Anglo Asian Mining PLC Airborne Geophysical Survey Across Gedabek (9426H)
21 November 2018 - 6:00PM
UK Regulatory
TIDMAAZ
RNS Number : 9426H
Anglo Asian Mining PLC
21 November 2018
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
21 November 2018
Anglo Asian Mining plc
Airborne Geophysical Survey of Entire Gedabek Contract Area
Anglo Asian Mining plc (the "Company"), the AIM listed gold,
copper and silver producer in Azerbaijan, which has recently paid
its first dividend, is pleased to announce an update about the
airborne geophysical survey (the "Survey") underway at the
Company's 300 square kilometre Gedabek contract area in Azerbaijan
("Gedabek"). The aim of the Survey is to define new drill targets
and identify new mineable deposits which may provide additional
producing mines at Gedabek. The Survey, which is now approximately
77 per cent. complete, is being conducted by Geotech Limited
("Geotech"), one of the leading global airborne geophysical
surveying companies.
Anglo Asian's Group Director of Geology and Mining, Stephen
Westhead commented, "Whilst production has increased steadily from
our established producing assets at Gedabek, it is important that
we continue to extend our exploration to unlock the significant
potential of the entire Gebabek area. The Survey is intended to
identify new drill targets to add additional resources and reserves
to the current mine schedule and to identify potential new
standalone mines, similar to our Ugur mine, which we brought into
production within 12 months of first discovery.
"We are aware of multiple additional gold and copper mineral
occurrences at Gedabek and preliminary results from the area
surveyed to date show both magnetic and electro-magnetic anomalies
relating to geological entities at depth. These will be the focus
of future ground-based follow-up work.
"The Ministry of Emergencies of the Republic of Azerbaijan are
providing helicopter services and are working very well together
with Geotech. This comprehensive survey of the entire Gedabek area
is the first of its type to be carried out in Azerbaijan. It is a
significant milestone in developing Gedabek's potential and I look
forward to reporting the findings of the Survey in the first
quarter of 2019."
Airborne geophysical survey of Gedabek
A heli-borne electromagnetic and magnetic survey is underway to
cover the entire Gedabek area. The Survey utilises the Z-Axis
Tipper Electromagnetic system ("ZTEM") and a high sensitivity
magnetometer. The ZTEM system is an innovative, airborne
electromagnetic surveying system using 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. The commencement of the
Survey was initially delayed by four weeks due to logistical issues
and the on-site flight schedule has been intermittently interrupted
by 13 days due to bad weather. However, a total of 2,590 linear
kilometres have now been flown of the total planned 3,385 linear
kilometres.
The Survey will provide data with regards to geophysical
anomalies arising from mineral trends and occurrences and
geological structure. These will be analysed and prospective
targets identified. The geophysical "signatures" of known deposits
including the Gedabek open pit, Gadir underground mine and Ugur
open pit will assist in identifying targets. Potential targets will
be followed up with ground-based geophysical investigative
techniques including geological mapping, geochemical surveys and
drilling. It is anticipated data from the Survey will be
interpreted and targets defined during Q1 2019.
Gedabek
Anglo Asian Mining currently mines gold and copper from two open
pit mines and one underground mine within the 300 square kilometre
Gedabek contract area. Gedabek hosts many targets of different
styles of mineralisation which 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 also 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
------------------------------ ----------------------
Gaby Jenner St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
------------------------------ ----------------------
About Anglo Asian Mining plc
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 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 methods through which to optimise
efficient metal recovery including leaching and flotation. The
Company produces gold doré by agitation and heap leaching and
copper concentrate from its Sulphidisation, Acidification,
Recycling, and Thickening (SART) plant. A second dedicated crusher
for its flotation plant has recently commenced operation and the
flotation plant is now producing a copper and precious metal
concentrate from copper rich ores.
The Group has a target production for the full year to 31
December 2018 of between 78,000 and 84,000 gold equivalent ounces.
It recently paid its first dividend of US$0.03 per Ordinary Share
on 8 November 2018.
Anglo Asian is also actively seeking to acquire further mining
and potential mining properties in Azerbaijan and elsewhere to
fulfill its expansion ambitions and become a mid-tier gold and
copper metal production company.
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END
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