14th Mar 2019 12:07
LONDON (Alliance News) - Anglo Asian Mining PLC on Thursday said its maiden JORC mineral resource and ore reserves estimate for its Gadir deposit gives a "tangible sense" of the potential of the Gedabek contract area in Azerbaijan.
The measured plus indicated maiden JORC mineral resource at Gadir is 1.8 million tonnes, containing: 736,100 ounces of silver; 145,200 ounces of gold; 3,295 tonnes of copper; and 14,470 tonnes of zinc.
The inferred maiden mineral resource is 571,000 tonnes containing 104,400 ounces of silver; 27,200 ounces of gold; 571 tonnes of copper; and 2,972 tonnes of zinc.
The proves and probable Gadir JORC ore reserves estimate is 797,000 tonnes, graded at 2.7 grammes of gold per tonne of ore for around 70,000 ounces of gold. The ore estimate is also for 11.9 grammes or silver per tonne of ore, giving more than 300,000 ounces, as well as 0.2% copper giving close to 1,400 tonnes of copper.
Based on the current production rate, this gives a mine life of more than five years.
Anglo Asian Chief Executive Reza Vaziri said: "I am delighted to announce the maiden JORC mineral resources and ore reserves estimate for the Gadir deposit, which, together with our JORC resources and reserves estimates for our Gedabek open pit and Ugur underground mines, provide investors with a tangible sense of the overall mineralised potential of our main Gedabek contract area where we have been producing gold and copper since 2009."
Anglo Asian also noted that the JORC-compliant mineral resources and ore reserves for its Gedabek open pit are now complete, backing up existing figures with the mineral resources and ore reserves from the Gedabek open pit unchanged.
The life of the Gedabek open pit mine is scheduled until 2024, which takes into account the blending of ores from other mines.
Anglo Asian Geology & Mining Group Director Stephen Westhead said: "These resource and reserves reports provide further valuable information relating to mineralisation and ores from the Gedabek open pit only. This information is complementary to the maiden Gadir resource and reserve statements."
Westhead added: "Importantly, the reserves provide sufficient mine life for continued evaluation of the Gadir to Gedabek underground mine potential, and an exploration window to bring further mineralisation to resource and reserve level from the pipeline of known mineral deposits and occurrences from within the Gedabek contract area."
Shares in Anglo Asian Mining were down 4.6% at 72.95 pence on Thursday.
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