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Anglo Asian Mining PLC (ISE:AAZ)

Anglo Asian Mining PLC (ISE:AAZ)


Share Price
74.00 p
Change
-0.5 (-0.67 %)
Market Cap
£84.65 m
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Anglo Asian Mining PLC RNS Release

Airborne Geophysical Survey at Gedabek


RNS Number : 5837A
Anglo Asian Mining PLC
13 September 2018
 

Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining

13 September 2018

Anglo Asian Mining plc

 

First Comprehensive Review of Gold and Copper Occurrences at Gedabek via Airborne Geophysical Survey

 

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce its plans to carry out an airborne geophysical survey (the "Survey") over the entire Gedabek contract area ("Gedabek") in Azerbaijan to identify additional gold and copper mineralised occurrences and generate future drill targets. Geotech Limited, one of Canada's leading airborne geophysical companies, has been contracted to conduct the Survey.

 

Overview

 

·    First airborne geophysical survey to be launched over the entire 300 square kilometre Gedabek contract area in Azerbaijan in the coming weeks

·    The Survey is intended to identify additional gold and copper mineralised structures to provide a pipeline of new targets to enhance Anglo Asian's long-term production profile (2018 production forecast: 78,000 to 84,000 gold equivalent ounces)

·    Anglo Asian has demonstrable ability to rapidly move from first discovery to production as evidenced by the Ugur open pit mine (11-month lead time from discovery to gold pour)

 

Anglo Asian Group Director of Geology and Mining, Stephen Westhead commented, "This is the first comprehensive survey not only of the entire Gedabek site but is the first of its type to be carried out in Azerbaijan.  It is an important milestone in realising Gedabek's significant mineralisation potential.  We are already aware of many gold and copper mineral occurrences at Gedabek, and this survey should provide information on mineralisation trends at depth, thus allowing for focused future ground-based follow-up work. 

 

"I am delighted that Geotech Limited will carry out this airborne geophysical survey and I am also very pleased that the Ministry of Emergencies of the Republic of Azerbaijan has agreed to assist us by providing helicopter services."

 

Airborne geophysical survey of Gedabek

A heli-borne electromagnetic survey will be carried out over the entire Gedabek contract area. The survey will employ the Z-Axis Tipper Electromagnetic system (ZTEM). This is an innovative airborne electromagnetic surveying system which uses the natural magnetic field of the Earth.  The system is an excellent mapper of surface geology and is deeply penetrating and well suited to rugged topography.  This method is especially suitable for porphyry copper-gold and epithermal copper-gold-silver exploration.  A total of 4,512 linear kilometres are planned to be flown over Gedabek.

 

The airborne survey will provide data about geophysical anomalies arising from mineral trends and occurrences.  These will be analysed and prospective targets will be identified. The geophysical "signatures" of known deposits such as Ugur will assist identifying targets. Potential targets will be followed up with other ground-based geophysical investigative techniques including geological mapping, geochemical surveys and drilling.  Depending on results, airborne surveys may be employed in the future at the Company's other contract areas.

 

Gedabek Contract Area

Anglo Asian currently mines gold and copper from two open pit mines and one underground mine within the 300 square kilometre Gedabek contract area. The Gedabek contract area hosts many targets of different styles of mineralisation that are being assessed in order to prioritise future exploration programmes. The dominant style is epithermal high sulphidation and low sulphidation mineralisation, but previous drilling has indicated porphyry style mineralisation.  Evaluation of these opportunities will help determine the long term sustainability of Gedabek.

 

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 until the release of this announcement.

 

**ENDS**

 

For further information please visit www.angloasianmining.com or contact:

 

Reza Vaziri

Anglo Asian Mining plc

Tel: +994 12 596 3350

Bill Morgan

Anglo Asian Mining plc

Tel: +994 502 910 400

Stephen Westhead

Anglo Asian Mining plc

Tel: +994 502 916 894

Ewan Leggat

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Tel: +44 (0) 20 3470 0470

Soltan Tagiev

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Tel + 44 (0) 20 3470 0470

Susie Geliher

St Brides Partners Ltd

Tel: +44 (0) 20 7236 1177

Lottie Wadham

St Brides Partners Ltd

Tel: +44 (0) 20 7236 1177

 

Notes:

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 has a 1,962 square kilometre portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement modelled on the Azeri oil industry.

The Company's main operating location is the Gedabek contract area ("Gedabek") which is a 300 square kilometer area in the lower Caucasus mountains in western Azerbaijan. The Company developed Azerbaijan's first operating gold/copper/silver mine at Gedabek which commenced gold production in May 2009.  Mining at Gedabek was initially from its main open pit which is an open cast mine with a series of interconnected pits. The Company also operates the high grade Gadir underground mine which is co-located at the Gedabek site, In September 2017, production commenced at the Ugur open pit mine, a recently discovered gold ore deposit at Gedabek. The Company has a second underground mine, Gosha, which is 50 kilometres from Gedabek. Ore mined at Gosha is processed at Anglo Asian's Gedabek plant.

The Company produced 71,461 gold equivalent ounces ('GEOs') for the year ended 31 December 2017.  Gedabek is a polymetallic project which demonstrates a high copper content at the main open pit mine, and an oxide gold-rich zone at Ugur.  The Company therefore employs a series of flexible processing routes through which to optimise recoveries and efficiencies.  The Company produces gold doré through agitation and heap leaching operations, copper concentrate from its Sulphidisation, Acidification, Recycling, and Thickening (SART) plant and also a copper and precious metal concentrate from its flotation plant, which is processing tailings from the agitation leach plant. A second dedicated crusher line is also currently being installed for the flotation plant to enable it to operate independently of the agitation leaching plant.

Anglo Asian is also actively seeking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties in order to fulfil its expansion ambitions and become a mid-tier gold and copper metal production company.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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