(Alliance News) - Anglo Asian Mining PLC on Tuesday said it completed its maiden JORC mineral resource estimate for its Xarxar copper deposit.
The Azerbaijan-focused copper, gold and silver producer said it confirmed 24.9 million tonnes of mineralisation with average grades of 0.48% copper, alongside 22.0 million tonnes of mineralisation containing 106,000 tonnes of copper within the 'measured' and 'indicated' JORC categories.
Anglo Asian Mining said the total in-situ mineral resource was 119,100 tonnes of copper.
It said 66 drill holes with a total length of 21,707 metres were used for the maiden mineral resource estimate, while a 470 metre exploration adit was excavated for underground drilling and sampling.
"The maiden JORC mineral resource estimate for the Xarxar deposit demonstrates that this is a substantial resource, containing over 100,000 tonnes of copper. We are confident that the Xarxar mine will be a significant contributor to our future production, enabling the company to deliver future growth and attractive returns to shareholders," said Vice-President Stephen Westhead.
"To further expand the current mineral resources estimate, work will include surface infill drilling to the east of the deposit, deposit geotechnical and hydrogeological drilling, and drilling to supply samples for further metallurgical testwork. Additional core drill samples will also be subject to external quality assurance and control. This will enable mineral resources to be reclassified from 'indicated' to 'measured' in preparation for the full mining study."
Shares in Anglo Asian Mining were up 0.1% to 58.04 pence each in London on Tuesday late morning.
By Greg Rosenvinge, Alliance News senior reporter
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Anglo Asian (AAZ)