BAKU, Azerbaijan, March 21. Anglo Asian Mining PLC [Public Limited Company], the AIM (Alternative Investment Market) listed gold, copper, and silver producer, has announced a significant increase in gold reserves at Azerbaijan's deposit, Trend reports via the company.
According to the new drilling data, the Mineral Resource Estimate ("MRE") of the Gilar deposit (non-JORC) now contains over 249,000 ounces of gold, 46,000 tons of copper, and 48,000 tons of zinc.
"Further encouraging drill results have increased the size of the deposit and provide additional confidence regarding the mineralisation. The latest drill results further validate the decision to start the construction of an underground tunnel at Gilar for exploration and production," said the statement.
Stephen Westhead, Vice-President of Anglo Asian, commenting on this, noted that Gilar is a significant gold and copper project.
"Its lower zone has the potential to supply high-grade ore at a throughput of about 700,000 tonnes per annum for over 3 years to the agitation leach plant. This will enable the evaluation of the remaining resources and expansion of the mineral resource estimate. The Company is very excited that Gilar can extend production at the current Gedabek processing facilities until Khalkhar and Garadag are brought into production," he said.
It was noted that the increase in resources is due to an additional 13 drill holes being drilled since the last estimate.
The Joint Ore Reserves Committee (JORC) is one of the 13 members of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), as well as a partner of theInternational Council on Mining and Metals.
The JORC Code, like other international reporting codes, is designed to ensure that public reports intended to inform investors and their consultants are transparent and reliable, contain all relevant information and are compiled by competent persons.
The JORC Code defines a competent person for mineral resources and ore reserves as a specialist who has the appropriate qualifications and experience that meets the standards of the mandatory Code of Professional Ethics, and has sufficient relevant experience in the types of mineralization or deposits under consideration.
Previously, the company said that the Gilar deposit contains over 135,000 ounces of gold, 21,500 tons of copper, and 23,000 tons of zinc.
The main activity of Anglo Asian Mining in Azerbaijan is concentrated in Gedabek. This year the Zafar deposit is planned to be commissioned in the Gedabek district.
Anglo Asian Mining plans to put into operation Garadagh, Kharkhar, and Damirli fields. The company has already commenced the exploration of the Vezhnali gold deposit in the Zangilan district.
Anglo Asian mainly exports gold bars produced in Azerbaijan to Switzerland. Meanwhile, copper is exported to Georgia, Uzbekistan, and Türkiye.