Azerbaijan’s Garadag Copper Project Resource Estimate Revealed by Anglo Asian Mining
Anglo Asian Mining, a prominent gold-silver-copper producer focusing on Azerbaijan, recently disclosed an independent JORC-compliant mineral resource estimate for its Garadag copper deposit. This significant revelation marks a pivotal moment for the company’s strategic growth plan to become a multi-asset, mid-tier primarily copper producer.
The Garadag copper deposit is located in the Gedabek open pit, approximately 55km from Ganja, Azerbaijan’s second-largest city. The mineral resource estimate, conducted by Mining Plus UK, showcases a total resource of around 900,000 tonnes of copper found within 285 million tonnes of material, boasting an average grade of 0.32% copper. Specifically, within this in-situ mineral resource, 86.9 million tonnes have been classified in the indicated category, containing 304,300 tonnes of copper.
Exploration and Expansion Plans
To enhance the resource estimate further, Anglo Asian is gearing up for an infill and extensional drill program, focusing on analyzing 26 core legacy holes previously drilled by AzerGold. These holes, although drilled, have yet to be assayed. Additionally, the company plans to embark on further exploration activities to gain a comprehensive understanding of the mineralization extent at the Garadag deposit.
Stephen Westhead, Vice President of Anglo Asian, expressed his enthusiasm regarding the independent mineral resource estimate, emphasizing the significant copper potential of the Garadag deposit. He highlighted the pivotal role that Garadag will play in realizing the company’s strategic growth plan of becoming a multi-asset, mid-tier primarily copper producer.
Strategic Expansion Initiatives
Anglo Asian has been actively expanding its copper footprint in Azerbaijan, as evidenced by the acquisition of three new copper concessions in the country in 2021. Notably, two of these concessions border the company’s existing Gedabek and Gosha contract areas, encompassing the substantial Garadag porphyry deposit and the adjacent Xarxar copper deposit.
As part of this strategic move, 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 decision aligns with the company’s focus on bolstering its copper assets and operations in the region.
Market Performance and Future Outlook
Following the announcement of the resource estimate for the Garadag copper deposit, Anglo Asian’s stock experienced a positive trajectory, closing the day’s trading in London with a 3.5% increase. The company currently boasts a market capitalization of £102.82 million ($138 million), reflecting investor confidence in its strategic growth initiatives and potential within the copper mining sector.
Looking ahead, Anglo Asian remains committed to advancing its copper projects in Azerbaijan, with a strong focus on maximizing the potential of the Garadag deposit and solidifying its position as a key player in the region’s mining industry. The company’s proactive approach to exploration, resource estimation, and strategic expansion initiatives underscores its dedication to sustainable growth and value creation for stakeholders.
In conclusion, Anglo Asian’s unveiling of the resource estimate for the Garadag copper project marks a significant milestone in its journey towards becoming a prominent copper producer in Azerbaijan and beyond. With a strategic focus on expanding its copper portfolio and capitalizing on the region’s rich mineral resources, the company is poised for continued success and growth in the dynamic mining landscape.