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

	Tonnage million tonnes	In-situ grades			Contained metal
		Copper %	Gold g/t	Zinc %	Copper kt	Gold kozs	Zinc 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.”

 

 

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:

Reza Vaziri	Anglo Asian Mining plc	Tel: +994 12 596 3350
Bill Morgan	Anglo Asian Mining plc	Tel: +994 502 910 400
Stephen Westhead	Anglo Asian Mining plc	Tel: +994 502 916 894