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Anglo Asian acquires Azerbaijan copper data

Anglo Asian Mining has acquired exploration data and studies from AzerGold related to two contract areas, Garadagh and Xarxar, in Azerbaijan, which the company says underpins its goal of transitioning into a mid-tier copper-focused miner.
Anglo Asian acquires Azerbaijan copper data Anglo Asian acquires Azerbaijan copper data Anglo Asian acquires Azerbaijan copper data Anglo Asian acquires Azerbaijan copper data Anglo Asian acquires Azerbaijan copper data

Anglo Asian was granted the new concessions which the data and studies relate to by parliamentary ratification by the government of Azerbaijan on 5 July.

Anglo Asian noted that "substantial" core drilling and data interpretation has been carried out by Azergold on the contract areas, including 9,645 chemical assays taken from 23,454 metres of Garadagh drill core and 805 assays taken from 4,923 metres of the Xarxar drill core.

Environmental and socio-economic baseline assessments have also been carried out at Garadagh.

Anglo is to pay US$3.3 million for the Garadagh data and $0.7 million for Xarxar.

"We will soon begin a detailed geological analysis of Garadagh and Xarxar. This will enable our team to formulate the best approach to developing these assets which we look forward to announcing to the market once finalised," CEO Reza Vaziri said.

The Garadagh porphyry copper deposit has a Soviet classified resource of over 300,000 tonnes of copper.

Anglo Asian's share price was 90p (US$1.07) on 18 August.

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