Anglo Asian Mining PLC Airborne Geophysical Survey at Gedabek (5837A)
13 September 2018 - 4:00PM
UK Regulatory
TIDMAAZ
RNS Number : 5837A
Anglo Asian Mining PLC
13 September 2018
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
13 September 2018
Anglo Asian Mining plc
First Comprehensive Review of Gold and Copper Occurrences at
Gedabek via Airborne Geophysical Survey
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer focused in Azerbaijan, is
pleased to announce its plans to carry out an airborne geophysical
survey (the "Survey") over the entire Gedabek contract area
("Gedabek") in Azerbaijan to identify additional gold and copper
mineralised occurrences and generate future drill targets. Geotech
Limited, one of Canada's leading airborne geophysical companies,
has been contracted to conduct the Survey.
Overview
-- First airborne geophysical survey to be launched over the
entire 300 square kilometre Gedabek contract area in Azerbaijan in
the coming weeks
-- The Survey is intended to identify additional gold and copper
mineralised structures to provide a pipeline of new targets to
enhance Anglo Asian's long-term production profile (2018 production
forecast: 78,000 to 84,000 gold equivalent ounces)
-- Anglo Asian has demonstrable ability to rapidly move from
first discovery to production as evidenced by the Ugur open pit
mine (11-month lead time from discovery to gold pour)
Anglo Asian Group Director of Geology and Mining, Stephen
Westhead commented, "This is the first comprehensive survey not
only of the entire Gedabek site but is the first of its type to be
carried out in Azerbaijan. It is an important milestone in
realising Gedabek's significant mineralisation potential. We are
already aware of many gold and copper mineral occurrences at
Gedabek, and this survey should provide information on
mineralisation trends at depth, thus allowing for focused future
ground-based follow-up work.
"I am delighted that Geotech Limited will carry out this
airborne geophysical survey and I am also very pleased that the
Ministry of Emergencies of the Republic of Azerbaijan has agreed to
assist us by providing helicopter services."
Airborne geophysical survey of Gedabek
A heli-borne electromagnetic survey will be carried out over the
entire Gedabek contract area. The survey will employ the Z-Axis
Tipper Electromagnetic system (ZTEM). This is an innovative
airborne electromagnetic surveying system which uses the natural
magnetic field of the Earth. The system is an excellent mapper of
surface geology and is deeply penetrating and well suited to rugged
topography. This method is especially suitable for porphyry
copper-gold and epithermal copper-gold-silver exploration. A total
of 4,512 linear kilometres are planned to be flown over
Gedabek.
The airborne survey will provide data about geophysical
anomalies arising from mineral trends and occurrences. These will
be analysed and prospective targets will be identified. The
geophysical "signatures" of known deposits such as Ugur will assist
identifying targets. Potential targets will be followed up with
other ground-based geophysical investigative techniques including
geological mapping, geochemical surveys and drilling. Depending on
results, airborne surveys may be employed in the future at the
Company's other contract areas.
Gedabek Contract Area
Anglo Asian currently mines gold and copper from two open pit
mines and one underground mine within the 300 square kilometre
Gedabek contract area. The Gedabek contract area hosts many targets
of different styles of mineralisation that are being assessed in
order to prioritise future exploration programmes. The dominant
style is epithermal high sulphidation and low sulphidation
mineralisation, but previous drilling has indicated porphyry style
mineralisation. Evaluation of these opportunities will help
determine the long term sustainability of Gedabek.
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 until the release of this
announcement.
**ENDS**
For further information please visit www.angloasianmining.com or
contact:
Reza Vaziri Anglo Asian Mining plc Tel: +994 12 596 3350
Bill Morgan Anglo Asian Mining plc Tel: +994 502 910 400
------------------------------ ----------------------
Stephen Westhead Anglo Asian Mining plc Tel: +994 502 916 894
------------------------------ ----------------------
Ewan Leggat SP Angel Corporate Finance Tel: +44 (0) 20 3470
LLP 0470
Nominated Adviser and Broker
------------------------------ ----------------------
Soltan Tagiev SP Angel Corporate Finance Tel + 44 (0) 20 3470
LLP 0470
Nominated Adviser and Broker
------------------------------ ----------------------
Susie Geliher St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
------------------------------ ----------------------
Lottie Wadham St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
------------------------------ ----------------------
Notes:
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 has a 1,962 square
kilometre portfolio, assembled from analysis of historic Soviet
geological data and held under a Production Sharing Agreement
modelled on the Azeri oil industry.
The Company's main operating location is the Gedabek contract
area ("Gedabek") which is a 300 square kilometer area in the lower
Caucasus mountains in western Azerbaijan. The Company developed
Azerbaijan's first operating gold/copper/silver mine at Gedabek
which commenced gold production in May 2009. Mining at Gedabek was
initially from its main open pit which is an open cast mine with a
series of interconnected pits. The Company also operates the high
grade Gadir underground mine which is co-located at the Gedabek
site, In September 2017, production commenced at the Ugur open pit
mine, a recently discovered gold ore deposit at Gedabek. The
Company has a second underground mine, Gosha, which is 50
kilometres from Gedabek. Ore mined at Gosha is processed at Anglo
Asian's Gedabek plant.
The Company produced 71,461 gold equivalent ounces ('GEOs') for
the year ended 31 December 2017. Gedabek is a polymetallic project
which demonstrates a high copper content at the main open pit mine,
and an oxide gold-rich zone at Ugur. The Company therefore employs
a series of flexible processing routes through which to optimise
recoveries and efficiencies. The Company produces gold doré through
agitation and heap leaching operations, copper concentrate from its
Sulphidisation, Acidification, Recycling, and Thickening (SART)
plant and also a copper and precious metal concentrate from its
flotation plant, which is processing tailings from the agitation
leach plant. A second dedicated crusher line is also currently
being installed for the flotation plant to enable it to operate
independently of the agitation leaching plant.
Anglo Asian is also actively seeking to exploit its first mover
advantage in Azerbaijan to identify additional projects, as well as
looking for other properties in order to fulfil its expansion
ambitions and become a mid-tier gold and copper metal production
company.
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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