British company confirms significant copper resource at Azerbaijan's Xarxar deposit

Anglo Asian Mining, the AIM listed gold, copper, and silver producer focused in Azerbaijan, has announced that drill results confirm a significant quantity of copper mineralisation at Xarxar.

Report informs citing the company that the drill results will form part of a forthcoming JORC mineral resource estimate for the Xarxar deposit.

In July 2022, an extensive geological exploration programme commenced at the Xarxar deposit, targeting the central copper mineralisation zone. Surface drill holes intercepted significant high-grade and continuous grades of copper mineralisation, with intercepts of continuous copper for up to 380 m.

A Joint Ore Reserves Committee (JORC) Mineral Resource Estimate (MRE) is being prepared for the Xarxar deposit and will be published by the end of March 2024. A site visit by the company’s independent geological consultants, Mining Plus UK, was completed in September 2023 as part of the JORC due diligence process.

Following the publication of the MRE, further infill and extension drilling will be planned, along with a metallurgical testwork programme and geometallurgical modelling. A mining trade-off study including a mine design and a production plan will also be prepared.

Stephen Westhead, Vice-President of Anglo Asian, commented:

“We are delighted to announce the findings of our recent drilling campaign at Xarxar, confirming internal estimates regarding the presence of significant quantities of copper at the deposit. This reaffirms the potential size of the mineral deposit that can be brought into production.

“Considerable progress has also been made regarding the development of our JORC mineral resource estimate, and the long-term development of the asset. Xarxar represents an important project for the Group and our transition towards copper, as we pursue our previously disclosed medium-term production strategy.

“As we complete the next phase of drilling and testwork, we remain enthusiastic regarding the project’s prospects and are in the latter stages of determining how best to bring the deposit into production, as well as identifying other nearby exploration opportunities.”

The company currently has eight contract sites in Azerbaijan with a total area of 2,544 sq m. Anglo Asian Mining is currently mining precious metals from the Gedabek and Gosha contract areas.

The PSA type contract was signed on August 21, 1997 and provided for the development of 6 fields. Azerbaijan's share in the contract is 51%, and Anglo Asian Mining PLC holds a 49% share.

The first gold mining began in 2009 from the Gedabek deposit, and silver mining started in 2010. In September 2013, the company began developing the Gosha contract area.