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Anglo Asian updates Gedabek resource

Anglo Asian Mining (AIM:AAZ) has updated the JORC mineral resources and reserves for the Gedabek openpit operation in Western Azerbaijan.
Anglo Asian updates Gedabek resource Anglo Asian updates Gedabek resource Anglo Asian updates Gedabek resource Anglo Asian updates Gedabek resource Anglo Asian updates Gedabek resource

Gedabek has increased the total gold and copper mineral resources and reserves at its Gedabek openpit

Staff reporter

The openpit's updated measured and indicated resource contains 796,269 ounces of gold, 53,676 tonnes of copper and 6.8Moz of silver, while the proven plus probable reserves contain 343,160oz of gold, 36,011t of copper and 3.5Moz of silver, at a cut-off grade of 0.3g/t gold. 

Anglo Asian said an additional copper-only mineral resource at a gold grade below 0.3g/t and copper grade above 0.3% contained 24,914oz of gold, 32,606t of copper and 426,453oz of silver.

CEO Reza Vaziri said the latest JORC estimate indicated that the Gedabek ore body still contained a total surface accessible resource of almost 1Moz of gold and over 90,000t of copper, including the inferred ounces. 

"The economically mineable ore reserves remaining in the open pit mine amount to over 343,000oz of gold and more than 36,000t of copper, which will extend the life of the main pit for a further five to six years", he said.

"This will give us sufficient time to complete our on-going underground explorations to determine the size and quality of the down dip extensions of the Gedabek ore body."

Anglo Asian said the update was made possible after a large amount of targeted drilling was carried out in 2017 and 2018 to infill areas where mineralisation continuity was less certain.

"The latest geological model has identified areas where copper mineralisation remains open. Such areas will be subject to further exploration drilling with the objective of increasing resources and reserves," it said.

The company is continuing with the pushback of the backwall of the openpit to expose ore in its floor.

Vaziri said the company was aiming to announce a JORC estimate of the underground resource and reserves in due course, along with a lifetime estimate for the current underground mining operations.

Anglo Asian's shares reacted well to the upgrade, rising 3.8% Tuesday to 51.9p (US6.8c).