Anglo Asian Mining PLC has confirmed a significant quantity of copper mineralization at the Xarxar deposit in Azerbaijan. The drill results from an extensive geological exploration program revealed high-grade and continuous grades of copper mineralization, with intercepts of continuous copper for up to 380 meters. A Joint Ore Reserves Committee ("JORC") Mineral Resource Estimate ("MRE") is being prepared and will be published by the end of March 2024. The company's Vice-President, Stephen Westhead, expressed delight at the findings and emphasized the potential size of the mineral deposit that can be brought into production.
The first phase of drilling has defined the latest extent of the Xarxar deposit, with mineralization remaining open at depth. The company has reviewed historical data and current drilling at Xarxar, which has given confidence that the deposit contains significant copper mineralization. A core drilling program commenced at Xarxar immediately following its acquisition in July 2022, and the topography of the deposit suggests potential for open pit mining. Preliminary work on open pit designs indicates that the open pit should eventually finish at a depth of about 200 meters. The company is also considering processing methods including conventional flotation or bacterial heap leaching with conventional open pit and/or underground mining.
The company is enthusiastic about the project's prospects and is in the latter stages of determining how best to bring the deposit into production, as well as identifying other nearby exploration opportunities. The forthcoming JORC mineral resource estimate for the Xarxar deposit, along with further infill and extension drilling, metallurgical testwork, and a mining trade-off study, will provide valuable insights for the long-term development of the asset. The selected assay results from new drill holes in the Xarxar deposit are available in the provided news.