BAKU, Azerbaijan, December 11. Anglo Asian Mining (AAM) plc company, the gold, copper and silver producer working in Azerbaijan, has announced the completion of a maiden Mineral Resource estimate for its Gilar polymetallic deposit under the JORC (2012) code, Trend reports via the company.
The estimate was prepared by UK's Mining Plus company.
According to the JORC reporting code, the Gilar deposit was confirmed to have 6.10 million tons of mineralization with average grades of 0.88 percent for copper, 0.75 percent for zinc, and 1.30 grams of gold per ton.
As many as 135 holes (117 vertical and 18 inclined) with a total length of 42,821 meters were drilled for the maiden Mineral Resource estimate, and 145 drill holes were completed for a total length of 46,409 meters.
Thus, mineral resources of the deposit amount to 54,000 tons of copper, 255,000 ounces of gold and 46,000 tons of zinc.
CEO of AAM Reza Vaziri said that the maiden mineral resource estimate for the Gilar deposit under the JORC (2012) code marks a significant milestone for the asset.
It is a great step forward in understanding its geo-positioning, mineralization geometry and importantly the significant value opportunity it offers our stakeholders, he noted.
Besides, AAM Vice-President Stephen Westhead added that tunneling to access the mineralization is progressing.
"The Gilar mine will be an important contributor to the future production of the company given its high grades of both gold and copper," he said.
The mine's production will be critical to bridge the gap between declining grades at AAM's existing mines at Gadabay and the company's larger, new concessions entering production in the medium-term, the vice-president explained.
Infrastructure development at the deposit is rapidly ongoing, since production at Gilar is scheduled to begin in the first half of 2024.
A road is being built from Gilar to the processing plant in Gadabay.
The main activity of Anglo-Asian Mining in Azerbaijan is concentrated in Gadabay.
In the coming years, Anglo-Asian Mining in Azerbaijan plans to put into operation such contract zones as Garadag, Kharkhar, and Demirli.
In the territories liberated from occupation, the company has already started exploration of the Vejnaly gold deposit in the Zangilan district.
Anglo-Asian Mining mainly exports gold bars produced in Azerbaijan to Switzerland and copper to Georgia, Uzbekistan, and Türkiye.