Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) said the government of Azerbaijan granted it access to the Zangilan district, an area previously held by Armenia, enabling the AIM-listed company to assess its Vejnaly asset.
Senior management, including chief executive Reza Vaziri, will travel to Zangilan in early December to assess the Vejnaly contract area, including the existing mines at the site.
The mineral-rich district in the south west of Azerbaijan was occupied by Armenia between 1994 and October 2020 and the Vejnaly contract area, which contains the Vejnaly gold deposit, was mined during this time.
The assessment is the first stage in the development of the asset. The company said it hopes to begin exploration and processing of ore from Vejnaly in the near future.
The government of Azerbaijan is undertaking rapid economic and infrastructure development of the Zangilan district following the end of the conflict with Armenia, the company said. Construction of an international airport is due to be completed in 2022 and an electrical substation has recently been opened in the district.
As part of the assessment of Vejnaly, existing stockpiles will be surveyed and samples collected for analysis. Some entrances to the underground mine will be surveyed and existing camp facilities will be inspected. Conditions permitting, an inspection of the underground mine is also planned.