Anglo Asian Mining Share Discussion Threads

[jailbird] 26/10/2017 09:42

No point spamming the RNS , we can all read itIt is a disappointing update , ONLY because ppl had higher expectations In 6 months this will be different

[bleepy] 26/10/2017 09:31

Anglo Asian CEO Reza Vaziri commented: "We have been extremely busy on the ground in Azerbaijan in regards to exploration. We recently reported increased production for quarter three of 2017 with the commencement of mining at Ugur. Having spent time in 2017 optimising the extraction of gold and gold-copper ores from the Gedabek open pit, we now look forward to recommencing mining to contribute to production in the first quarter of 2018 with the enhanced knowledge of the mineralisation that these exploration activities will provide. We are also increasing the capacity of our tailings dam to support the expansion."

[bleepy] 26/10/2017 09:29

As already said, AAZ demonstrating their intent by planned raising of dam wall by 12mtrs.


Gedabek tailings dam wall raise to support planned expansion now underway - wall is being raised to provide additional six metres of vertical capacity in first phase and a further six metres in second phase - scheduled for completion by the end of 2017.


Tailings dam
To support the planned expansion resulting from the exploration activities and other production increases as a result of the strategic review earlier in 2017, the Company is also increasing the capacity of its tailings dam to meet future requirements. The work required consists of raising the existing tailings dam wall using rock that is mined and hauled to the tailings dam. This work is being carried out in two phases which in total will raise the wall by an additional 12 metres. The volume of rock required of phase I (a raise of 6 metres) is approximately 700,000 cubic metres. This work is scheduled for completion in Q4 2017, after which time the equipment currently being used will be redeployed to Ugur mining activity, run-of-mine pad and stockpile management and preparation of works to re-commence mining activities to the Gedabek open pit. Work is also underway constructing a second pipeline between the tailings dam and the Company's processing facilities to facilitate planned expansion of the processing facilities.

[bleepy] 26/10/2017 09:25

Gedabek open pit...
On-going drilling programme at Gedabek open pit to evaluate and optimise the mine plan ahead of recommencement of mining activities in Q1 2018


Gedabek Open Pit
Certain mining operations have been temporarily suspended to enable development exploration, optimisation and redeployment of equipment to other tasks. Mining in the Gedabek open pit was suspended in Q3 2017 to allow for continuation of the drilling programme to evaluate and optimise the extraction of the gold and gold-copper ores. Some of the heavy earthmoving equipment has been redeployed for transporting stockpiled ore for production, construction and implementation of the new open pit mine at Ugur, and raising the tailings dam wall. Reverse circulation ("RC") and core drilling ("DD") is ongoing at the Gedabek open pit. As at the end of Q3 2017, 31 RC drill-holes with a total of 2,978 metres and 34 DD drill-holes with a total of 1,792 metres were completed. Another 5,000 metres of drilling is planned for Q4 2017.

To complete the first phase of the tunnel between Gadir and the Gedabek underground mineralisation, some 600 metres of tunnelling has been completed that intersected Gedabek style mineralisation at the end of the tunnel drive. It is further planned to extend this tunnel along the Gedabek mineralisation beneath the backwall of the open pit and to fan drill to assess the mining potential for a Gedabek underground mine. This exploration work is planned for 2018 as underground mining equipment is now being utilised to mine ore at Gadir. The mineralisation target is additional to the current Gedabek open pit reserves.

[bleepy] 26/10/2017 09:21

Ugur
Exploration underway at newly producing Ugur open pit mine with the objective of defining extensions of similar mineralisation to increase resource inventory

Ugur Open Pit Mine
Quarter three of 2017 proved to be a significant milestone for Anglo Asian with the commencement of open pit mining of the Ugur gold deposit following completion of the JORC mineral resource and ore reserve statements. Work at Ugur in Q3 2017 focused on finalising the geological work for mine planning and project construction. The geological team is now assessing the surrounding area for extensions of the Ugur type of mineralisation, and has taken 295 geochemical samples from surface.

[bleepy] 26/10/2017 09:14

Each section alone deserves thorough reading and digesting, let’s take a look at Gadir..

Gadir Underground Mine
As previously announced, ore production was temporarily stopped from the Gadir underground mine in February 2017 to allow development and exploration drilling. Production from Gadir recommenced in September 2017. Underground development and exploration activity until end Q3 2017 included 2,712 metres of tunnelling that comprised spiral ramp development for production preparation, exploration tunnels at Gadir, and an underground tunnel from Gadir to the deep mineralisation at the northern end below the Gedabek open pit. Drilling activity for ore extraction planning comprised 48 DD drill-holes with a total of 1,311 metres of BQ diameter, 36 DD drill-holes (HQ/NQ size core) with a total of 2,268 metres completed. 2,711 metres of sidewall has been geologically mapped. This work confirms that Gadir can recommence production in Q4 2017 and has provided over 3,250 assays.

Regarding surface extension drilling of the Gadir mine to evaluate further down dip potential, nine core drill-holes totalling 4,007 metres were completed. 2,150 samples have been assayed which has provided results that demonstrate continuity of mineralisation.

To complete the first phase of the tunnel between Gadir and the Gedabek underground mineralisation, some 600 metres of tunnelling has been completed that intersected Gedabek style mineralisation at the end of the tunnel drive. It is further planned to extend this tunnel along the Gedabek mineralisation beneath the backwall of the open pit and to fan drill to assess the mining potential for a Gedabek underground mine. This exploration work is planned for 2018 as underground mining equipment is now being utilised to mine ore at Gadir. The mineralisation target is additional to the current Gedabek open pit reserves.

[2sporrans] 26/10/2017 09:13

Yes, agreed Matt.

Yet cheap is good.
Topped up again @31p.
Looking at cash w view to further...

Gotto go; other stuff happening.

[bleepy] 26/10/2017 09:08

With Westhead at the helm Ordubad is getting an in-depth assessment and going from soviet reports there’s much to go after.

Frurther Exploration
Low cost exploration work also continued at the Ordubad contract licence area in the Nakhchivan region of Azerbaijan. During Q3 2017, 750 metres of road cleaning was completed to reach exploration adits and surface mineralisation at the Shakadara deposit in order to verify the presence of mineralisation as reported in Soviet reports. 604 linear metres of trenching was completed from which 441 samples were collected. Initial results confirm the presence of surface and underground mineralisation of both gold and copper. It is planned to test similar style surface gold-quartz mineralisation at the adjacent Keleki area. On confirmation of this gold mineralisation, the Company will decide on a strategy to fully assess these deposits along with the Piazbashi and Agyurt deposit in the Ordubad area.

[bleepy] 26/10/2017 09:04

So much to digest and containing many nuggets of info...

The Gedabek contract area hosts many targets of different styles of mineralisation, which are being assessed in order to prioritise future exploration programmes. It is planned to prepare an annual three year work programme to dovetail into the Company's gold and copper production profile. This demonstrates the geological opportunities available to the Company for further evaluation. Further information regarding exploration programmes during 2018 and beyond will be announced by the end of Q4 2017.

[mattjos] 26/10/2017 09:01

By splitting out these last two RNS, which they have never done before, they have created a level of expectation in the market which has not been met by the detail in this release.Yes, it all shows there is plenty afoot & I don't doubt it will result in more exciting news in the months ahead but, in terms of managing the news flow, this was very clearly a mistake as there is insufficient objective data here to support a separate RNS.They've rather shot themselves in the foot this morning in terms of how to manage the market

[bleepy] 26/10/2017 09:00

I see from the map shown on the British Embassy visit link the Soyudlu lies about the same distance from the Gedabek production plant as Ugur @ 5/6 Kim’s. Another gold and copper mineralisation on production plant doorstep.

[2sporrans] 26/10/2017 08:58

There's plenty juicy morsels to pick out here.

The scale of AAZs intent has emerged significantly with this update.

Not only 1 but 2 phases of major capacity increase in the tailings dam, the details of which conclude with this:

"Work is also underway constructing a second pipeline between the tailings dam and the Company's processing facilities to facilitate planned expansion of the processing facilities."

Expect initial details on plant extension/expansion will be announced along with or shortly after the analysis of the ongoing exploration samples and reporting thereof.
Taking just the main pit, open cast extension drilling, this looks to be ~45% complete at end of Sept. Might be 100% by Xmas. So possibly enough will be known by end of January to announce the grades found etc?
Potentially, we might be given a partial [halfway], interim report much sooner.
"As at the end of Q3 2017, 31 RC drill-holes with a total of 2,978 metres and 34 DD drill-holes with a total of 1,792 metres were completed. Another 5,000 metres of drilling is planned for Q4 2017."
Hope we are given details of what Gadir grades etc will be soon, given production has already recommenced. Guess AAZ are still analysing their samples.
Ditto for those for the Gadir->Main Pit tunnel, phase 1 now complete.

Maybe the selling today is because some investors expected a bunch of resource estimates, with grades, ore type details and more?

Yet, what we have been advised is entirely consistent with expectations whetted by the recent informal articles we've read.

I'm looking to take advantage of the price drop.

[celeritas] 26/10/2017 08:58

Gedabek tailings dam wall raise to support planned expansion now underway - wall is being raised to provide additional six metres of vertical capacity in first phase and a further six metres in second phase - scheduled for completion by the end of 2017

[celeritas] 26/10/2017 08:56

I agree jbe, whats going on closer to the plant is keeping them very busy, increasing the tailings dam by so much is a dead giveaway.
12m is some raising.

[bleepy] 26/10/2017 08:49

Stephen Westhead at the top of his game as always...

Other Exploration
Within the Gedabek contract area, reconnaissance sampling of surface outcrop has provided 34 samples with positive results for gold and copper mineralisation at the "Soyudlu" area, some two kilometres from the tailings dam facility. Follow-up geological mapping, alteration mapping and area definition for drilling is planned. This area was initially investigated as part of the planning to situate future expansion of the tailings dam.

[jbe81] 26/10/2017 08:48

A few traders getting screwed as MMs drop the price. AAZ very cheap. Would expect some drilling news soon. AAZ have so much gold that they don't have time to explore Bittibulag which is only 6km from the plant!

[sportbilly1976] 26/10/2017 08:46

doc,

just sell on news...same old, same old

[bleepy] 26/10/2017 08:46

Mattjos I disagree and really don’t understand your views on the update. There is so much to digest that it deserved a few rns’s. I am sure much news will follow detailing exploration results of the many areas mentioned.

[celeritas] 26/10/2017 08:44

They are ridiculously cheap. AAM are in a new mindset regarding news releases, I expect a lot more of them now than we used to get.
I've had a few more as well.

[doc_oj] 26/10/2017 08:42

any particular reason for this remarkable drop this morning? anything in the RNS that i couldn't understand?

[jeanesy] 26/10/2017 08:39

Do you really think so. I thought this were ridiculously cheap before. so what are they now ?

[mattjos] 26/10/2017 08:34

Deservedly so, imo.This should not have been telegraphed separately as it contains nothing new or of value.Market is going to interpret this as nothing more than a very long way of saying that we're all very busy chaps ... so why say it?

[jeanesy] 26/10/2017 08:34

A 10% drop seems crazy to me , anyone would think that the news was bad, just not meat on the bones as Matt has said. decided to top up under 30p . Never thought i would see that price again.

[jeanesy] 26/10/2017 08:29

Price is plummeting !!!

[mattjos] 26/10/2017 08:24

Very underwhelming. Just a very wordy pithy statement.I don't doubt the strategy or the effort & am sure it will be successful but, this particular piece should be RNS-Non.