Anglo Asian Mining announces major copper discovery at Xarxar deposit, Azerbaijan

Anglo Asian Mining plc, a prominent AIM-listed gold, copper, and silver producer with operations in Azerbaijan, recently unveiled the completion of its maiden JORC (2012) Mineral Resource Estimate for the Xarxar copper deposit. This announcement marks a significant milestone in the company’s exploration endeavors, confirming 24.9 million tonnes of mineralization with an average grade of 0.48% copper at the Xarxar Deposit.

The detailed breakdown of the mineral resources at the Xarxar Deposit reveals a promising future for Anglo Asian Mining. With 22.0 million tonnes of mineralization containing 106,000 tonnes of copper classified within the Measured plus Indicated JORC categories, and a total in-situ mineral resource of 119,100 tonnes of copper, the deposit showcases substantial potential. The estimate is grounded on data from 66 drill holes, totaling 21,707 metres, and includes insights from a 470-metre exploration adit excavated for underground drilling and sampling.

Stephen Westhead, Vice-President of Anglo Asian, expressed confidence in the Xarxar mine’s ability to significantly contribute to the company’s future production, promising attractive returns to shareholders. The plan to expand the current mineral resources estimate involves surface infill drilling, geotechnical and hydrogeological drilling, and additional core drill sampling for metallurgical testwork. These steps aim to elevate mineral resources from Indicated to Measured categories, preparing for a comprehensive mining study.

The mineral resources estimate was prepared using a copper selling price of $9,000 per tonne, adhering to the Reasonable Prospects for Eventual Economic Extraction criteria of JORC. Furthermore, the Xarxar Deposit holds significant additional exploration potential. An open-pit parameter determination at a copper selling price of $20,000 outlined a “maximum” pit floor depth, delineating two zones for potential open pit and underground mining, indicating a further increase in mineralization.

The unveiling of the Xarxar Deposit’s mineral resource estimate by Anglo Asian Mining signifies a pivotal advancement in Azerbaijan’s mining sector. It not only underscores the region’s untapped mineral wealth but also highlights Anglo Asian’s strategic approach towards sustainable mining practices and economic extraction. This development is poised to bolster the company’s production capabilities and reinforce its commitment to delivering shareholder value through diligent exploration and resource management.

The revelation of such a substantial copper resource within the Xarxar Deposit reinforces the importance of thorough geological exploration and the potential for significant mineral discoveries. As Anglo Asian Mining continues to explore and expand its resource base, the Xarxar Deposit stands as a testament to the company’s exploration prowess and its potential to shape the future of the copper market in Azerbaijan and beyond.