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Anglo Asian unveils substantial copper deposit at Xarxar Anglo Asian unveils substantial copper deposit at Xarxar

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    Anglo Asian unveils substantial copper deposit at Xarxar

In July 2022, an extensive geological exploration program commenced at the Xarxar deposit, targeting the central copper mineralization zone. The project’s surface drill holes intercepted significant high-grade and continuous grades of copper mineralization, with intercepts of continuous copper for up to 380 meters last month.

Last month, the company confirmed the significant quantity of copper mineralization at Xarxar following analysis of recent surface drilling on the project.

The first resource estimate for Xarxar relied on data for 66 holes with a total length of 21,707 meters (including historical drilling). It revealed over 100,000 tonnes of copper, portraying it as a “substantial resource,” as mentioned by Anglo Asian’s VP, Stephen Westhead. According to the company, the Xarxar deposit still has significant additional exploration potential.

“To further expand the current mineral resources estimate, work will include surface infill drilling to the east of the deposit, deposit geotechnical and hydrogeological drilling, and drilling to supply samples for further metallurgical testwork,” he added.

The resource estimate utilized a copper price of $9,000 per tonne to determine the amount of metal under the reasonable prospects for eventual economic extraction under JORC criteria. Additionally, the parameters of an open pit were established at a copper selling price of $20,000 to calculate a “maximum” pit floor depth. This was used to define two zones (one upper and one lower). The upper zone is calculated to have resources ranging from 5.0 to 10.2 million tonnes at 0.2% to 0.3% copper.

The Xarxar deposit is among several exploration-stage assets held by Anglo Asian in Azerbaijan. The group currently produces gold, silver, and copper from its flagship Gedabek mine, with four more mines planned to come online over the next four years.