19 December 2022

Anglo Asian Mining PLC

Preliminary Mineral Resource Estimate completed at Gilar

Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce the completion of a preliminary maiden Mineral Resource Estimate ("MRE") of the Gilar deposit, which contains over 135,000 ounces of gold, 21,500 tonnes of copper, and 23,000 tonnes of zinc.

The MRE (which is not a JORC resource) was compiled by an independent consultant and is based on stage one drilling. The resources have been estimated using the JORC guidelines, but because the estimate is subject to validation classes 1, 2, and 3 are stated, instead of the usual Measured, Indicated and Inferred classifications.

The site location for the portal has been finalised in order to enable tunnelling to commence. Preliminary earthworks for portal construction are underway and the Company looks forward to updating on the commencement of tunnelling.

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

"As an initial resource estimate that is likely to be increased with further drilling, Gilar has the potential to provide significant gold and copper mineralisation from underground production. This will prove critical as we bridge the gap between declining grades at Gedabek and our larger, new concessions entering production in the medium-term.

"Given the considerable depth of the mineralisation, an underground tunnel will be constructed for further drilling. I look forward to updating on this in the near future."

Preliminary Maiden Mineral Resource Estimate

Notes:

(1)      Cut-off grade 0.5 Au eq  / Au eq = Au g/t + (Cu% x 1.49) + (Zn x 0.46) + (Ag x 0.01) + (Pb x 0.37)

(2)      Amounts of contained metal have been rounded to the nearest hundred of ounces or tonnes

Figure 1: Grade continuity in drill holes 3D view (Au cutoff=0.1, intercept average Au>=0.3g/t

Modelling of the drill results has demarcated six zones of mineralisation with the latest drilling defining a deeper zone of continuous mineralisation over 60 metres thick hosting both gold and copper mineralisation, as reported in the RNS of 8 December 2022.

Figure 2: 3-D model showing domain zones used for modelling and estimation (modelled from drill results)

Figure 3: Mineralisation Block Model based on Au Equivalent (AU = Au g/t + (Cu% x 1.49) + (Zn x 0.46). Inset border defines area of lower target zone.

The lowest zone is open in all directions and currently is estimated to host a minimum of 0.9 million tonnes of mineralisation at 1.59 grammes per tonne of gold, 0.88 per cent. copper and 0.85 per cent. zinc, containing 45,900 ounces of gold, 7,800 tonnes of copper and 7,600 tonnes of zinc. Given the depth of this mineralisation, an underground tunnel will be constructed to access this lower zone for further drilling and in due course for production. This is more efficient and cost-effective than continuing the surface drilling. Surface definition core drilling will continue to target infill areas between the currently defined higher level mineral zones.

Gilar

Gilar is a mineral occurrence located in the Gedabek contract area, approximately seven kilometres from the Company's processing facilities. The area hosts two styles of mineralisation, gold in quartz veins and hydrothermal gold-copper.

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.