AAM to use new method to search for gold deposits in Azerbaijan
Baku, Azerbaijan, Sept. 14
By Ilkin Shafiyev - Trend:
Anglo Asian Mining Plc (AAM) will carry out an airborne geophysical survey over its Gadabay contract area in Azerbaijan as it looks to identify a pipeline of new gold and copper targets, AAM said in a message.
The survey, to be carried out by Canadian firm Geotech Limited, will cover the entire 300 square kilometer area and is expected to begin in the coming weeks.
AAM wants to discover new targets in order to enhance its production profile. The company is currently forecasting 2018 production of between 74,000 and 84,000 gold equivalent ounces.
"This is the first comprehensive survey not only of the entire Gadabay site but is the first of its type to be carried out in Azerbaijan. It is an important milestone in realizing Gadabay's significant mineralization potential," director of geology and mining at AMM, Stephen Westhead, said.
Based on a production sharing agreement signed with Azerbaijani government in August 1997, Anglo Asian Mining has the right to develop six fields in Azerbaijan: Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu.
AAM and Swiss Industrial Minerals SA signed an agreement in May 2014 on selling cooper concentrate produced at Gadabay field in Azerbaijan.
The gold produced at the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and are stored in the government’s account.
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