Follow-on investment in Libero Copper & Gold Corp

RNS Number : 1667V

Anglo Asian Mining PLC

08 August 2022

 

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

8 August 2022

Anglo Asian Mining plc

Follow-on investment in Libero Copper & Gold Corporation

2.9 million new shares acquired as part of Libero's CAN$4.5 million placing

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer primarily focused in Azerbaijan, is pleased to announce it has made a further investment in Libero Copper & Gold Corporation ("Libero") to acquire 2.9 million new shares at CAN 33 cents per share for a total consideration of CAN$957,000 (US$748,000). The investment forms part of Libero's recently launched private placement with gross proceeds of approximately CAN$4.5 million to be used for exploration at the Big Red porphyry copper project in British Columbia, Canada.

Libero is listed on the TSX Venture Exchange (ticker LBC) and owns, or has the right 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. Maintaining its 19.9 per cent. interest in Libero reflects Anglo Asian's strategy to increase its exposure to copper both in Azerbaijan and internationally, which will be critical to transitioning towards a mid-tier production profile.

All references to "US$" are to United States dollars and all references to "CAN$" are to Canadian dollars. An exchange rate of US$1 = CAN$1.28 has been used throughout.

Placing Highlights

· Libero launched a private placement with proceeds to be used for exploration at the Big Red porphyry copper project in British Columbia, Canada

o  Libero issued a total of 13.7 million new shares at CAN 33 cents per share by a private placement - gross proceeds of approximately CAN$4.5m (US$3.5m)

· Anglo Asian acquired 2.9 million of the new shares issued for CAN$957,00 (US$748,000) to maintain its ownership of Libero at 19.9 per cent. Following the further investment, Anglo Asian now has the following interest in Libero

o  15.5 million common shares

o  6.3 million warrants exercisable at CAN 75 cents per share

· The investment maintains Anglo Asian's substantial holding in Libero, which has a range of exiciting assets, a highly experienced and competent management team and strong relationships with local communities across its geographies

Anglo Asian CEO Reza Vaziri, commented:  

"Anglo Asian was delighted to further invest to maintain our holding in Libero, while helping to fund the exploration of the Big Red copper project. Libero holds an exciting range of copper assets throughout the Americas, providing us with significant exposure to future copper production. Libero also diversifies our risk profile as our first investment outside of Azerbaijan. We maintain full confidence in Libero and its accomplished management team to drive forward these exciting projects."

Libero Copper & Gold corporation

Libero is a holding company incorporated in British Columbia, Canada with its head office in Vancouver, British Columbia. It has a very experienced and seasoned management team and its Executive Chairman is Ian Slater, who has founded numerous companies and been involved in the Mining industry for 25 years. Libero's management team is led by Ian Harris, Chief Executive Officer and President, who is a mining engineer with over 20 years' experience leading mining projects worldwide including over 10 years working and living in South America. Michael Sununu (a director of Anglo Asian) was appointed to the board of Libero in January 2022. Libero is listed on the Toronto Venture  Exchange (ticker LBC). For further information, visit: https://www.liberocopper.com .

Libero holds a collection of porphyry copper deposits throughout the Americas in prolific but stable jurisdictions. Its four principal exploration properties are:

1 Mocoa (Colombia)

Mocoa is a porphyry copper-molybdenum deposit located in Putumayo, Colombia in the Jurrasic porphyry belt which extends through Ecuador and Colombia, including the Mirador mine and Waritza deposit. A pit-constrained NI 43-101 compliant resource at Mocoa contains 636 million tonnes of 0.45 per cent. copper equivalent at 0.25 per cent. cut-off, containing 4.6 billion pounds of copper and 511 million pounds of molybdenum. Mocoa is open in both directions, along strike and at depth.

The drill results from its recent campaign have been released, which are highly encouraging. The first drill hole was completed to a depth of 1,236 metres and complete assay results have been reported. 1,229 metres of 0.58 per cent. copper equivalent (0.42 per cent. copper and 0.047 per cent. molybdenum) from 7 metres to 1,236 metres was returned. These assay results confirm the exceptional grade, thickness, and strength of the mineralisation present in the area. Nine new porphyry targets indicating significant expansion potential at Mocoa have been identified. A water baseline study which forms part of an environmental baseline study has commenced.

2 Big Bulk (Canada)

Big Bulk is a porphyry copper-gold target located 50 kilometres southeast of Stewart, British Columbia, Canada. Big Bulk is fully permitted. In September 2021, the Company completed a 2,000 metre diamond drill programme at Big Bulk.

The results of the drill programme in September 2021 were were announced by Libero on 4 January 2022. Drill hole one intersected 37.44 metres of 0.42 per copper equivalent* (0.3 per cent. copper, 0.15 grammes per tonne of gold and 0.59 grammes per tonne of silver) including 9.5 metres of 0.59 copper equivalent* (0.43 per cent. copper, 0.20 grammes per tonne of gold and 0.79 grammes per tonne of silver). Drill hole 5 intersected 97 metres of 0.34 per cent. copper equivalent* (0.19 per cent. copper, 0.18 grammes per tonne of gold and 0.97 grammes per tonne of silver). The drill results indicate the potential of the property to host a sizeable porphyry deposit. Further details of the drilling results are available at https://www.liberocopper.com/_resources/news/nr_20220104.pdf .

* metal prices used to calculate the copper equivalent are Copper - US$3.5/lb, Gold - US$1,850 per ounce and Silver - US$25 per ounce.

3 Big Red (Canada)

Big Red is a new porphyry copper-gold discovery in the Golden Triangle, British Columbia, Canada - a geological province famous for its prodigious gold and copper mineralisation. The initial drill programme was completed during the 2020 field season, resulting in the Terry discovery. Four holes were drilled at the end of the season and each of the holes was mineralised from surface to end of hole. In October 2021 the Company completed an initial 5,000 metre diamond drill programme.

Processing of the 2021 airborne magnetics and radiometrics survey has now been carried out, which identified a large four by four by four kilometre triangular-shaped area with strong potassic alteration immediately southeast of, and continuous with, the Terry porphyry copper-gold discovery representing a possible hydrothermal source for the copper-gold mineralisation. A number of targets for follow-up examination have been identified and a field crew has been mobilised to commence the summer field program.

4 Esperanza (Argentina)

Esperanza is a porphyry copper-gold and epithermal gold project located in the prolific precious and base metal endowed Huachi mining district, San Juan province, Argentina. Permits to start exploration at Esperanza are in the process of being acquired.

**ENDS**

For further information please contact:

Reza Vaziri	Anglo Asian Mining plc	Tel: [phone]
Bill Morgan	Anglo Asian Mining plc	Tel: [phone]
Stephen Westhead	Anglo Asian Mining plc	Tel: [phone]
Ewan Leggat	SP Angel Corporate Finance LLP Nominated Adviser and Broker	Tel: [phone]
Adam Cowl	SP Angel Corporate Finance LLP Nominated Adviser and Broker	Tel + 44 (0) 20 3470 0470
Charlie Jack	Hudson Sandler	Tel: [phone]
Harry Griffiths	Hudson Sandler	Tel: [phone]

Notes to editors:

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 produced 64,610 gold equivalent ounces ("GEOs") for the year ended 31 December 2021. 

In December 2021, the Company undertook a private placement which acquired 19.8 per cent. of Libero Copper & Gold Corporation ("Libero"). The transaction was completed in January 2022. 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.   

On 5 July 2022, the Government of Azerbaijan ratified amendments to its Production Sharing Agreement, granting Anglo Asian three additional concessions totalling a combined area of 882 square kilometres. This includes the Garadagh porphyry copper deposit, with a Soviet classified resource of over 300,000 tonnes of copper. The acquisition of these concessions is transformational to Anglo Asian's asset portfolio and underpins the strategic target of transitioning into a mid-tier copper focused miner.

https://www.angloasianmining.com/

 

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