TIDMAAZ
RNS Number : 5236J
Anglo Asian Mining PLC
24 August 2021
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
24 August 2021
Anglo Asian Mining plc
H1 2021 Geological Exploration Activities
Gedabek, Gosha and Ordubad Contract Areas
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 summary of its extensive and productive
geological exploration activities from 1 January to 30 June 2021
("H1 2021").
The comprehensive exploration programme at the Gedabek contract
area ("Gedabek") continued throughout H1 2021 and substantial
drilling and other exploration work was carried out. Detailed
reports of the Company's work programmes at Gedabek, including
drill hole data and other exploration results, can be found by
following the link below and in the relevant section of the
Company's website ( www.angloasianmining.com ).
No geological field work was carried out at Ordubad during the
period due to COVID-19 travel restrictions, however the Company
conducted desktop geological studies and historical drill core
relogging. Geological interpretation for drill planning was carried
out for Gosha in H1 2021, and drilling at Gosha has now recommenced
in the second half of the year.
Gedabek exploration highlights
-- Extensive drilling at the Zafar polymetallic deposit ("Zafar Deposit")
o 35 core drill holes completed with a total length of 16,319
metres
-- Maiden Mineral Resource for the Zafar Deposit published 16 August 2021
o 8.47 million tonnes of mineralisation with average grades of
0.60 per cent. copper, 0.47 per cent. zinc and 0.30 grammes per
tonne of gold
o In-situ Mineral Resource of 51,000 tonnes of copper, 82,000
ounces of gold and 40,000 tonnes of zinc
-- Considerable drilling undertaken in the Gedabek and Gadir
underground mines, which are now connected and form one continuous
tunnel system
o 23 drill holes completed with a total length of 988 metres
o Extensions to the underground mines discovered
-- Infill drilling carried out in pit 5 of the Gedabek open pit
o 5,515 metres of reverse circulation drilling completed
o Drilling intersections returned with grades of up to one per
cent. copper in this copper-rich area of the main open pit
-- Initial drill programme started at the southern part of the Gilar district
o 17 surface core drill holes completed with a total length of
4,284 metres
o Drill intersections returned with gold grades of up to 4.98
and 22.21 grammes per tonne
-- Drilling continues in the vicinity of the Ugur open pit
o 10 surface drill holes completed with a total length of 3,360
metres
o Intercepts of up to 0.4 per cent. copper were encountered
Anglo Asian Vice-President, Stephen Westhead commented: "We have
made significant exploration progress in the first half of 2021,
with considerable drilling undertaken during the period and the
publication of a highly encouraging Maiden Mineral Resource
Estimate for the Zafar deposit in July. We are now progressing with
the final mineral resource estimation for Zafar, which we expect to
complete by the end of 2021, followed by mineral reserve
estimation, and we continue to assess the high-priority ZTEM
targets identified.
"In terms of outlook, exploration is progressing well and on
schedule, with ongoing work at Gadir and Gedabek and drilling set
to continue over the Avshancli and Gilar areas, which are being
explored with a view to supplementing the ore feed to the
processing plant, ahead of the start of mining of the new Zafar
resource. We have considerably strengthened our geology team at
Gedabek and are bringing in new technologies and equipment to
support exploration works. At Gosha, we are now commencing planned
fieldwork, following the completion of extensive desk study work in
the first half, and we look forward to providing an update on our
progress, having already intersected gold mineralisation in the
initial drill holes."
Detailed Report on the Geological Work at Gedabek
Further details about the geological work carried out at Gedabek
in H1 2021 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 67,249 gold
equivalent ounces ("GEOs") for the year ended 31 December 2020. The
Company has a production target for the year to 31 December 2021 of
48,000 ounces to 54,000 ounces of gold and 2,500 tonnes to 2,800
tonnes of copper. This total production target expressed as GEOs at
budgeted prices is between 64,000 GEOs and 72,000 GEOs.
Gedabek geological work
Zafar Deposit
35 drill holes with a total length of 16,319 metres have been
completed over the Zafar area in H1 2021. 32 of these drill holes
returned grades above reportable limits. One drill hole (21GED33)
intersected a thickness of 110 metres of mineralisation with
average grades of 0.30 grammes per tonne of gold, 8.28 grammes per
tonne of silver, 0.45 per cent. copper and 0.40 per cent. zinc.
Drilling at Zafar continues at pace, and the Company plans to
release the final resource estimation by the end of 2021, followed
by the ore reserve estimation and final mine design in 2022. Mining
equipment selection, staffing, infrastructure and process design
will start in late 2021, with a view to commencing production in
2023.
The maiden Mineral Resource for the Zafar Deposit was completed
during H1 2021 and published on 16 July 2021. The detailed JORC
('Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves (JORC Code) 2012 Edition') "JORC"
Mineral Resource estimate is available on the Company's website at
https://wp-angloasianmining-2020.s3.eu-west-2.amazonaws.com/media/2021/08/13121825/Zafer_Mineral_Resource_Estimate.pdf
. The table one report accompanying the JORC Mineral Resource
estimate is available at
https://wp-angloasianmining-2020.s3.eu-west-2.amazonaws.com/media/2021/08/13120129/ZafAr_MRE_JORC_TABLE1.pdf
.
Gedabek and Gadir underground mines
The Gedabek and Gadir underground mines are now connected and
form one continuous underground network of tunnels accessible from
both the Gadir and Gedabek portals. Both underground drilling and
mapping were carried out in H1 2021. The drilling was conducted
along the tunnel connecting the Gedabek and Gadir mines and 23
drill holes (19 BQ and 4 HQ/NQ diameter) with a total length of 988
metres were completed. This underground drilling allows the Company
to capture truly 3-dimensonal data. Notable intersections (with
over 2 metres of downhole length) included 13.08, 8.94 and 8.62
grammes per tonne of gold. The drilling results have yielded
extensions to the Gedabek and Gadir underground mines.
Infill drilling at pit 5 of the Gedabek open pit
Infill reverse circulation drilling at pit 5 of the Gedabek open
pit was carried out in H1 2021. The drilling was for grade control
and to locate ore extensions for mining and 5,515 metres of
drilling was completed. Notable intersections included 42.5 metres
at 1.36 grammes per tonne of gold and eight metres at 1.18 grammes
per tonne of gold. Copper grades of up to 1.02 per cent. were also
returned in this copper-rich area of the Gedabek open pit.
Avshancli and Gilar
During H1 2021, detailed mapping continued over the Avshancli
region and further trenching was carried out at the Avshancli-2
prospect. A drilling programme is now underway at Avshancli to
assess the potential for extraction. Following this, a detailed
topographic survey will be carried out to enable the estimation of
the resource and assess the economics for the deposit, with a view
to potentially commencing mining in late 2021 or early 2022.
Drilling commenced in H1 2021 in the southern region of the
Gilar district. Seventeen drill holes with a total length of 4,284
metres were completed. Notable intersections comprised 24.5 metres
at 4.16 grammes per tonne of gold, 8.4 metres at 4.98 grammes per
tonne of gold and 2.75 metres at 22.21 grammes per tonne of gold.
Core drilling activity is continuing in the central part of Gilar
to determine the gold-copper mineralisation boundary. The Company
is also assessing the economic feasibility of tunnelling for
exploration to allow for underground drilling and bulk
sampling.
Ugur open pit and Ugur Deeps
The Ugur pit has now been fully exhausted. However, drilling is
continuing in the vicinity of the depleted open pit (Ugur Deeps
region) to locate possible extensions to the deposit. Ten drill
holes with a total length of 3,360 metres were drilled in H1 2021,
targeting high-grade copper-silver mineralisation. Intercepts of up
to 0.4 per cent. copper were encountered at depths of 100 metres
and below. However, drilling has been temporarily stopped in this
area, in order to focus on other projects with nearer-term
potential for production.
A detailed report on the H1 2021 exploration activities in the
Gedabek contract area can be found at
https://wp-angloasianmining-2020.s3.eu-west-2.amazonaws.com/media/2021/08/23151238/H1-2021-Exploration-Activities-Gedabek_final.pdf
and on the Company's website ( www.angloasianmining.com ).
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 Director of
Geology & Mining, who is a Fellow of The Geological Society of
London, a Chartered Geologist, Fellow of the Society of Economic
Geologists, Member 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLEAXPDAFFFEFA
(END) Dow Jones Newswires
August 24, 2021 02:00 ET (06:00 GMT)
Anglo Asian Mining (LSE:AAZ)
Historical Stock Chart
From Apr 2024 to May 2024
Anglo Asian Mining (LSE:AAZ)
Historical Stock Chart
From May 2023 to May 2024