Baku, Azerbaijan, Jan. 16
By Taleh Mursagulov - Trend:
Canadian company Geotech has completed geophysical survey at a large gold deposit in Azerbaijan, Trend reports referring to Anglo Asian Mining PLC (ААМ).
"Airborne geophysical surveys of the contract area in Gadabay are completed. Presently, data is being analyzed to identify new drilling targets and identify new deposits. The results are expected to be revealed in 1Q2019," the company said.
Such surveys are conducted for the first time in Azerbaijan. The survey area is 300 square kilometers.
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.
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