Azerbaijan – focussed gold, copper and silver producer Anglo Asian Mining (LON: AAZ) announced Tuesday an independent maiden JORC mineral resource estimate (MRE) for its Garadag copper deposit.
The MRE was completed by Mining Plus UK, confirming a total resource (Indicated and Inferred categories) of approximately 900,000 tonnes of copper metal hosted in 285 million tonnes of mineralisation with average grades of 0.32% copper.
Total in-situ mineral resource of 284.9 million tonnes of mineralisation at average grades of 0.32% copper, 86.9 million tonnes of mineralisation containing 304,300 tonnes of copper within the Indicated JORC category for total in-situ mineral resource of 896,900 tonnes of copper.
The company is aiming to become a multi-asset, mid-tier primarily copper producer
The maiden MRE is based on 113 third-party drill holes totalling 25,620 metres, the company said.
To upgrade the resource estimate, Anglo Asian is planning an infill and extensional drill program analysing 26 core legacy holes drilled by AzerGold, which have not been assayed and exploration to assess further mineral potential as the Garadag Deposit is open at depth and along strike
“We are pleased to announce that this independent mineral resource estimate confirms the large amount of copper and significant potential of the Garadag deposit,” Anglo Asian vice-president Stephen Westhead said in a news release.
Westhead added that the copper contribution from Garadag will be significant in the delivery of Anglo Asian’s strategic growth plan to become a multi-asset, mid-tier primarily copper producer.
Anglo Asian has been expanding its copper footprint in Azerbaijan since 2021, when it was awarded three new copper concessions in the country.
Two of the new concessions border the existing Gedabek and Gosha Contract Areas and contain the large-scale Garadagh porphyry deposit and the adjacent Xarxar copper deposit.
As part of the deal, Anglo Asian will relinquish its rights to the open-pit Soyudlu gold mine, located on the border between Azerbaijan’s Kelbajar district and Armenia.
Anglo Asian’s stock closed the day’s trading in London up 3.5%. The company has a £102.82 million ($138m) market capitalization.
Source: MINING.COM – Read More
