Anglo Asian Mines Unveils Resource Estimates for Garadag Copper Project in Azerbaijan

Azerbaijan-based gold, silver, and copper producer Anglo Asian Mining announced on Tuesday the completion of an independent JORC-compliant mineral resource estimate (MRE) for its Garadag copper deposit. Conducted by Mining Plus UK, the assessment confirms a total resource of approximately 900,000 tonnes of copper contained within 285 million tonnes of ore, yielding an average copper grade of 0.32%. This estimate includes 86.9 million tonnes classified as indicated resources, which hold an estimated 304,300 tonnes of copper.

This resource estimate marks the first for the Garadag deposit and was based on an extensive evaluation that involved 113 drill holes conducted by a third party, totaling 25,620 metres. To further enhance the accuracy of the resource estimate, Anglo Asian plans to undertake an infill and extensional drilling program. This will include analyzing 26 core legacy holes drilled by AzerGold that have yet to be assayed. The company also has plans for additional exploration efforts to determine the full extent of mineralization at the Garadag site.

Stephen Westhead, vice-president of Anglo Asian, expressed satisfaction with the independent mineral resource estimate, highlighting its confirmation of a significant copper resource and the considerable potential of the Garadag deposit. Westhead emphasized that the copper sourced from Garadag will play a crucial role in the company’s strategic growth plan to evolve into a multi-asset, mid-tier producer primarily focused on copper.

Since 2021, Anglo Asian has been actively expanding its copper presence in Azerbaijan, having been awarded three new copper concessions in the region. Two of these concessions are adjacent to the company’s existing Gedabek and Gosha contract areas and encompass the sizable Garadag porphyry deposit as well as the nearby Xarxar copper deposit.

As part of this expansion, Anglo Asian will relinquish its rights to the open-pit Soyudlu gold mine, located on the border between Azerbaijan's Kelbajar district and Armenia. This strategic move aligns with the company's focus on strengthening its copper portfolio in the region. Following the announcement, Anglo Asian’s stock experienced a positive response, closing up 3.5% in London. The company currently holds a market capitalization of £102.82 million ($138 million).

In summary, the independent MRE for the Garadag copper deposit is a pivotal development for Anglo Asian Mining, reinforcing its position in the copper market and contributing to its long-term growth strategy. With further exploration and drilling planned, the company is poised to uncover additional resources and solidify its standing as a leading player in Azerbaijan's mining sector.