Anglo Asian Mining PLC has completed a maiden JORC (2012) Mineral Resource Estimate for its Xarxar copper deposit, revealing 24.9 million tonnes of mineralisation with average grades of 0.48 per cent copper. The deposit contains 22.0 million tonnes of mineralisation with 106,000 tonnes of copper within the Measured plus Indicated JORC categories, and a total in-situ mineral resource of 119,100 tonnes of copper. The company's Vice-President, Stephen Westhead, expressed confidence in the Xarxar mine's potential to significantly contribute to future production and deliver attractive returns to shareholders.
The mineral resource estimate was prepared using a copper selling price of $9,000 per tonne to determine the amount of copper under the Reasonable Prospects for Eventual Economic Extraction ("RPEEE") criteria of JORC. The company plans to further expand the mineral resources estimate through surface infill drilling, deposit geotechnical and hydrogeological drilling, and drilling for additional metallurgical testwork. Additionally, the Xarxar Deposit still holds significant additional exploration potential.
An interactive 3-D presentation on the Xarxar Deposit, including details of its maiden JORC Mineral Resource, is available online. The company's strategic plan for growth aims to transition to a multi-asset, mid-tier, copper and gold producer by 2028, with copper becoming the principal product. Anglo Asian Mining plc is a gold, copper, and silver producer with a portfolio of production and exploration assets in Azerbaijan.