Anglo Asian to publish Zafar resource Azerbaijan

Output from the Gedabek mine, also in Azerbaijan, was 16,740oz in the three months to end June.

Anglo Asian Mining PLC (LON:AAZ) upped production slightly in its latest quarter but left its estimate for the current year unchanged at between 64,000 to 72,000 gold equivalent ounces.

The miner also said it expects to produce a maiden resource estimate for the new Zafar deposit in Azerbaijan either by the end of this month or early next.

Reza Vaziri, chief executive, added: “The company continues to work hard on the top-priority exploration of the new Zafar deposit, which has already demonstrated significant copper-gold drill hole intersections with encouraging copper, zinc and gold grades.”

Output from the Gedabek mine, also in Azerbaijan, was 16,740oz in the three months to end June, against 15,431oz in the first quarter.

Most of the increase was gold, where output went up to 12,342oz from 12,035oz.

Second-quarter gold sales amounted to 13,947oz at an average price of US$1,808 per oz, with cash at the end of the period rising to US$36.6mln (US$22.9mln).

For the half-year to June, Anglo produced an equivalent 32,171oz (32,501oz).

Vaziri added:  “The company produced a solid performance in the second quarter with production increasing to 16,740 gold equivalent ounces compared to 15,431 in the first quarter.”

Cash generation during the second quarter was excellent at US$13.7mln, he added.

Source: Pro Active Investors

AzerGold runs geophysical and geological explorations of iron ore deposit in Armenia

Armenian Dashkasan iron ore deposit is the only iron ore deposit has proven reserves of 270 million tons. The iron content of the ore varies mainly between 35-45 per cent by deposits.

Azerbaijan’s gold mining company AzerGold CJSC has started geophysical and geological exploration in the country’s Dashkesan iron ore deposit with a proven reserve of 270 million tons, a source within the company has reported.

At the first stage of the geological exploration program, 32 geological wells will be drilled in four areas to confirm resources for the field’s reserves. As part of the initial studies, drilling work is expected to be carried out with a total depth of 21,000 meters, 6,500 of which are scheduled for completion this year. Moreover, the information obtained as a result of drilling operations will make it possible to form a database on primary resources. After analysis and study of this information it will be possible to draw up the following geological exploration programs aimed at specification, increase and full confirmation of the field resources.

Likewise, all researches will be carried out by a team of experienced professionals in accordance with modern approaches and requirements of international standards. Based on the results of geological exploration works, geological models of the field will be drawn up, existing resources and reserves will be recalculated in accordance with JORC international standards, economically viable resources will be re-evaluated.

The studies carried out to prepare the preliminary evaluation document are the necessary step in the implementation of mining projects. Thus, positive indicators from results, at this stage of exploration, will allow moving to the next stage of a more detailed study of the deposit. It should be noted that, exploration work is scheduled to be completed in the first half of 2021, and the preliminary evaluation report will be completed and submitted to the state in the second half of the same year.

Exploration is done within the framework of works on preparation of the document on preliminary evaluation of the deposit, in accordance with the decree of Azerbaijani President from August 6 on measures to put into operation the Dashkasan iron ore deposit.

The company has developed a program of geological exploration works for this purpose. At present, the existing information is being collected and digitized, work is being done to prepare a three-dimensional geological model of the deposit using special software. Earlier it was reported that, Azerbaijani President Ilham Aliyev has signed an order to put into operation the Dashkasan iron ore deposit. Under the order, initially $1.76 million (AZN 3 million) will be allocated to AzerGold mining company from the amount specified in the relevant paragraph of the “Distribution of funds for state capital investment (investment expenditures) in the state budget for 2020.

Source: azernews.az

 

 

Azerbaijan’s AzerGold CJSC – contract with AT-Geotech LLC for exploration drilling and research

AzerGold CJSC secured the contract via a tender and the official website on public procurement. The company signed the contract with AT-Geotech LLC for exploration drilling, geotechnical research, laboratory analysis, monitoring of results and report preparation work in the country. The contact signed is worth $9.5 million-dollar.

Established in 2015, AzerGold CJSC is engaged in the study, research, exploration, management of precious and non-ferrous metal deposits, their extraction, processing, and sale, as well as the application of new technologies in this area, improving the material and technical base and other work related to the development of this sphere.

Currently, the company is engaged in the exploration and management of Garadagh, Chovdar, Goydagh, Dagkesemen mines, Kohnamaden field, and Kurekchay basin deposits across the country.

The Chovdar ore deposit is located in the northern part of the Dashkasan district (Western part of Azerbaijan). This area includes unique and complex gold deposits. Including the Chovdar gold deposit, there are 30 ores of unique gold, 20 – low-sulfide copper-gold ores and 50 – copper-metal.

Source: azernews.az