On Tuesday, Anglo Asian Mining (LON: AAZ), a leading producer of gold, silver, and copper in Azerbaijan, announced an independent JORC-compliant mineral resource estimate (MRE) for its Garadag copper deposit. The estimate was carried out by Mining Plus UK, revealing a total resource of approximately 900,000 tonnes of copperhosted within 285 million tonnes of ore, with an average grade of 0.32% copper. This includes 304,300 tonnes of copper in the indicated category, derived from 86.9 million tonnes of ore.
The MRE, the first for the Garadag deposit, was based on 113 third-party drill holes, covering a total of 25,620 meters. To further refine the estimate, Anglo Asian is planning additional infill and extensional drilling, focusing on 26 legacy holes drilled by AzerGold that have not yet been assayed. The company also intends to explore further to gauge the full extent of the mineralization at Garadag.
“We are excited to confirm the significant potential of the Garadag copper deposit through this independent resource estimate,” said Stephen Westhead, vice-president of Anglo Asian. He noted that the copper output from Garadag would play a crucial role in the company’s strategy to evolve into a mid-tier copper producer with multiple assets.
Since 2021, Anglo Asian has been expanding its presence in Azerbaijan, acquiring three new copper concessions, including the large-scale Garadag porphyry deposit and the adjacent Xarxar copper deposit. In return, Anglo Asian will relinquish its rights to the Soyudlu gold mine, situated on the border of Azerbaijan’s Kelbajar district and Armenia.
Anglo Asian’s stock saw a 3.5% increase in London trading, closing with a market capitalization of £102.82 million ($138 million).
