24 September 2024
Anglo Asian Mining
plc
Maiden JORC Mineral Resource
Estimate confirms over 300,000 tonnes of copper (Indicated
category) at Garadag
Anglo Asian Mining plc ("Anglo
Asian" or the "Company"), the AIM-listed gold, copper and silver
producer focused on Azerbaijan, is pleased to announce the
completion of an independent maiden JORC (2012) Mineral
Resource Estimate for its Garadag copper deposit (the "Garadag
Deposit") completed by Mining Plus UK, confirming a total resource
(Indicated and Inferred categories) of approximately 900,000 tonnes
of copper metal hosted in 285 million tonnes of mineralisation with
average grades of 0.32 per cent. copper.
Highlights:
·
Total in-situ mineral resource of 284.9 million
tonnes of mineralisation at average grades of 0.32 per cent.
copper
o 86.9
million tonnes of mineralisation containing 304,300 tonnes of
copper within the Indicated JORC category
o 198.0
million tonnes of mineralisation containing 592,600 tonnes of
copper within the Inferred JORC category
·
Total in-situ mineral resource of 896,900 tonnes
of copper
·
Maiden mineral resources estimate based on 113
third-party drill holes totalling 25,620 metres
·
Company work programme in place to upgrade mineral
resources and assess mineralisation potential at depth and along
strike
Further work at the Garadag Deposit and reclassification of
mineral resources
To improve and upgrade the current
mineral resource estimate, the Company is undertaking a further
work programme. This work programme will include the
following:
·
Improving the definition of the mineralisation
zones and improving the modelling of alteration zones
·
Planning an infill and extensional drill
programme
·
Analysing 26 core legacy holes drilled by AzerGold
Closed Joint Stock Company ("AzerGold") which have not been
assayed
·
Resampling of the pulps from inherited drill
holes
·
Exploration to assess further mineral potential as
the Garadag Deposit is open at depth and along strike
Stephen Westhead, Vice-President of Anglo
Asian, commented:
"We are pleased to announce that this independent mineral
resource estimate completed by Mining Plus confirms the large
amount of copper and significant potential of the Garadag deposit,
with a total resource of 284.9 million tonnes of mineralisation at
0.32 per cent. copper grades, hosting nearly 900,000 tonnes of
copper metal. We look forward to further studying the deposit to
increase the mineral resource and its categories and formalise our
planning processes to commence production. The copper contribution
from Garadag will be significant in the delivery of Anglo Asian's
strategic growth plan to become a multi-asset, mid-tier primarily
copper producer."
Mineral Resource Estimate for the Garadag Deposit by domain at
July 2024
|
Domain
|
Cut-off
|
Indicated
|
Inferred
|
Indicated and
inferred
|
|
Tonnes
(Mt)
|
Grade
(Cu %)
|
Metal
(kt)
|
Tonnes
(Mt)
|
Grade
(Cu %)
|
Metal
(kt)
|
Tonnes
(Mt)
|
Grade
(Cu %)
|
Metal
(kt)
|
|
0
(un-mineralised)
|
0.13%
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
1
(leach)
|
0.13%
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
3
(enriched)
|
0.13%
|
45.8
|
0.45
|
205.6
|
68.9
|
0.42
|
285.9
|
114.7
|
0.43
|
491.5
|
|
5
(primary)
|
0.13%
|
41.1
|
0.24
|
98.7
|
129.1
|
0.24
|
306.7
|
170.2
|
0.24
|
405.4
|
|
Total
|
|
86.9
|
0.35
|
304.3
|
198
|
0.30
|
592.6
|
284.9
|
0.32
|
896.9
|
Note that all tonnages
reported are dry metric tonnes. Totals may not add due to
rounding.
The mineral resource estimate in the
above table was prepared using a copper selling price of $9,000 per
tonne to determine the amount of copper under the Reasonable
Prospects for Eventual Economic Extraction ("RPEEE") criteria of
JORC.
Further details about the Garadag
Deposit, the mineral resource estimate, and the current work being
carried out at Garadag can be found below in Appendix
One.
Interactive presentation on the Garadag
Deposit
An interactive 3-D presentation of
the Garadag Deposit, including details of its maiden JORC Mineral
Resource, is available at https://garadag-jorc-mre-2024sep.jalnext.com/.
This presentation also includes various depictions
of the local topography of the Garadag Deposit, details of drill
holes, block and shell models, and the location of the exploration
adit.
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:
|
Anglo Asian Mining plc
|
|
|
Reza Vaziri, Chief Executive
Officer
|
Tel: +994 12 596 3350
|
|
Bill Morgan, Chief Financial
Officer
|
Tel: +994 502 910 400
|
|
Stephen Westhead, Vice
President
|
Tel: +994 502 916 894
|
|
|
|
|
SP
Angel Corporate Finance LLP (Nominated Adviser and
Broker)
Ewan Leggat
Adam Cowl
|
Tel: +44 (0) 20 3470 0470
|
|
Hudson Sandler (Financial PR)
Charlie Jack
Harry Griffiths
|
Tel: +44
(0) 20 7796 4133
|
Notes to Editors:
Anglo Asian Mining
plc (AIM:AAZ) is a gold, copper and silver producer with a
high-quality portfolio of production and exploration assets
in Azerbaijan. The Company produced 31,821 gold equivalent
ounces ("GEOs") for the year ended 31 December
2023.
On 30 March 2023, the Company
published its strategic plan for growth which shows a clearly
defined path for the Company to transition to a multi-asset,
mid-tier, copper and gold producer by 2028, by which time copper
will be the principal product of the Company, with annual forecast
production of around 36,000 copper equivalent tonnes. It plans to
achieve this growth by bringing into production four new mines
during the period 2024 to 2028 at Zafar, Gilar, Xarxar and
Garadag.
https://www.angloasianmining.com/
Competent Person Statement
The information in the announcement
that relates to exploration results and Mineral Resources is based
on information compiled by Maria del Carmen
Muñoz Lizarve ("Ms Maria"), who is a
full-time employee of Mining Plus and has acted as an
independent consultant on the Garadag Mineral Resource estimation.
Ms Maria is a
registered member of The Australasian Institute of Geoscientists
(MAIG number 7570) and the Peruvian College of Engineers (Licence
number 115281).
Ms Maria 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'. Ms Maria
consents to the inclusion in the announcement of
the matters based on her information in the form and context in
which it appears.
Ms Maria has
extensive experience, relevant to the style of mineralisation and
type of deposit under consideration and to the activity that she is
undertaking, to qualify as a "competent person" as defined by the
AIM rules. Ms Maria
has reviewed the Mineral Resources included in
this announcement.
APPENDIX ONE
FURTHER INFORMATION REGARDING THE GARADAG DEPOSIT AND THE JORC
(2012) MINERAL RESOURCE ESTIMATE
Garadag Deposit
The detailed JORC ('Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves (JORC Code) 2012
Edition') "JORC" Mineral
Resource Estimate with the accompanying Table 1 as an appendix for
the Garadag Deposit has been published on the Company's website and
is available at:
https://wp-angloasianmining-2020.s3.eu-west-2.amazonaws.com/media/2024/09/Garadag_JORC_FINAL.pdf
Garadag mineral resources - supporting work and independent
expert opinion
The Company contracted Mining Plus
UK Ltd (Mining Plus) to estimate the Mineral Resources of the
Garadag Deposit. This work incorporated all the historic data that
was acquired about the Garadag Deposit that was compiled by its
previous owners.
About the Garadag Deposit
The Garadag mineralisation is copper
dominant and comprises oxides in the upper portion, and sulphides
at depth. The primary sulphide mineral is chalcopyrite. The
enrichment zone minerals are chalcocite, covellite and bornite. The
main oxide minerals are comprised of malachite, azurite and rarely
neotocite. The oxide zone is not well developed at Garadag and the
current understanding is that it forms a very minor part of the
mineralisation stratigraphy.
The main copper mineralisation
lenses are located in the central portion of the Garadag deposit,
with approximate east to west orientations.
APPENDIX TWO
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.
|