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20/07/2024
Mining News

Anglo-Asian Mining Plc. targets significant gold, copper and silver extraction at Azerbaijan’s Gilar deposit in 2024

Anglo-Asian Mining Plc. (AAM), renowned for its expertise in gold, silver and copper extraction in Azerbaijan, is focusing on developing the Gilar deposit in the country’s western region. In 2024, AAM aims to extract 3,100 ounces of gold from this new site.

According to AAM, the target for the Gilar deposit in 2024 includes extracting 10,000 ounces of gold equivalent in precious metals and copper. This comprises 3,100 ounces of gold, 1,400 tons of copper, and 49,000 ounces of silver. The company has already deployed new mining equipment at the Gilar deposit, initiating operations to construct essential infrastructure such as the main transport tunnel, ventilation tunnel, and primary descent.

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AAM anticipates accessing Zone 4’s mineralization by November 2024. This zone is reported to contain 2.4 million tons of mineralization with 1.5% copper and 1.8% gold per ton. The estimated reserves in Zone 4 include 147,000 ounces of gold valued at approximately $338 million (at $2,300 per ounce) and 38,000 tons of copper valued at about $358 million (at $9,500 per ton).

Situated approximately 7 km from AAM’s processing facilities, the Gilar deposit forms part of the Gadabay contract area and features two types of mineralization: gold in quartz veins and gold-copper ore formation from hydrothermal solutions.

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