Geotech almost completes geophysical surveys at large gold deposit in Azerbaijan

Business Materials 22 November 2018 09:38 (UTC +04:00)

Baku, Azerbaijan, Nov. 22

By Sara Israfilbayova - Trend:

A gold producer in Azerbaijan, Anglo Asian Mining PLC (AAM) intends to submit a report on the results of geophysical survey of the contract area in Gadabay in the 1Q2019, the company said in a message.

The surveys are conducted to identify new gold and copper deposits.

As the message noted, the work has already been completed by 77 percent. Such surveys are conducted for the first time in Azerbaijan. The survey area is 300 square kilometers. Work will be conducted by Canadian company Geotech.

AAM's director of geology and mining, Stephen Westhead, whose words are quoted in the company's message, noted that the research will help reveal the significant potential of the entire contract area in Gadabay.

"We are aware of several additional gold and copper deposits in Gadabay, and preliminary research results show the presence of magnetic and electromagnetic anomalies related to geological objects at depth. These objects will be in focus during future ground-based observations," he said.

Westhead stressed that the Ministry of Emergency Situations of Azerbaijan provides helicopter services and closely cooperates with Geotech.

Anglo Asian Mining PLC is a gold, copper and silver producer with a broad portfolio of production and exploration assets in Azerbaijan.

AAM and Swiss Industrial Minerals SA signed an agreement in May 2014 on selling cooper concentrate produced at Gadabay field in Azerbaijan. Based on the production sharing agreement signed with Azerbaijani government in August 1997, Anglo Asian Mining PLC has the right to develop six fields in south-west of Azerbaijan: Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu.

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.