Anglo Asian Mining plc (AIM: AAZ)
Provided a JORC Mineral Resource for its Zafar polymetallic 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, in Azerbaijan.
|Anglo Asian Mining||AIM: AAZ|
|Metals||Gold, copper, silver|
|Market cap||£114 m @ 95p|
Zafar JORC Mineral Resource completed – 6.8 million tonnes of mineralisation with average copper grade of 0.50 per cent.
Anglo Asian Mining plc (AIM: AAZ) (“Anglo Asian” or the “Company”), the AIM-listed gold, copper and silver producer focused on Azerbaijan, is pleased to provide a 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
· 6.8 million tonnes of mineralisation with average grades of 0.5 per cent. copper, 0.6 per cent. zinc and 0.4 grammes of gold per tonne
· In-situ Mineral Resource of 28,000 tonnes of copper, 73,000 ounces of gold and 36,000 tonnes of zinc
· Angled drill holes completed since the maiden Mineral Resource was published on 16 August 2021 identified voids which has resulted in a smaller resource
· Upper part of the resource is now defined as more massive and continuous which will result in more efficient mining
· Over 302 metres of continuous mineralisation in the thickest intersection
· Total drilling to date is 40,538 metres
Anglo Asian Mining management comments
“Anglo Asian is pleased to report this JORC Mineral Resource for Zafar.
“While this final resource estimate is not as large as initially evaluated in our maiden JORC mineral resource, it is a considerable asset that adds significant value to our growing portfolio of resources.
“The upper part of the deposit is now defined as more continuous, which can be mined more efficiently and economically. Preparations at the site continue at pace, and we are on track to begin production in 2023.
“We look forward to updating the market on its progress.”
Anglo Asian Mining CEO Reza Vaziri
“This Mineral Resource estimate is now very robust under the criteria of the JORC reporting Code.
“The deposit can be broadly divided into an upper and lower section. The upper portion contains the main mineralisation zone where continuity of mineralisation provides for a high confidence of estimation. The lower portion exhibits less continuity with mineralisation being less massive and more irregularly distributed.
“The lower portion will be subject to further evaluation drilling in the future from underground.
“We are now proceeding with Ore Reserves estimation and mine planning. The location of the underground portal has been defined. Following further geotechnical drilling, access tunnelling and development work will commence this year.”
Anglo Asian Mining Vice-President, Stephen Westhead
Anglo Asian Mining company highlights
Anglo Asian Mining PLC (AIM: AAZ) is an established and sustainable mining business with a portfolio of copper, gold and silver production assets in western Azerbaijan. It also has a very active exploration programme.
Anglo Asian is expanding internationally, and made its first investment outside of Azerbaijan with the acquisition of a strategic interest in Libero Copper & Gold Corporation in late 2021.
The Company is profitable, debt free and pays regular dividends to its shareholders.
Anglo Asian Mining operates gold, silver and copper producing properties in Azerbaijan and has a very active minerals exploration programme.
The Company’s operations are located on the Tethyan Tectonic Belt, one of the world’s most significant gold bearing trends.