We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now


It looks like you aren't logged in.
Click the button below to log in and view your recent history.

AAZ Anglo Asian Mining Plc

0.00 (0.0%)
04 Oct 2023 - Closed
Delayed by 15 minutes

Register Free for Streaming Quotes & Tools

Register for Free to get streaming quotes, interactive charts, trades, portfolio, live options flow and more.

Share Name Share Symbol Market Type Share ISIN Share Description
Anglo Asian Mining Plc LSE:AAZ London Ordinary Share GB00B0C18177 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 57.00 55.00 59.00 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Miscellaneous Metal Ores,nec 84.7 3.7 3.2 19.0 65.12

Anglo Asian Mining PLC Xarxar annual copper production target (1312T)

16/03/2023 7:00am

UK Regulatory (RNS & others)

Anglo Asian Mining (LSE:AAZ)
Historical Stock Chart

From Oct 2022 to Oct 2023

Click Here for more Anglo Asian Mining Charts.


RNS Number : 1312T

Anglo Asian Mining PLC

16 March 2023

16 March 2023

Anglo Asian Mining plc

Targeting 10,000 tonnes of annual copper production at Xarxar following geological modelling and open pit optimisation study

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer primarily focused in Azerbaijan, is pleased to announce it has completed an initial geological block model and open pit optimisation study at the Xarxar deposit. The Company now expects mining and processing of 3 million tonnes of ore per annum, with a production target of 10,000 tonnes of copper metal per annum over a 7-year period.

Since July 2022, an extensive geological exploration programme has been carried out at the Xarxar deposit, targeting the central copper mineralisation zone. Surface drill holes intercepted significant high-grade and continuous grades of copper mineralisation. The base case open pit optimisation study used a copper price of $8,000 and showed over 93,000 tonnes of economically extractable copper. The detailed results of the geological exploration are set out below in appendix one. The Company has used its own in-house estimate of resources and economically extractable copper in this notification and these figures are not based on a Standard, such as JORC. The Company intends to carry out JORC reporting on completion of the ongoing drilling and exploration programme.

An underground mining method trade-off study will be carried out to assess the economics of underground mining. This will enable preparation of the optimum mining plan for a combined open pit and underground mine. An alternative approach utilising the option of in-situ recovery is also being studied.

Exploration is continuing in the central mineralisation zone, and further resource estimation will be carried out.

Anglo Asian Vice-President, Stephen Westhead, commented:

"These results represent an important step in our strategy of transitioning to a mid-tier miner, as Xarxar is expected to contribute a considerable amount of annual copper production to our portfolio. The initial study and exploration have delivered significant upside potential. The Company is enthused by the positive results and potential for advancing a 100,000 tonne plus copper metal project towards the production target. The project's development options, including mining, processing and in-situ recovery, are currently being assessed. The rock mass properties, the presence of copper and molybdenum minerals and the geological setting suggest a porphyry formation."

Block model of the Xarxar deposit

A preliminary three-dimensional dynamic block model has been completed (Figure 1), which will be updated as further drilling takes place. A drill hole database has been set up, consisting of Anglo Asian and AzerGold CJSC drill results. The model shows that copper mineralisation exhibits encouraging continuity.

Figure 1: Block model of Xarxar showing a cross-section through the three-dimensional model

Mineralisation modelling was carried out within a 0.1 per cent. copper shell and grade-tonnage estimates were made using various cut-off grades. The range of the contained amounts of copper, based on mineralisation above certain depths, is as follows:

 Above level 1,200                                       Above level 
  metres                                                  1,000 metres 
-------------------------  ----------  -------------    -------------------------  ----------  --------- 
 cut-off   Mineralisation   Resultant      Metal         cut-off   Mineralisation   Resultant    Metal 
   (Cu        (tonnes)        (Cu %)     (Cu tonnes)       (Cu        (tonnes)         (Cu         (Cu 
    %)                                                      %)                          %)       tonnes) 
          ---------------  ----------  -------------    --------                   ----------  --------- 
    0.15       41,394,352        0.34        140,741        0.15       64,915,146        0.32    207,728 
          ---------------  ----------  -------------    --------  ---------------  ----------  --------- 
    0.30       17,095,640        0.53         90,607        0.30       23,428,520        0.51    119,485 
          ---------------  ----------  -------------    --------  ---------------  ----------  --------- 
    0.45        8,150,558        0.72         58,684        0.45       10,212,706        0.71     72,510 
          ---------------  ----------  -------------    --------  ---------------  ----------  --------- 

Pit optimisation modelling

Preliminary optimisation modelling to test the economics for various mining options is underway to initially assess the open pit potential. The optimisation modelling shows that open pit mining would be economically viable at the Xarxar deposit. Studies are also ongoing to assess underground mining options to yield the optimum mix of open pit and underground mining.

The base case for the open pit optimisation used a copper price of $8,000. Copper metal prices within the range of $5,000 - $20,000 per tonne were used to test the sensitivity of the open pit to copper metal prices and mineral zone geometry. Two pit depths were used as a "minimum" and "maximum" elevation to establish the amount of mineralisation located beneath the various intervening pit floors. Significant mineralisation is located below the open pit floor in the base case. This will allow for the optimisation of the combined open pit and underground mining approach. The results of these initial open pit evaluations are shown in Figure 2.

Figure 2: Cross section showing the various pit shell profiles at various copper prices

The results of the initial open pit optimisation study (Base Case 'OP 3' using a copper price of $8,000) and sensitivities are shown in the following table:

         OPTION              ORE          WASTE      STRIPPING    COPPER     COPPER    BOTTOM DEPTH 
  (copper price/tonne)     (tonnes)      (tonnes)      RATIO      (tonnes)     (per      (metres) 
      OP1 - $5,000        7,362,221    21,685,157       2.9       51,513      0.70         150 
                         -----------  ------------  ----------  ----------  --------  ------------- 
      OP2 - $7,500        17,334,016   29,376,561       1.7       85,573      0.49         190 
                         -----------  ------------  ----------  ----------  --------  ------------- 
     Base Case OP3 
         - $8000          20,116,723   31,982,108       1.6       93,408      0.46         205 
                         -----------  ------------  ----------  ----------  --------  ------------- 
     OP4 - $10,000        29,176,251   39,932,179       1.4       114,732     0.39         240 
                         -----------  ------------  ----------  ----------  --------  ------------- 
     OP5 - $12,000        36,224,004   52,831,917       1.5       130,876     0.36         270 
                         -----------  ------------  ----------  ----------  --------  ------------- 
     OP6 - $15,000        43,739,585   76,392,038       1.7       147,663     0.34         310 
                         -----------  ------------  ----------  ----------  --------  ------------- 
     OP7 - $20,000        53,028,965   131,403,872      2.5       169,064     0.32         360 
                         -----------  ------------  ----------  ----------  --------  ------------- 

Further drilling targeting both infill and extension of mineralisation is ongoing. In addition, a detailed metallurgical study using the microscopic study of thin and polished sections of rock, along with phase analysis, will be used to determine the supergene and enrichment versus hypogene mineral assemblages. In parallel, Anglo Asian is carrying out metallurgical test work to assess processing options, which include flotation to produce copper concentrate, or copper heap and bacterial leaching, followed by solvent extraction and electrowinning (SX-EW) to produce cathode copper metal.

Appendix One

Geological exploration work carried out at Xarxar

Exploration activity carried out to the end of February 2023 by Anglo Asian on the Xarxar deposit include the following:

   --    12 surface trench and 36 outcrop samples 
   --    19 diamond drill core holes with a total length of 6,696 metres 
   --    9 reverse circulation holes with a total length of 830 metres 
   --    472 metres of underground development with a section area 3.5 metres by 3.5 metres 
   --    327 underground channel samples with total length of 333 metres 

-- All drill holes and channel samples have been geologically logged, sampled, assayed and loaded to the new database

-- All data (Anglo Asian and historical) converted to "new standard" database system which will be imported to Seequent "MX deposit" software

-- Geotechnical study of the deposit completed by an independent engineering contractor, including geotechnical core logging, laboratory analysis and surface structural mapping.

   --    Mineralogical-petrological and X-ray diffraction (XRD) alteration studies and lithological-structural-alteration mapping of the deposit is in progress. 

Utilising the geological model geometry, further drilling has been planned to test extensions of mineralisation and refine the understanding of the geological structure.

The Xarxar deposit hosts a range of copper minerals, including malachite, azurite, chalcocite, bornite, neotocite, chalcopyrite, rarely molybdenite and pyrite minerals associated with intense argillic and phyllic alteration. The maximum and average grades of copper by sample method are shown below:

 Type of sampling                Number of   Maximum copper   Average copper 
                                  assays       percentage       percentage 
 Surface trench                     56       2.15                  1.33 
                                ----------  ---------------  --------------- 
 Reverse circulation drilling       830      1.28                  0.49 
                                ----------  ---------------  --------------- 
 Core drilling                     6,661     7.39                  0.49 
                                ----------  ---------------  --------------- 
 Underground channel                327      2.57                  0.57 
                                ----------  ---------------  --------------- 

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.

All references to "$" are to United States dollars.

For further information please contact:

 Anglo Asian Mining plc 
                                             Tel: +994 12 596 
 Reza Vaziri, Chief Executive Officer         3350 
                                             Tel: +994 502 910 
 Bill Morgan, Chief Financial Officer         400 
                                             Tel: +994 502 916 
 Stephen Westhead, Vice President             894 
 SP Angel Corporate Finance LLP (Nominated   Tel: +44 (0) 20 
  Adviser and Broker)                         3470 0470 
  Ewan Leggat 
  Adam Cowl 
 Hudson Sandler (Financial PR)               Tel: +44 0) 20 7796 
  Charlie Jack                                4133 
  Harry Griffiths 

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 Vice-President, who is a Fellow of The Geological Society of London, a Chartered Geologist, Fellow of the Society of Economic Geologists, Fellow 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. For the avoidance of doubt, resources and economically extractable copper figures in this notification are not based on a Standard for the reporting of reserves and resources, such as JORC, as defined in the AIM Rules for Companies.

About Anglo Asian Mining

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 produced 57,618 gold equivalent ounces ("GEOs") for the year ended 31 December 2022.

In December 2021, the Company undertook a private placement which acquired 19.8 per cent. of Libero Copper & Gold Corporation ("Libero"). Libero is listed on the TSX Venture Exchange in Canada and owns, or has the option to acquire, several copper exploration properties in North and South America, including Mocoa in Colombia, one of the world's largest undeveloped copper-molybdenum resources. Two further follow-on investments have been made in Libero to maintain the Company's shareholding at 19.8 per cent.

On 5 July 2022, the Parliament of Azerbaijan ratified amendments to the Company's Production Sharing Agreement, which granted it legal title to three additional concessions with a combined area of 882 square kilometres, including the Garadagh porphyry copper deposit, with a Soviet classified resource of over 300,000 tonnes of copper. https://www.angloasianmining.com/

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) Dow Jones Newswires

March 16, 2023 03:00 ET (07:00 GMT)

1 Year Anglo Asian Mining Chart

1 Year Anglo Asian Mining Chart

1 Month Anglo Asian Mining Chart

1 Month Anglo Asian Mining Chart
Your Recent History
Anglo Asia..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

Log in to ADVFN
Register Now

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

Support: +44 (0) 203 8794 460 | support@advfn.com

V: gb D: 20231004 06:24:43