31 May 2023

Anglo Asian Mining PLC

Drill results further extend mineralisation 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 that further drill results at the Gilar deposit confirm an extension to the mineralisation reported by previous drilling, with intercepts of up to 51 metres of continuous gold and copper mineralisation.

The drilling has extended and confirmed the deeper zone of continuous mineralisation hosting significant gold, copper and zinc with intercept thickness of over 50 metres. Details of the intercepts can be found below.  

Borehole 22GLDD133: 51.00m @ 1.9g/t gold, 1.4% copper and 0.5% zinc from 333.00m, including:

·    34.50m @ 2.6g/t Au, 2.0% Cu and 0.7% zinc at 1.0g/t gold cut-off from 342.50m, including at a 2.0 g/t Au cut-off

o  6.80m @ 4.0g/t Au, 6.3% Cu and 3.2% zinc from 345.50m

The Company has also commenced portal construction and tunnelling for the second ventilation tunnel at Gilar. A significant amount of portal development has been undertaken including a cut back for geotechnical purposes, reinforcement of the portal area and development of infrastructure including water, power and underground ventilation.

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

"We are delighted to announce this extension to Gilar, which hosts exceptionally strong grades of gold and copper over significant thickness. We continue to develop the portal, and the team is making great progress with the tunnelling. Gilar is an exciting project for Anglo Asian, and we look forward to bringing it into production in the fourth quarter of this year."

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

Figure 2: Map showing location of drill holes.

Figure 3: Portal of the haulage tunnel of the Gilar underground mine 

Details about the drilling at Gilar

The Company is updating its databases to incorporate the increasing amount of information collected about each deposit. The Gilar database is being updated as results of drilling and underground geological mapping of the tunnels is completed to capture this valuable information that will be used for QA/QC control, engineering and planning.

Table 1: Selected assay results from new drill holes in 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

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:

About Anglo Asian Mining

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

On 30 March 2023, the Company published its strategic plan for growth which shows a clearly defined path for the Company to transition to a multi-asset, mid-tier copper and gold producer by 2028. By 2028, copper will be the principal product of the Company, with forecast production of around 36,000 copper equivalent tonnes. It plans to achieve this growth by bringing into production four new mines during 2023 to 2028 at Zafar, Gilar, Xarxar and Garadag. 

The Company owns approximately 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. 

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.

On 21 March 2023, the Company published a non-JORC mineral resource estimate for Gilar which contains over 249,000 ounces of gold, 46,000 tonnes of copper, and 48,000 tonnes of zinc (see table 2 below).

Table 2: Interim mineral resource estimate of the Gilar deposit

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)        Class 1, 2 and 3 are equivalent to the JORC classifications of measured, indicated and inferred respectively.

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.