8 December 2022

Anglo Asian Mining PLC

Significant mineralisation in Gilar drill results

Results advance development schedule for the Gilar Mine

Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce drill results at the Gilar deposit confirming over 60 metres of thick and continuous gold and copper mineralisation.

The results derive from the final stage of the first phase of vertical core drilling at Gilar. The drilling has demarcated six zones of mineralisation with the latest drilling defining a deeper zone of continuous mineralisation hosting significant gold, copper and zinc values.

Given the continuity and grade of the latest drillhole mineral intercepts, as well as the depth of the mineral zone, a project for underground access with a tunnel suitable for production as well as additional exploration, is being planned.

Borehole 22GLDD118: 67.0m @ 2.02g/t gold, 1.58% copper and 1.58% zinc from 327m, including:

·    51.0m @ 2.54g/t Au, 2.00% Cu and 2.1% zinc at 1.0g/t gold cut-off from 335m, including at a 2.0 g/t Au cut-off

o 17.8m @ 4.31 g/t Au, 3.14% Cu and 2.25% zinc from 335.70m

o 10.5m @ 2.21 g/t Au, 0.41% Cu and 0.13% zinc from 375.5m

Figure 1: Cross section showing latest drill hole.

Figure 2: Map showing location of drill holes.

Stephen Westhead, Vice-President of Anglo Asian, commented:

"The extensive mineral zone thickness, continuity and grade of the recent drill intersections mean that Gilar can now be considered of high potential to provide significant gold and copper production. We are currently in the process of planning our approach to gaining underground access for exploration and drilling, and I look forward to updating you on our progress in the coming weeks."

Details about the drilling at Gilar

As detailed in the Company's RNS on 2 November 2022, the initial database and geological modelling are complete for estimation of an interim maiden Mineral Resource Estimate. The estimate is nearing completion and is expected to be published in the coming weeks. This will allow for the planning of the next stage of work, which will include inclined drilling to test certain areas for mineral extension and structural geology interpretation.

Table 1: Selected results from new drill assay results from the Gilar deposit are as follows:

Notes

(i)            Main intercepts are reported at 0.1 grammes per tonne gold cut-off

(ii)           Maximum internal waste of 5 metres and minimum intercepts of 3 metres

(iii)          True thickness of mineralised intercepts is underdetermined

Field acquisition of data from a ground magnetics geophysics programme is complete and is currently being interpreted. Additional induced polarisation (IP) geophysics is underway over the deposit itself and adjacent areas to test for extensions of the open mineralisation.

About Gilar

Gilar is a mineral occurrence located in the Gedabek contract area approximately seven kilometres from the Company's existing processing facilities. The area hosts two styles of mineralisation, gold in quartz veins and hydrothermal gold-copper. A total of 118 surface core drill holes have been completed for 32,823 metres over the Gilar deposit.

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.

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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, Azerbaijan International Mining Company, 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 resources and reserves included in this announcement.

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 64,610 gold equivalent ounces ("GEOs") for the year ended 31 December 2021.  

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.    

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.