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| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.10 | -0.15% | 64.50 | 62.00 | 67.00 | 64.50 | 64.50 | 64.50 | 3,734 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 84.72M | 3.66M | 0.0320 | 20.16 | 73.69M |
From Apr 2021 to Apr 2024
TIDMAAZ
RNS Number : 6616I
Anglo Asian Mining PLC
16 August 2021
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
16 August 2021
Anglo Asian Mining plc
Zafar maiden JORC mineral resource completed - 8.5 million tonnes of mineralisation with average copper grade of 0.60 per cent.
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 maiden JORC Mineral Resource for its Zafar polymetallic deposit (the "Zafar deposit"). The Zafar deposit is situated in the central region of the Company's Gedabek contract area in western Azerbaijan and is approximately 1.5 kilometres from the existing Gedabek processing facilities.
Zafar deposit highlights
-- 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
-- In-situ Mineral Resource of 51,000 tonnes of copper, 82,000 ounces of gold and 40,000 tonnes of zinc
-- Over 200 metres of continuous mineralisation in the thickest intersection
-- 42 drill holes with a total length of 20,418 metres used for maiden Mineral Resource estimate of which 28 drill holes intersected mineralisation
-- Total drilling to date is nearly 27,000 metres of a planned 40,000 metres
Mineral Resource estimate for the Zafar deposit at 31 May 2021
Copper > 0.3 per cent. copper equivalent
Hot Features
Premium
Tonnage In-situ grades Contained metal
million
tonnes
Copper Gold Zinc Copper Gold Zinc
% g/t % kt kozs kt
======================== ========= ========= ======= ======= ========= ======= =======
Measured and indicated 8.21 0.60 0.31 0.48 49 81 39
--------- --------- ------- ------- --------- ------- -------
Inferred 0.26 0.68 0.07 0.31 2 1 1
--------- --------- ------- ------- --------- ------- -------
Total 8.47 0.60 0.30 0.47 51 82 40
======================== ========= ========= ======= ======= ========= ======= =======
Note that all tonnages reported are dry metric tonnes. Totals may not add due to rounding.
Anglo Asian CEO Reza Vaziri commented :
"Zafar's maiden Mineral Resource estimate is extremely encouraging and will help underpin the Company's future long-term production growth. Located in close proximity to our existing Gedabek processing plant, there are significant operational and geographical synergies which will help us rapidly develop this resource. We are now highly focused on completing the final mineral reserve estimation of the deposit by the end of the year and successfully bringing Zafar into production as soon as possible."
Anglo Asian Vice-President, Stephen Westhead commented:
"The Zafar drilling results are very encouraging and increase the resources, the reserves and, ultimately, the metal production of the Company. Exploration is being fast-tracked to assess the economics of the project with a view to starting production in 2023. The team are highly motivated by this aggressive approach and are working to rapidly complete the mineral reserves and mine plan of this challenging project. In the vicinity of the Zafar deposit are a number of other exciting prospects where ZTEM anomalies have been defined. With the ramp-up of drilling capacity, the Company looks forward to further announcements as this project develops. The geology team at Gedabek has recently been strengthened and is supported by new equipment including XRD analysers, three-dimensional core logging tools and new technical software."
Resource estimation and current work at Zafar
Further details about the Zafar deposit, the resource estimation and the current work being carried out at Zafar 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.
https://www.angloasianmining.com/
Zafar deposit
The detailed JORC ('Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition') "JORC" Mineral Resource estimate for the Zafar deposit has been published on the Company's website and is available 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 .
The initial announcement dated 19 January 2021 "New Copper and Gold Discovery at its Gedabek Licence Area" is available on the Company's website which gives the background to the Zafar property.
Current work at the Zafar deposit
The Company is currently employing four core drill rigs over the planned central mine area. One additional rig is working on extension drilling and condemnation drilling for the proposed underground decline and ramp system. Four drill rigs are configured for oriented drill core to define structural orientations in detail and large core diameter geotechnical drilling for rock mass classification purposes. Rock strength property tests are being conducted on the drill core. Borehole hydrogeological measuring equipment is being used to measure groundwater levels, water recharge and chemistry, all of which are critical for mine design.
Investigation of the mineralisation is ongoing and includes microscope studies of the deposit minerals and rocks to determine the mineralogy, the grain size and mineral interlocking relations. A substantial density dataset has been established as required for tonnage estimation. These data will be used in the geometallurgical modelling to assess the optimum ore beneficiation methods.
Geotechnical data including rock quality test and hardness in drill cores are also being collected, which are critical for mining method studies and underground development scheduling.
Composite sampling for metallurgical test-work to complement the geometallurgical studies has also been conducted to assess the best ways to extract the ore minerals for future optimised production. Initial test-work is being carried out at the Company's laboratories to determine the required further work for mineral deportment studies and process optimisation.
A detailed drill programme is underway for further Mineral Resource definition, Mineral Resource extension and engineering to provide data for the final Mineral Resource estimation, which is planned to be released before the end of 2021. Ore Reserve estimation will then follow. Mining equipment selection, staffing, infrastructure and process design will start in late 2021. The Company will then develop the final geological model. This will include mineralisation and country rock determination, a structural model, a hydrological model and a geotechnical model that will all feed into the rock mass model for detailed mine design.
Zafar mineral resources - supporting work and independent expert opinion
The Company engaged the independent consulting group, Mining Plus UK Limited, to review the Company's database and provide the interim maiden Mineral Resource estimate. In addition, the drillhole spacing required for the final JORC classified Mineral Resources estimation has been defined so the next stage of work can be directly focused on resource drilling.
A preliminary mining method study comparing open pit versus underground methods has indicated that underground semi-bulk extraction by a sub-level caving system is likely to be the optimum mining method for the Zafar ore body. Stope design has commenced and a mineable shape optimiser ('MSO') was used to generate stope shapes to test the data that resulted in a coherent stope model. Schematic ramp design to access the mineralisation has also been completed to allow for planning of condemnation drill targets and geotechnical studies.
In conjunction with Mining Plus, the Company engaged a hydrological and geotechnical consulting group ('KLM Consulting Services') to assess water issues and rock mass for mine planning and design. A structural and hydrological model was produced and the design completed for emplacing piezometer sensors for monitoring ground water.
The Company has also prepared indicative three-dimensional geology, geological structural and mineral alteration models. Data from the recent ground based geophysical Induction Polarisation ('IP') and resistivity survey are being interpreted in conjunction with the nearby ZTEM data.
456 samples were sent to the independent ALS Laboratories for analysis, involving four-acid digest and multi-element analysis with gold assay. These independent assay results were used to validate the quality assurance and quality control ('QA/QC') data acquired at the Company laboratory, which included the use of duplicates, blanks and certified reference materials (CRMs).
Competent Person Statement
The information in the announcement that relates to exploration results and Mineral Resources is based on information compiled by Dr Matthew Field, who is a full-time employee of Mining Plus UK Ltd with the position of Principal Geology Consultant, who is a Fellow of The Geological Society of London, a Fellow of the Geological Society of South Africa, Fellow of the Society of Economic Geologists, and registered with the South African Council for Natural Scientific Professions (SACNASP) with the designation Pr.Sci.Nat.
Matthew Field 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'. Matthew Field consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.
Matthew Field has extensive 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. Matthew Field has reviewed the Mineral Resources included in this announcement.
APPIX: GLOSSARY OF TERMS AND ABBREVIATIONS
The following definitions are extracted from the JORC Code, 2012 Edition
Indicated Mineral Resource An 'Indicated Mineral Resource'
is that part of a Mineral Resource
for which quantity, grade (or
quality), densities, shape and
physical characteristics are estimated
with sufficient confidence to
allow the application of Modifying
Factors in sufficient detail to
support mine planning and evaluation
of the economic viability of the
deposit. Geological evidence is
derived from adequately detailed
and reliable exploration, sampling
and testing gathered through appropriate
techniques from locations such
as outcrops, trenches, pits, workings
and drill holes, and is sufficient
to assume geological and grade
(or quality) continuity between
points of observation where data
and samples are gathered. An Indicated
Mineral Resource has a lower level
of confidence than that applying
to a Measured Mineral Resource
and may only be converted to a
Probable Ore Reserve.
Inferred Mineral Resource An 'Inferred Mineral Resource'
is that part of a Mineral Resource
for which quantity and grade (or
quality) are estimated on the
basis of limited geological evidence
and sampling. Geological evidence
is sufficient to imply but not
verify geological and grade (or
quality) continuity. It is based
on exploration, sampling and testing
information gathered through appropriate
techniques from locations such
as outcrops, trenches, pits, workings
and drill holes. An Inferred Mineral
Resource has a lower level of
confidence than that applying
to an Indicated Mineral Resource
and must not be converted to an
Ore Reserve. It is reasonably
expected that the majority of
Inferred Mineral Resources could
be upgraded to Indicated Mineral
Resources with continued exploration.
------------------------------------------
JORC JORC stands for Australasian Joint
Ore Reserves Committee (JORC).
The Code for Reporting of Exploration
Results, Mineral Resources and
Ore Reserves (the JORC Code) is
widely accepted as the definitive
standard for the reporting of
a company's resources and reserves.
The latest JORC Code is the 2012
Edition.
------------------------------------------
Measured Mineral Resource A 'Measured Mineral Resource'
is that part of a Mineral Resource
for which quantity, grade (or
quality), densities, shape, and
physical characteristics are estimated
with confidence sufficient to
allow the application of Modifying
Factors to support detailed mine
planning and final evaluation
of the economic viability of the
deposit. Geological evidence is
derived from detailed and reliable
exploration, sampling and testing
gathered through appropriate techniques
from locations such as outcrops,
trenches, pits, workings and drill
holes, and is sufficient to confirm
geological and grade (or quality)
continuity between points of observation
where data and samples are gathered.
A Measured Mineral Resource has
a higher level of confidence than
that applying to either an Indicated
Mineral Resource or an Inferred
Mineral Resource. It may be converted
to a Proved Ore Reserve or under
certain circumstances to a Probable
Ore Reserve
------------------------------------------
Mineral Reserves or Ore Reserves An 'Ore Reserve' is the economically
mineable part of a Measured and/or
Indicated Mineral Resource. It
includes diluting materials and
allowances for losses, which may
occur when the material is mined
or extracted and is defined by
studies at Pre-Feasibility or
Feasibility level as appropriate
that include application of Modifying
Factors. Such studies demonstrate
that, at the time of reporting,
extraction could reasonably be
justified.
------------------------------------------
Mineral Resource A 'Mineral Resource' is a concentration
or occurrence of solid material
of economic interest in or on
the Earth's crust in such form,
grade (or quality), and quantity
that there are reasonable prospects
for eventual economic extraction.
The location, quantity, grade
(or quality), continuity and other
geological characteristics of
a Mineral Resource are known,
estimated or interpreted from
specific geological evidence and
knowledge, including sampling.
Mineral Resources are sub-divided,
in order of increasing geological
confidence, into Inferred, Indicated
and Measured categories.
------------------------------------------
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END
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August 16, 2021 02:00 ET (06:00 GMT)
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