
estimated or interpreted from
specific geological evidence and
knowledge, including sampling.
Mineral Resources are sub-divided,
in order of increasing geological
confidence, into Inferred, Indicated
and Measured categories.
------------------------------------------
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