TIDMAAZ
RNS Number : 6088N
Anglo Asian Mining PLC
24 January 2023
24 January 2023
Anglo Asian Mining PLC
Gilar drill results extend mineralisation
Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer focused in Azerbaijan, is
pleased to announce further drill results at the Gilar deposit.
These confirm an extension to the mineralisation reported by
previous drilling with intercepts of up to 68 metres of continuous
gold and copper mineralisation:
Borehole 22GLDD127: 68.35m @ 2.40g/t gold, 2.89% copper and
1.58% zinc from 320.00m, including:
-- 55.4m @ 2.7g/t Au, 3.5% Cu and 1.4% zinc at 1.5g/t gold
cut-off from 331.00m, including at a 2.0 g/t Au cut-off
o 33.3m @ 3.0g/t Au, 5.4% Cu and 2.0% zinc from 333.00m
o 14.4m @ 2.8 g/t Au, 0.4% Cu and 0.2% zinc from 372.00m
The results are from the extension drilling of six vertical core
drill holes at the south-west of the Gilar site. The overall
drilling has demarcated six zones of mineralisation referenced in
the RNS of 19 December 2022. Recent drilling has extended and
confirmed the deeper zone of continuous mineralisation hosting
significant gold, copper and zinc with intercept thickness of over
65 metres. One drill hole (22GLDD122 - figure 2 below) in the
centre of Gilar also intersected significant mineralisation. Two
further inclined drill holes in the south-west of Gilar are now
complete and subject to verification and analysis.
These results give additional confidence to the decision to
start the construction of a tunnel at Gilar for underground access
suitable for exploration and production. The new drill results are
likely to increase the recently reported preliminary resource
estimates. Selected drill hole assay results are detailed below in
Table 1.
Stephen Westhead, Vice-President of Anglo Asian, commented:
"Gilar continues to deliver exceptionally good grades of gold and
copper over significant thicknesses of mineralisation. This will
clearly increase the mineral resources of the deposit. The
discovery of free gold at Gilar will mean adjusting our approach to
processing the deposit, with preliminary metallurgical testwork
planned to optimise the recovery of metals. The team are very
excited to progress this project at pace and begin production."
Figure 1: 3-D section showing latest drill holes.
Figure 2: Map showing location of the latest drill holes.
Details about the drilling at Gilar
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.
Table 1 : Selected results from new drill assay results from the
Gilar deposit are as follows:
Intercepts Weighted average grades
Borehole Depth Depth Downhole Gold Copper Zinc
i.d. From Metres to Metres length g/t Per cent. Per
Metres cent.
------------- ----------- --------- ----- ----------- -------
22GLD D122 169.50 213.90 44.40 0.69 0.39 0.34
------------------ ------------- ----------- --------- ----- ----------- -------
Including @ 0.50
Au 169.50 32.10 0.84 0.52 0.46
------------------ ------------- ----------- --------- ----- ----------- -------
Including @ 1.25
Au 184.00 5.00 1.40 1.11 0.85
------------------ ------------- ----------- --------- ----- ----------- -------
Including @ 1.25
Au 197.30 3.10 2.18 0.82 2.60
------------------ ------------- ----------- --------- ----- ----------- -------
22GLD D123 295.40 308.00 12.60 0.34 0.15 0.01
------------------ ------------- ----------- --------- ----- ----------- -------
Including @ 0.40
Au 299.20 4.00 0.77 0.38 0.02
------------------ ------------- ----------- --------- ----- ----------- -------
22GLD D124 337.20 390.90 53.70 1.92 2.91 1.14
------------------ ------------- ----------- --------- ----- ----------- -------
Including @ 1.0
Au 339.70 49.30 2.05 3.12 1.21
------------------ ------------- ----------- --------- ----- ----------- -------
Including @ 1.5
Au 339.70 17.80 2.72 7.25 2.74
------------------ ------------- ----------- --------- ----- ----------- -------
Including @ 1.5
Au 364.50 5.00 1.64 0.74 0.28
------------------ ------------- ----------- --------- ----- ----------- -------
Including @ 1.5
Au 378.50 10.50 2.49 0.80 0.59
------------------ ------------- ----------- --------- ----- ----------- -------
22GLD D125 344.20 406.50 62.30 2.24 2.77 1.86
------------------ ------------- ----------- --------- ----- ----------- -------
Including @ 1.0
Au 344.20 5.80 1.32 1.35 0.68
------------------ ------------- ----------- --------- ----- ----------- -------
Including @ 1.0
Au 357.30 42.40 2.94 3.83 2.60
------------------ ------------- ----------- --------- ----- ----------- -------
Including @ 1.5
Au 356.00 22.00 1.86 2.83 3.32
------------------ ------------- ----------- --------- ----- ----------- -------
Including @ 1.5
Au 386.00 13.70 5.54 2.37 0.97
------------------ ------------- ----------- --------- ----- ----------- -------
22GLD D126 339.20 377.35 38.15 0.75 0.30 0.19
------------------ ------------- ----------- --------- ----- ----------- -------
Including @ 0.40
Au 340.10 7.90 1.02 0.10 0.02
------------------ ------------- ----------- --------- ----- ----------- -------
Including @ 0.40
Au 354.00 12.60 1.33 0.69 0.54
------------------ ------------- ----------- --------- ----- ----------- -------
Including @ 1.25
Au 360.75 5.85 2.01 1.30 0.26
------------------ ------------- ----------- --------- ----- ----------- -------
22GLD D127 320.00 388.35 68.35 2.40 2.89 1.58
------------------ ------------- ----------- --------- ----- ----------- -------
Including @ 1.5
Au 331.00 55.40 2.72 3.47 1.41
------------------ ------------- ----------- --------- ----- ----------- -------
Including @ 2.0
Au 333.00 33.30 3.01 5.42 2.02
------------------ ------------- ----------- --------- ----- ----------- -------
Including @ 2.0
Au 372.00 14.40 2.79 0.37 0.22
------------------ ------------- ----------- --------- ----- ----------- -------
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
Free gold in the Gilar deposit
A mineralogical analysis facility has been established at
Gedabek with the capability of preparing polished and thin sections
of ore samples to enable the characterisation and quantification of
the minerals contained in the samples by optical microscopy. In a
recent study, free gold in quartz has been identified in samples of
Gilar ore (Figure 3). This type of ore characterisation work allows
the determination of mineral interrelations and liberation sizes,
which are valuable data for both comminution and mineral separation
process optimisation purposes.
Detailed mineralogical examination of field samples, combined
with XRD (X-ray diffraction) analysis, also enables the Company's
exploration geologists to interpret mineral sequences that can be
used for vectoring towards target mineralisation.
Figure 3: Gilar free gold in quartz in photo-micrograph.
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 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 existing
processing facilities. The area hosts two styles of mineralisation,
gold in quartz veins and hydrothermal gold-copper. A total of 127
surface core drill holes have been completed for 36,168 metres over
the Gilar deposit.
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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