24 January 2023

Anglo Asian Mining PLC

Gilar drill results extend mineralisation

Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce further drill results at the Gilar deposit. These confirm an extension to the mineralisation reported by previous drilling with intercepts of up to 68 metres of continuous gold and copper mineralisation:

Borehole 22GLDD127: 68.35m @ 2.40g/t gold, 2.89% copper and 1.58% zinc from 320.00m, including:

·    55.4m @ 2.7g/t Au, 3.5% Cu and 1.4% zinc at 1.5g/t gold cut-off from 331.00m, including at a 2.0 g/t Au cut-off

o  33.3m @ 3.0g/t Au, 5.4% Cu and 2.0% zinc from 333.00m

o  14.4m @ 2.8 g/t Au, 0.4% Cu and 0.2% zinc from 372.00m

The results are from the extension drilling of six vertical core drill holes at the south-west of the Gilar site. The overall drilling has demarcated six zones of mineralisation referenced in the RNS of 19 December 2022. Recent drilling has extended and confirmed the deeper zone of continuous mineralisation hosting significant gold, copper and zinc with intercept thickness of over 65 metres. One drill hole (22GLDD122 - figure 2 below) in the centre of Gilar also intersected significant mineralisation. Two further inclined drill holes in the south-west of Gilar are now complete and subject to verification and analysis.   

These results give additional confidence to the decision to start the construction of a tunnel at Gilar for underground access suitable for exploration and production. The new drill results are likely to increase the recently reported preliminary resource estimates. Selected drill hole assay results are detailed below in Table 1.

Stephen Westhead, Vice-President of Anglo Asian, commented: "Gilar continues to deliver exceptionally good grades of gold and copper over significant thicknesses of mineralisation. This will clearly increase the mineral resources of the deposit. The discovery of free gold at Gilar will mean adjusting our approach to processing the deposit, with preliminary metallurgical testwork planned to optimise the recovery of metals. The team are very excited to progress this project at pace and begin production."

Figure 1: 3-D section showing latest drill holes.

                                  Figure 2: Map showing location of the latest drill holes.

Details about the drilling at Gilar

The Company is currently updating its databases to incorporate the increasing amount of information collected about each deposit. The Gilar database is being updated to capture this valuable information that will be used for QA/QC control, engineering and planning. Drilling will continue to test the extensions of mineralisation to the south-west as well as infill drilling in the central area.

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

Free gold in the Gilar deposit

A mineralogical analysis facility has been established at Gedabek with the capability of preparing polished and thin sections of ore samples to enable the characterisation and quantification of the minerals contained in the samples by optical microscopy.  In a recent study, free gold in quartz has been identified in samples of Gilar ore (Figure 3). This type of ore characterisation work allows the determination of mineral interrelations and liberation sizes, which are valuable data for both comminution and mineral separation process optimisation purposes.

Detailed mineralogical examination of field samples, combined with XRD (X-ray diffraction) analysis, also enables the Company's exploration geologists to interpret mineral sequences that can be used for vectoring towards target mineralisation.

Figure 3: Gilar free gold in quartz in photo-micrograph.

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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About Anglo Asian Mining

Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer in south-west Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company produced 57,618 gold equivalent ounces ("GEOs") for the year ended 31 December 2022.  

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. Two further follow-on investments have been made in Libero to maintain the Company's shareholding at 19.8 per cent.

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. https://www.angloasianmining.com/

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 127 surface core drill holes have been completed for 36,168 metres over the Gilar deposit.

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, 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 mineral resources included in this announcement.