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Home/Anglo Asian planning mineral exploration in Azerbaijan

Anglo Asian planning mineral exploration in Azerbaijan

The exploration sites are located at the Company's Gedabek license area in Western Azerbaijan

Anglo Asian Mining plc, the AIM-listed gold, copper and silver producer, is pleased to announce updated Mineral Resources and Ore Reserves, estimated following the JORC (2012) code, for the Gedabek open pit and Gadir underground mine located at the Company's Gedabek license area in Western Azerbaijan, Trend reports citing the company.

The Mineral Resources and Ore Reserves estimates have been prepared by the independent company Mining Plus UK Limited and are based on robust geological models, which benefit from information gathered during the mining of the deposits, recent geological work, and exploration drilling. The Company also announces an update for its Ugur open pit Mine.

Anglo Asian CEO, Reza Vaziri, said I am delighted to announce these latest JORC estimates for the Gedabek open pit and Gadir underground mines. These show the economically mineable Ore Reserves remaining in the open-pit mine amount to 284,000 ounces of gold and 26,000 tonnes of copper. The economically mineable Ore Reserves for the Gadir underground mine amount to 49,000 ounces of gold and 191 tonnes of copper.

The mine life of the new model is a further eight years assuming the current mining rate from the open pit, however, the company is carrying out a study to see if part of this ore can also be mined more efficiently by underground mining. Our ongoing exploration program targeting five new deposits is also expected to produce additional ore sources to further complement the production from the Gedabek open pit and the Gadir underground mines, Vaziri said.

The current mine life of the Gedabek open pit, based on the mining schedule used for its Ore Reserves estimation, is now eight years. The mining schedule assumes a continuation of the current mining practices used in the Gedabek open pit. However, such a mining schedule results in a spare capacity of the current processing facilities which can be used to treat additional sources of ore. Ore production from the Gedabek Open-pit will also be supplemented by stockpile material and ore mined from the Gadir underground mine to increase utilization of the processing facilities.