23 October 2023

Anglo Asian Mining PLC

Drill results increase mineralisation at Gilar

Gilar mine expected to commence production in H1 2024

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 21 metres of continuous gold and copper mineralisation.

The drilling has extended the Gilar deeper zone of continuous mineralisation hosting significant gold, copper and zinc with an intercept thickness of over 20 metres. Two step-out drill holes also confirm the potential of the extension of the mineralisation. Given the depth of the mineralisation, the Company will continue further drilling from underground.

The Company is tunnelling for the main decline to access the mineralisation and a ventilation tunnel which is also being constructed. An area for a rock storage dump has now been identified, and the layout for the haul road from the mine to the processing plant has been designed. Construction of a temporary heavy earthworks' equipment workshop is due to commence at the portal area. The portal pushback area has been fully supported with geotechnical wire mesh and shotcrete. A boundary fence, lighting and auxiliary equipment including compressor and generator have also been installed.

Anglo Asian is also preparing a Joint Ore Reserves Committee ("JORC") Mineral Resource Estimate ("MRE") for the Gilar deposit. A site visit by the Company's independent geological consultants, Mining Plus UK, was completed in September as part of the required due diligence process. The maiden JORC MRE for the Gilar deposit is planned to be released in November. The Gilar mine is expected to commence production in H1 2024.

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

"The drilling results have further confirmed the extension potential of the deeper mineralisation, which will form an important component of the upcoming JORC report and prove once again the significance of the Gilar deposit. We look forward to continuing to develop the Gilar deposit, culminating in first production in H1 2024. The Gilar mine will be an important contributor to the future production of the Company given the high grades of both gold and copper."

Figure 1: 3-D section showing latest drill holes

Figure 2: Map showing location of drill holes

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

Details about the drilling at Gilar

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

Notes:

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

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

(3)      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.

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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 which time 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 the period 2024 to 2028 at Zafar, Gilar, Xarxar and Garadag. 

The Company owns approximately 17.4 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 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.