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Azerbaijan-focused gold-silver-copper producer Anglo Asian Mining (LON: AAZ) announced Tuesday an independent JORC-compliant mineral resource estimate (MRE) for its Garadag copper deposit.
The MRE was completed by Mining Plus UK, confirming a total resource of approximately 900,000 tonnes of copper hosted in 285 million tonnes with average grades of 0.32% copper. This total in-situ mineral resource includes 86.9 million tonnes containing 304,300 tonnes of copper in the indicated category.
The company is aiming to become a multi-asset, mid-tier primarily copper producer
The resource estimate, the first for the deposit, was based on 113 third-party drill holes for a total of 25,620 metres, the company said.
To upgrade the resource estimate, Anglo Asian is planning an infill and extensional drill program analyzing 26 core legacy holes drilled by AzerGold, which have not been assayed. Further exploration is also planned to assess the extent of mineralization at the Garadag deposit.
“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 company’s existing Gedabek and Gosha contract areas and contain the large-scale Garadag 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 ($138 million) market capitalization.
