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AAZ Anglo Asian Mining share chat

Discussion in 'General Share Chat (AAZ)' started by Groucho, Sep 16, 2018.

  1. Groucho

    Groucho Member

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  2. Groucho

    Groucho Member

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    Conroy Gold & Natural Resources Plc - Update on Proposals for Joint Venture Partnership #CGNR @ConroyGoldplc https://www.voxmarkets.co.uk/rns/announcement/3d377eb2-1114-4bb5-a12e-10a4d3761ae2 #voxmarkets

    Professor Richard Conroy, Chairman, commented:

    "My colleagues and I look forward very much to working with the Demir Export team on the joint venture partnership-Project Inis, and building the
    foundations for a long term, successful relationship. The comprehensive nature of this Letter of Intent should facilitate us progressing through the next stage of the transaction.

    Demir Export has the mining expertise and the financial resources not only to bring the Clontibret gold deposit to construction ready status and into
    operation as a mine, but also to advance the significant gold potential of the other licences along the gold trend to the same status."
     
  3. Groucho

    Groucho Member

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    01 March 2021

    Anglo Asian Mining plc

    H2 2020 Geological Exploration Activities

    Gedabek, Gosha and Ordubad Contract Areas


    Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to provide a summary of its extensive and productive geological exploration activities from 1 July to 31 December 2020 ("H2 2020") at its Gedabek, Gosha and Ordubad Contract Areas.

    The exploration programme resulted in a new discovery "Zafer" during H2 2020, which was announced in January 2021. Zafer is a copper-gold mineral occurrence approximately 1.5 kilometres ("km") from the Company's processing facilities at Gedabek.

    The comprehensive exploration programme already underway at Gedabek continued in H2 2020 and substantial drilling was carried out at several priority mineral deposit targets. A considerable amount of exploration was also carried out at its Gosha contract area. However, COVID-19 travel restrictions continue to impede the geological work that could be undertaken at Ordubad. Detailed reports of the Company's work programmes, including drill hole data and other exploration results for each contract area, can be found following the links below in each relevant section and on the Company's website (www.angloasianmining.com).


    Highlights

    Gedabek

    · New mineral discovery Zafer announced on 19 January 2021

    o Copper-gold mineral occurrence discovered approximately 1.5 km north-west of the Company's Gedabek processing plant

    o Significant drill hole intersection of copper-gold mineralisation - 113 metres at 0.5 per cent. copper and 0.7 grammes per tonne ("g/t") of gold

    o Maximum grades within all drill holes completed to 31 December 2020 of up to 6.0 per cent. copper, 14.6 per cent. zinc and 12.4 g/t of gold

    · Initial models of gold and copper mineralisation completed and drilling activity continued in the Avshancli mineral district

    o Initial models of gold and copper mineralisation completed for Avshancli 1 which exhibit a central zone of about 200 by 300 metres surrounded by satellite zones

    o The central zone is free digging with the possibility of mining the area in the near future by open pit

    o Significant drill hole intercepts of up to 16.7 g/t of gold were reported

    o Outcrop and trench sampling reported notable grades of up to 19.9 g/t of gold

    · Initial drill programme commenced and surface Induction Polarisation ("IP") survey conducted at Gilar

    o Preliminary interpretation of IP survey shows main anomalies are located in the south-east and north-east part of the mineralised area

    o Significant drill hole intercepts were reported of up to 13.3 g/t of gold

    · Substantial drilling completed at the Gadir and Gedabek underground mines

    o Gold grades of up to 6.2 g/t of gold were reported in the underground Gedabek mine

    o Gold grades of up to 4.5 g/t of gold were reported in the underground Gadir mine

    · Core drilling continued at Ugur Deeps, targeting the high-grade copper and silver mineralisation

    o Seven drill holes were completed with intersections of more than one per cent. copper encountered at depths of around 300 metres

    Gosha

    · Infrastructure to support sustained geological exploration now completed including a geological camp

    · Drilling continued close to the Gosha underground mine targeting areas of extension to "Zone 5" and in the "New Zone" (the area between "Zone 5" and "Zone 13")

    o Significant gold grades of up to 15 g/t of gold were encountered

    o Assay results confirm that gold mineralisation exists at depth below "Zone 5" and "New Zone"
    Ordubad

    · Due to a continuation of the access restrictions as a result of COVID-19, no drilling was carried out in H2 2020

    · A limited trenching programme continued at the Uchurdag and Unus targets:

    o 149 trenches totalling 561 linear metres were completed

    o 560 trench samples collected from the Uchurdag and Unus targets and results will be reported in H1 2021


    Stephen Westhead, Director of Geology & Mining, commented, "Our comprehensive geological programme continues to yield excellent results. We were very pleased to report in January the discovery of Zafer in the second half of last year. Zafer is considered a very significant discovery and a preliminary estimate of the deposit size is about six million tonnes of mineralised rock. It is also very close to our processing facilities and very little additional infrastructure will be required to bring it into production. We envisage production will be by underground mining.

    "Substantial further exploration work was also carried at Gedabek, in particular at Avshancli and Gilar. An initial model of Avshancli shows gold and copper mineralisation in a 200 to 300 metre central zone surrounded by satellite zones. The central zone is free digging, and we are considering the possibility of mining this area in the near future by open pit. A core drilling programme commenced at Gilar and a surface Induction Polarisation survey was also carried out.

    "Work continued at Gosha and good drill results were obtained from holes around the existing narrow vein mine. Gosha is very under-explored and we continued with both outcrop sampling and trench sampling throughout the contract area. Unfortunately, drill access was still not possible to Ordubad due to the COVID-19 pandemic. However, some limited trench sampling was carried out at the Uchurdag and Unus targets"


    Gedabek Contract Area ("Gedabek CA")


    Gedabek open pit and Duzyurd

    There was no exploration in and around the operating Gedabek open pit and Duzyurd in H2 2020 due to production priorities. However, some reverse circulation drilling was carried out for grade control and mine planning purposes.


    Gadir and Gedabek underground mines

    A considerable amount of exploration activity was completed at Gedabek underground during H2 2020. Various platforms were utilised to complete 23 core drill holes (16 in BQ diameter and 7 HQ/NQ diameter) for a total of 1,371 metres. Gold grades of up to 6.2 g/t of gold were reported.

    Significant drilling was carried out in the Gadir underground in H2 2020. 14 core drill holes (14 in BQ diameter) were completed for a total of 533 metres. Gold grades of up to 4.5 g/t of gold were reported.


    Ugur Deeps

    Exploration in H2 2020 was focused on and around the Ugur open pit to assess the potential extensions to the Ugur deposit. Seven core drill holes were completed to the south-east of, and around, the Ugur open pit. These holes targeted deeper extents of high-grade copper-silver mineralisation. Intersections assaying more than one percent copper were encountered at depths of around 300 metres. Drilling is continuing in H1 2021.


    Zafer

    Zafer is a new discovery which was announced 19 January 2021. Zafer was defined by Anglo Asian's in-house exploration group and is a new mineral occurrence approximately 1.5 km north-west of the Company's Gedabek processing facilities. The mineralisation was identified by geological exploration follow-up of field mapping between ZTEM targets. Geological, structural and alteration mapping was used to target the initial drilling, which commenced in August 2020. A series of drill holes demonstrated that the geology progressively moved from altered rock into weakly mineralised rocks and finally into the zone of significant mineralisation.

    Once the scale of the mineralisation was understood, ground-based IP and resistivity electrical geophysics was employed to define the potential extent of the mineralisation. In total, 10 profile lines covering an overall length of nearly 25 km were completed. The 2-D and 3-D interpretations resulted in the identification of a number of "hot spot" anomalies that are being followed up with further drilling.

    The geology of the area is structurally complex, comprising mainly of Upper Bajocian-aged volcanics. The mineralisation seems to be associated with a main northwest-southeast trending structure, which is interpreted as post-dating smaller northeast-southwest structures. In the southwest area, outcrops with tourmaline have been mapped, which can be indicative of the potential for porphyry-style mineral formation. The exploration area is located along the regional Gedabek-Shekarbek fault system, with Shekarbek being another target area known to host copper mineralisation, situated in the northwest of the zone.

    In 2020, 12 drill holes were completed totalling 7,675 metres. The drill results are summarised in the linked report. The deposit is currently being drilled with three core drill machines and further geophysical work will be carried out if required. Sampling for a mineralogical study is also underway to assess the textural relations between the metallic minerals and gangue mineralogy. This will be used to assess the associations between the copper and gold mineralisation (grain size and liberation characteristics), which will be used to determine the grind sizes and processing options.

    Based on the work in 2020, a preliminary estimate of the deposit size is about six million tonnes of mineralised rock.


    Avshancli district

    Avshancli is a significant mineral district which is 10.5 km north-east of the Gedabek open pit. Avshancli is a gold-copper occurrence comprising three defined areas, Avshancli 1, 2 and 3. In H2 2020, detailed mapping continued over the region. Both core and reverse circulation drilling, as well as outcrop and trench sampling, were carried out. These programmes all remain ongoing. Fourteen core drill holes totalling 2,978 metres and 54 reverse circulation drill holes totalling 3,676 metres were completed. Significant intercepts of up to 16.7 g/t of gold were reported. Outcrop and trench sampling reported notable grades of up to 19.9 g/t of gold.

    Initial models of gold (at > 0.3 g/t gold) and copper (at > 0.2 per cent.) mineralisation have been prepared for Avshancli 1. The mineral concentrations exhibit a central zone about 200 by 300 metres surrounded by satellite concentrations that are currently disconnected from the main central zone. The central area contains gold mineralisation near surface in a substrate that is free digging. The thickness of the zone seems restricted and work is continuing to assess geological controls on the continuity both laterally and at depth. Exploration is on-going with further work planned to test the continuity from the central area to the satellite zones.


    Gilar

    Gilar is a new mineral occurrence located approximately two km south of Avshancli 1. A considerable amount of exploration was completed during H2 2020 comprising core drilling and outcrop mapping. A ground-based Induction IP survey was also carried out.

    To commence the initial drill programme, 19 core drill holes were completed at Gilar during H2 2020 totalling 5,832 metres. Significant intercepts were reported of up to 13.3 g/t of gold. An additional three core drill holes were drilled in the flank of the Gilar for the evaluation of ZTEM shallow targets ZS14 and ZS15. Interpretation of the ZTEM drill holes will be reported in 2021.

    BLASTO LLC were contracted to conduct an IP survey over the Gilar mineralisation area, which was carried out between 19 August to 1 September 2020. The target depth of exploration was 400 metres. Six profile lines (including one test profile) were run. Interpretation of the IP data is currently being undertaken by both an external consultant and the Company. The preliminary interpretation shows the main anomalies are located in the south-east and north-east part of the mineralisation area.

    A detailed report on the H2 2020 exploration activities at the Gedabek CA can be found at https://www.angloasianmining.com/operations/exploration-and-development/.


    Gosha Contract Area ("Gosha CA")

    Preliminary infrastructure has now been constructed at Gosha to support exploration efforts. In H2 2020, seven core drill holes were completed for a total of 1,636 metres. These were drilled around "Zone 5" and the now named "New Zone" between "Zone 5" and "Zone 13", which is approximately 500 metres from "Zone 5". The aim of this drill programme continues to be to test the Gosha vein system at depth, below the current "Zone 5" and to further assess the "New Zone". Significant gold grades of up to 15 g/t of gold were encountered. These assay results confirm that gold mineralisation exists at depth below "Zone 5" and "New Zone".

    Surface exploration was also carried out at the Gocdere and Khatinca regions of the Gosha CA. 145 outcrop samples were collected and 14 trenched totalling 301 metres were completed from which 190 samples were taken.

    A detailed report on the H2 2020 exploration activities at the Gedabek CA can be found at https://www.angloasianmining.com/operations/exploration-and-development/.


    Ordubad Contract Area ("Ordubad CA")

    Due to COVID-19 restrictions, drill access continued to be restricted and therefore no drilling was able to be undertaken in H2 2020. Trench work was carried out during H2 2020 on the Unus and Uchurdag gold vein systems. A total of 149 trenches were dug amounting to 561 linear metres. 560 samples were obtained at one metre intervals unless geological constraints warranted adjustment in sample length. Assay results for these samples have not yet been received and will be reported in H1 2021.

    The Company is still awaiting results from the samples collected by the geological team from the Natural History Museum London as part of their ongoing From Arc Magmas to Ores ("FAMOS") international research project. This study is being carried out to determine whether there are any indications of a porphyry system within the Ordubad CA. The results of this investigation should have been available by now, but unfortunately they have been delayed by the COVID-19 pandemic.

    A detailed report on the H2 2020 exploration activities at the Gedabek CA can be found at https://www.angloasianmining.com/operations/exploration-and-development/.
     
  4. Groucho

    Groucho Member

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    15 April 2021

    Anglo Asian Mining plc

    Q1 2021 Production and Operations Review

    Production of 15,810 gold equivalent ounces calculated using budget metal prices

    Full year production guidance for 2021 of 64,000 to 72,000 gold equivalent ounces


    Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to provide a production, sales and operations review for its Gedabek gold, copper and silver mining and production contract area ("Gedabek") in western Azerbaijan for the three months to 31 March 2021 ("Q1 2021") together with its production guidance for the full year to 31 December 2021 ("FY 2021").


    Note that all references to "$" are to United States dollars.


    Q1 2021 Production Update


    · Gold production for Q1 2021 of 11,907 ounces (Q1 2020: 15,867 ounces)

    · Copper production for Q1 2021 increased by 14 per cent. to 638 tonnes (Q1 2020: 559 tonnes)

    · Silver production for Q1 2021 totalled 35,365 ounces (Q1 2020: 34,642 ounces)

    · 15,810 gold equivalent ounces ("GEOs") produced calculated using budgeted metal prices


    Q1 2021 Sales and Cash Update


    · Cash of $22.9 million at 31 March 2021 (31 December 2020: $38.8 million)

    o Dividend of $1.7 million paid in Q1 2021

    o Balance of corporation tax for FY 2020 of $6.3 million paid in Q1 2021

    o Post Q1 2021 sales of inventory

    · Unsold Company inventory at 31 March 2021 valued at $15.2 million (5,592 ounces of gold valued at $9.7 million and $5.5 million worth of copper concentrate)


    FY 2021 Production Guidance

    · Forecast gold production for FY 2021 of 48,000 to 54,000 ounces (FY 2020 actual production: 56,864 ounces of gold)

    o Lower gold production forecast due to mining only from the Company's existing Gedabek and Gadir mines in 2021 with no contribution from Ugur which has now been depleted

    · Forecast copper production for FY 2021 of 2,500 to 2,800 tonnes of copper (FY 2020 actual production: 2,591 tonnes of copper)

    · Forecast production assumes no production from the newly restored contract areas during 2021

    · Forecast total metal production for FY 2021 of 64,000 to 72,000 GEOs (FY 2020 actual production: 67,249 GEOs)


    Anglo Asian CEO Reza Vaziri commented: "This year we will only be mining from our existing Gedabek open pit and Gedabek and Gadir underground mines. Gold production is therefore expected to be lower as there will be no contribution from Ugur, which was depleted in 2020. However, we are expecting an increase in copper production as we take more ore from the Gedabek open pit. The first quarter's production and the full year production guidance reflect this fact.


    "Our successful exploration programme, which has progressed significantly during 2020, is continuing. We are looking forward to starting to reap the benefits of this exploration with production next year from Avshancli. The drilling results from Zafer continue to be encouraging and we have now engaged third party consultants to provide indicative estimates of resources. We are also just starting to understand the potential of the newly-restored contract areas. A recent visit to the Vejnaly contract area in Zangilan has identified some high grade ore stockpiles and the feasibility of transporting this ore to Gedabek for processing is being evaluated. I look forward to updating shareholders further throughout the year."


    Production Overview for Q1 2021

    · Q1 2021 gold production of 11,907 ounces (Q1 2020: 15,867 ounces):

    o 11,541 ounces contained within gold doré

    o 13 ounces from sulphidisation, acidification, recycling and thickening ("SART") processing

    o 353 ounces from flotation

    · Copper production for Q1 2021 increased by 14 per cent. to 638 tonnes (Q1 2020: 559 tonnes):

    o 276 tonnes from SART processing

    o 362 tonnes from flotation processing

    · Silver production for Q1 2021 totalled 35,365 ounces (Q1 2020: 34,642 ounces):

    o 4,916 ounces contained within gold doré

    o 19,850 ounces from SART processing

    o 10,599 ounces from flotation

    · Reportable total metal production of 15,431 GEOs (Q1 2020: 18,219 ounces)

    o The actual price of gold was higher than the budgeted price which decreased the gold equivalent value of the copper


    Sales overview


    · Q1 2021 gold bullion sales of 5,635 ounces at an average of $1,697 per ounce (Q1 2020: 11,236 ounces at an average of $1,577 per ounce)

    · No copper concentrate shipments were made in Q1 2021 as the renegotiated contracts with off-takers were waiting the approval of the Government of Azerbaijan (Q1 2020: sales of 2,018 dry metric tonnes ("dmt") with a value of $2.9 million)

    o Government approval for the new contracts has now been obtained


    Company financials

    · Cash of $22.9 million at 31 March 2021 (Cash of $38.8 million at 31 December 2020)

    · Unsold gold doré and copper concentrate inventory of $15.2 million at 31 March 2021

    · Gold doré production from 11 February to 31 March 2021 was not shipped to the refiner until April to minimise shipping costs. 2,000 ounces of the contained gold bullion was sold on 6 April 2021 for $3.5 million

    Anglo Asian Mining - Q1 2021 Production and Operations Review #AAZ @AAZMining https://www.voxmarkets.co.uk/rns/announcement/41cdbed2-3cde-4639-a52a-1e130ed4f6ab #voxmarkets


    FY 2021 production guidance

    The production guidance has been calculated using the following metal prices used for the 2021 budget:

    - Gold: $1,650 per ounce
    - Silver: $25 per ounce
    - Copper: $8,700 per tonne

    The production guidance is for 100 per cent. of the Company's production which will be subject to an expected 12.75 per cent. production share throughout 2021 with the Government of Azerbaijan under the Company's existing production sharing agreement.

    The production guidance contains no production from the three new restored territories. The Company is evaluating whether ore stockpiled at the Vejnaly contract area can be transported to Gedabek for processing.
     
  5. Groucho

    Groucho Member

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    21 April 2021

    Anglo Asian Mining plc

    Five-year Extension to Gedabek Contract Area Approved

    Negotiations Continue for Additional Territory


    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 it has obtained ratification for the first of the two permitted five-year extensions of the Production Sharing Agreement for its Gedabek Contract Area. The Company is also currently in negotiations with the Government of Azerbaijan to obtain an extension of the territory of its existing contract areas and for new contract areas in Azerbaijan.


    Anglo Asian CEO, Reza Vaziri, commented: "I am very pleased to announce that the Company has obtained the first of the five-year extensions of the Production Sharing Agreement for the Gedabek Contract Area, especially as we continue with our exploration programme which has already identified a number of new mineral occurrences including Zafer and Avshancli.

    "This extension has been ratified by the Government of Azerbaijan during on-going negotiations for the Company to increase its land under concession in Azerbaijan both through enlargement of its existing contract areas and the licencing of new areas. This will enable the Company to expand its operations in the country. It is expected these negotiations will be concluded shortly and I look forward to updating shareholders."
     

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