Anglo Asian Mining Share Discussion Threads

[mattjos] 17/10/2016 12:42

market always wants more and more on everything. It will be years and years before the true extent of the entire Gedabek estate is fully known, if ever. It is simply too big to produce a detailed statement on at this stage.

Have we identified another specific area that will give the company 10+ years of Gold & Silver production in addition to what is known about already at Gedabek?
Starting to look a distinct possibility.

Is there generally 10+ years additional mine life at Gedabek? Undoubtedly

[zhockey] 17/10/2016 11:50

Just had a flash read of the report looks like great news on an area we never heard of before, how many more are there like this I wonder?

I guess the market wants some resource/reserve figures. Some one mentioned 1M oz above, how did you manage to determine that on such a small sample?

[jbe81] 17/10/2016 11:44

Still looks good for a rise to 30p+ short term

[catsick] 17/10/2016 11:37

I must admit who would be selling after a we just found lots of gold rns ...

[mattjos] 17/10/2016 11:36

From what I have researched over the years, Gedabek has long been considered to consist of a larger ore body with a smaller (more complex) ore body in the middle.

If drilling results go on to prove this to be the case then, the current Gedabek pit may prove to be the central more-complex ore body with the Ag, Au & Cu.
The surrounding area, which we are just now starting to explore, could prove to be the very much larger simplified ore body consisting mainly of Au & Ag.

Historically the Siemens brothers focussed on approximately the area we are in as they were after Copper.
The huge surrounding area may now prove to be something of vast size and mainly Gold & Silver.

Exciting does not adequately describe what we may only just now be encountering.

[gutterhead] 17/10/2016 11:15

Jbe, you're right, lots of buying greatly out-weighting selling

[jbe81] 17/10/2016 10:49

440k bought, cant be many left at these prices

[bleepy] 17/10/2016 10:28

Bill Morgan CFO commented on a recent video that Gedabek prospect is the size of a small country.
Gedabek has been historically mapped by the soviets which is well defined in declared documents.
I have no doubt that AAZ from historical and own exploration will have a best to explore list of potential prospects.

Dr Stephen Westhead, Director of Geology at the Anglo Asian Mining group, who is a Fellow of The Geological Society of London, a Chartered Geologist and a Member of The Institute of Materials, Minerals and Mining. Being a qualified person he can review the exploration results at site giving quicker assessment and turn around for mine planning.

[mattjos] 17/10/2016 10:21

Fair to say that further news on exploration & drilling results could now come at any time.

Life of mine has been a negative that many have argued is the main reason why the valuation remains subdued.
I doubt that will be arguable for very much longer this year.

The bears are running out of reasons to keep this valued so lowly

[bleepy] 17/10/2016 09:55

Today's exploration update is from an area adjacent to gedabek known as Ugur. The oxide ore containing gold and silver deposits.

Other multiple areas presently being explored and awaiting results were highlighted in the interim results of June16 and detailed below.

Exploration and development

In 2016 to date, various activities were carried out within the greater Gedabek area with the aim of delineating further resources and reserves to increase the life of mine.

a. Surface brownfield exploration

This focused on areas adjacent to the current operating mine and along strike where mineralisation is exposed at the surface. Geological mapping was carried out over 1.4 square kilometres from which 401 outcrop samples were taken and 214 metres of follow-up trenching was carried out. In addition, eight drill holes with a total of 2,172 metres of diamond drilling were completed. Additional field mapping is planned along strike to define future exploration targets in H2 2016.

Wider exploration activity continued over the 300 square kilometre Gedabek contract area with positive results from surface mapping and sampling, which has targeted other areas for follow-up work.

b. Gadir underground mine

Exploration works continued at the Gadir underground mine. Efforts focused on underground mapping that comprised 1,494 linear metres backed up with 3,764 linear metres of channel sampling. With underground development having reached significant ore zones, an exploration drift was constructed to allow drilling to take place. Mineral resource delineation drilling continued with the aim of assessing the down dip and lateral extensions of the known ore bodies. A significant new copper rich zone was discovered, which will be subject to evaluation drilling during H2 2016. In H1 2016, 4 core drill holes (HQ size core) with a total of 441 metres had been completed. These drill holes were designed to confirm and extend mineralisation at Gadir. This drilling yielded positive results with the more significant intercepts being 3.5 metres at 5.1 grammes per tonne of gold; 8 metres at 2.6 grammes per tonne of gold; 4 metres at 4.7 grammes per tonne of gold and 3.4 metres at 4.6 grammes per tonne of gold, with narrower zones up to 14.5 grammes per tonne of gold over 1 metre. An additional 60 drill holes (BQ size core) with a total of 1,435 metres were drilled to define ore zone geometry.

c. Bittibulag mineral occurrence

The Bittibulag mineral occurrence is approximately 6 kilometres north-west from the Gedabek open pit. A surface mapping exercise was completed over the Bittibulag area covering an area of 0.8 square kilometres that included taking 320 outcrop samples for analysis. This was followed up by a soil geochemical sampling programme over an area of 2.8 square kilometres from which 648 samples were taken and which are currently being prepared for assaying. A total of 56 metres of trenches were excavated and mapped from which 60 samples were taken. On the basis of the positive results it is planned to carry out historical adit rehabilitation, diamond drilling and metallurgical test work drilling in H2 2016.

Exploration work also continued at the Ordubad contract licence area in the Nakhichevan region of Azerbaijan. During H1 2016, 42 linear metres of trenching was completed. Access was gained by 2,000 metres of road cleaning to reach exploration adits at the Pyazbashi deposit which were developed during the Soviet era. 360 metres of underground rehabilitation was completed, plus portal support infrastructure that allowed 583 metres of channel sampling from which 740 samples were taken that confirmed the presence of gold mineralisation in the quartz-kaolin vein system.

[mattjos] 17/10/2016 09:42

Historically we have always had to wait a long time for analysis of exploration data as we have not had our own "competent person".

Now we have Stephen Westhead there should be much quicker turnaround of this analysis.

Just having a look at where Stephen Westhead has come from - Polyus. Here are their H116 results presentation.
Stephen more than capable in his new role with us!

[ferries5] 17/10/2016 09:15

From Proactive

Anglo Asian Mining Plc (LON:AAZ) says it has enhanced the future production potential at its Gedabek mine in Azerbaijan with the discovery of a new gold target.

The prospect was found 3 km north-west of the miner's agitation plant and heap leach facilities and has been called 'Ugur', which means 'good luck' or 'success in Azeri.

Early testing after sampling and drilling has shown the oxide zone is amenable to leaching, with average gold recovery of 87%.

READ - Anglo Asian Mining on road to profitability

The firm said: "This prospect is very exciting given its close proximity to the Gedabek processing facilities and the initial positive drill and metallurgical testwork results."

Chief executive Reza Vaziri added that Ugur had the potential to add significantly to the group's gold resources and reserves and hence future production at Gedabek.

"Having recently returned to profitability, and following the completion of several operational initiatives to improve efficiencies and lower costs at Gedabek, I believe Anglo Asian is now well positioned to expand its mineable reserves which will lay the foundations for long term and sustainable production from multiple deposits at Gedabek."

Twenty reverse circulation (RC) holes were sunk for 360 metres, with highlights including 34 metres at 0.39 grams per tonne (g/t), including 13 metres at 0.83 g/t, and another hole, which showed 34 metres at 5.45 g/t.

Significantly, a further exploration target has been defined in the expanded Ugur area located about 1,500 metres to the south of the current Ugur drilling area.

Anglo Asian said an initial Phase II core drilling programme has now started to determine overall depth and style of mineralisation with a view to increase resources.

Last week, the firm revealed that a delay to commissioning of a second mill hit production in the third quarter but it repeated its full year gold production target.

Gold output in the period was down at 16,497 ounces compared to 19,375 ounces in the second quarter, while copper production came in at 485 tonnes, compared to 497 tonnes in the second quarter

The firm produced 33,899 ounces of silver compared to 52,214 ounces the previous quarter.


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[gutterhead] 17/10/2016 08:58

Yes just topped up at 19.9

[jbe81] 17/10/2016 08:55

Playing games or a large sell will appear, all buy so far,either way not important. Good buying opportunity

[gutterhead] 17/10/2016 08:46

Mm's taking the P, while they still can I guess.
Would hope that 20p is put behind us now

[jeanesy] 17/10/2016 08:38

despite the flurry of small buys the mm's are moving the price downwards after the initial mark up - strange reaction to great news. We now have a resource that is not going to run out for a while. The final piece in the jigsaw for me. Low costs, reducing debt and now a much larger resource. All we need now is to get the production figures right !

[ferries5] 17/10/2016 08:33

Never noticed this part of the Rns.

Additional exploration target defined in the expanded Ugur area

* Based on similar alteration and geomorphological position to the Ugur deposit located approximately 1,500 metres south of the current Ugur drilling area

* Further evaluation planed as part of the 2017 field work programme

[brasso3] 17/10/2016 08:22

Had a top up at 20.05p.

[catsick] 17/10/2016 08:21

They will not double production , they will increase a bit by using the best ore to start but it will go on the same leach pad they are putting 1.2g per ton stuff on at the moment, the thing it will do is increase the mine life to the point where it will not matter any more , the mine life was allways the issue, now it looks like they are surrounded with gold and the business will last far into the future and all debt quickly repaid ...

[jeanesy] 17/10/2016 08:17

I was just thinking the same myself timberwolf. Although most of the gold seems pretty low grade it will surely be cheaper to mine if it is without copper ?

[timberwolf3] 17/10/2016 08:12

Interesting that the assays returned no results for copper, does that make the processing of the ore cheaper?

[jbe81] 17/10/2016 08:07

Just a small part of a much larger picture. Good news.

[1madmarky] 17/10/2016 08:00

It's definitely a large deposit, but it is low grade. So they will have to work to balance out the good and not so good bits but it's at surface so should give them a long term outlook. GLA

[csmwssk12hu] 17/10/2016 07:56

Going with it could double production this is what should get us to 34p short term now imho dyor

[brasso3] 17/10/2016 07:54

Agree that the grams/tonne is low to modest. But encouraging that it is shallow.