TIDMAAZ
RNS Number : 9358I
Anglo Asian Mining PLC
08 December 2022
8 December 2022
Anglo Asian Mining PLC
Significant mineralisation in Gilar drill results
Results advance development schedule for the Gilar Mine
Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer focused in Azerbaijan, is
pleased to announce drill results at the Gilar deposit confirming
over 60 metres of thick and continuous gold and copper
mineralisation.
The results derive from the final stage of the first phase of
vertical core drilling at Gilar. The drilling has demarcated six
zones of mineralisation with the latest drilling defining a deeper
zone of continuous mineralisation hosting significant gold, copper
and zinc values.
Given the continuity and grade of the latest drillhole mineral
intercepts, as well as the depth of the mineral zone, a project for
underground access with a tunnel suitable for production as well as
additional exploration, is being planned.
Borehole 22GLDD118: 67.0m @ 2.02g/t gold, 1.58% copper and 1.58%
zinc from 327m, including:
-- 51.0m @ 2.54g/t Au, 2.00% Cu and 2.1% zinc at 1.0g/t gold
cut-off from 335m, including at a 2.0 g/t Au cut-off
o 17.8m @ 4.31 g/t Au, 3.14% Cu and 2.25% zinc from 335.70m
o 10.5m @ 2.21 g/t Au, 0.41% Cu and 0.13% zinc from 375.5m
Figure 1: Cross section showing latest drill hole.
Figure 2: Map showing location of drill holes.
Stephen Westhead, Vice-President of Anglo Asian, commented:
"The extensive mineral zone thickness, continuity and grade of
the recent drill intersections mean that Gilar can now be
considered of high potential to provide significant gold and copper
production. We are currently in the process of planning our
approach to gaining underground access for exploration and
drilling, and I look forward to updating you on our progress in the
coming weeks."
Details about the drilling at Gilar
As detailed in the Company's RNS on 2 November 2022, the initial
database and geological modelling are complete for estimation of an
interim maiden Mineral Resource Estimate. The estimate is nearing
completion and is expected to be published in the coming weeks.
This will allow for the planning of the next stage of work, which
will include inclined drilling to test certain areas for mineral
extension and structural geology interpretation.
Table 1 : Selected results from new drill assay results from the
Gilar deposit are as follows:
Intersection Weighted average grades
Depth Depth Downhole Gold Copper Zinc
from to length
Borehole Metres Metres Metres g/t Per cent. Per cent.
i.d.
------- ------- --------- ----- ---------- ----------
22GLDD95 286.00 329.20 43.20 1.46 1.28 1.09
------- ------- --------- ----- ---------- ----------
including at
2.0 g/t 300.00 27.55 2.13 1.85 1.69
------- ------- --------- ----- ---------- ----------
22GLDD97 225.00 226.10 38.00 0.86 0.36 1.00
------- ------- --------- ----- ---------- ----------
including at
1.0 g/t 227.00 6.50 1.42 1.07 0.28
------- ------- --------- ----- ---------- ----------
including at
1.0 g/t 239.00 3.70 1.43 0.84 4.94
------- ------- --------- ----- ---------- ----------
including at
1.0 g/t 252.00 3.00 4.29 0.08 0.02
------- ------- --------- ----- ---------- ----------
22GLDD103 187.45 217.20 29.75 1.55 1.34 0.53
------- ------- --------- ----- ---------- ----------
including at
1.0 g/t 198.40 13.90 3.04 2.70 1.11
------- ------- --------- ----- ---------- ----------
including at
2.0 g/t 198.40 7.05 4.35 4.08 1.67
------- ------- --------- ----- ---------- ----------
22GLDD112 333.10 410.80 77.70 1.76 0.97 0.62
------- ------- --------- ----- ---------- ----------
including at
1.0 g/t 342.45 50.35 2.54 1.38 0.80
------- ------- --------- ----- ---------- ----------
including at
2.0 g/t 345.50 3.40 2.59 4.62 5.41
------- ------- --------- ----- ---------- ----------
including at
2.0 g/t 357.00 35.80 2.87 0.62 0.15
------- ------- --------- ----- ---------- ----------
22GLDD116 329.00 340.00 11.00 1.81 0.06 0.01
------- ------- --------- ----- ---------- ----------
including at
0.5 g/t 331.00 3.70 4.90 0.02 0.01
------- ------- --------- ----- ---------- ----------
22GLDD116 347.00 414.00 67.00 1.95 0.99 0.84
------- ------- --------- ----- ---------- ----------
including at
1.0 g/t 346.00 57.50 2.24 1.15 0.98
------- ------- --------- ----- ---------- ----------
including at
2.0 g/t 349.00 11.50 2.14 3.86 3.77
------- ------- --------- ----- ---------- ----------
including at
2.0 g/t 371.00 11.00 2.69 0.39 0.14
------- ------- --------- ----- ---------- ----------
including at
2.0 g/t 392.00 13.50 3.13 0.05 0.08
------- ------- --------- ----- ---------- ----------
22GLDD118 327.00 394.00 67.00 2.02 1.58 1.60
------- ------- --------- ----- ---------- ----------
including at
1.0 g/t 335.00 51.00 2.54 2.00 2.08
------- ------- --------- ----- ---------- ----------
including at
2.0 g/t 335.70 17.80 4.31 3.14 2.25
------- ------- --------- ----- ---------- ----------
including at
2.0 g/t 375.50 10.50 2.21 0.41 0.13
------- ------- --------- ----- ---------- ----------
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
Field acquisition of data from a ground magnetics geophysics
programme is complete and is currently being interpreted.
Additional induced polarisation (IP) geophysics is underway over
the deposit itself and adjacent areas to test for extensions of the
open mineralisation.
About Gilar
Gilar is a mineral occurrence located in the Gedabek contract
area approximately seven kilometres from the Company's existing
processing facilities. The area hosts two styles of mineralisation,
gold in quartz veins and hydrothermal gold-copper. A total of 118
surface core drill holes have been completed for 32,823 metres over
the Gilar deposit.
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
--------------------------- ---------------------
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,
Azerbaijan International Mining Company, 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 resources and reserves included in this announcement.
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 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.
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.
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