Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Anglo Asian unveils maiden Xarxar resource estimate

(Sharecast News) - Anglo Asian Mining announced a significant milestone on Tuesday, with the completion of its maiden JORC 2012 mineral resource estimate for the Xarxar copper deposit in Azerbaijan. The AIM-traded company said the mineral resource estimate for the deposit revealed 24.9 million tonnes of mineralisation with an average copper grade of 0.48%.

Within the measured plus indicated JORC categories, that included 22 million tonnes of mineralisation containing 106,000 tonnes of copper.

The total in-situ mineral resource for copper stood at 119,100 tonnes.

Anglo Asian said the estimate was based on data gathered from 66 drill holes, amounting to a cumulative length of 21,707 metres.

Notably, the exploration efforts also involved the excavation of a 470-metre exploration adit to facilitate underground drilling and sampling.

"The maiden JORC mineral resource estimate for the Xarxar deposit demonstrates that this is a substantial resource, containing over 100,000 tonnes of copper," said Anglo Asian vice-president Stephen Westhead.

"We are confident that the Xarxar mine will be a significant contributor to our future production, enabling the company to deliver future growth and attractive returns to shareholders.

"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."

Westhead said additional core drill samples would also be subject to external quality assurance and control.

"This will enable mineral resources to be reclassified from indicated to measured in preparation for the full mining study."

At 1254 GMT, shares in Anglo Asian Mining were up 3.45% at 60p.

Reporting by Josh White for Sharecast.com.

Share this article

Related Sharecast Articles

Boohoo should get shareholder approval before disposals, says Frasers
(Sharecast News) - Frasers Group published an open letter on Wednesday in which it urged the board of Boohoo not to dispose of any assets without prior shareholder approval.
Soaring demand for weight-loss drugs boost profits at Novo Nordisk
(Sharecast News) - Novo Nordisk posted quarterly numbers broadly in line with expectations on Wednesday, as demand for its weight-loss drugs continued to boom.
Shares in Ashtead rally on Trump victory
(Sharecast News) - Shares in Ashtead Group soared on Wednesday, on hopes US revenues at the British firm would be boosted following the historic re-election of Donald Trump as president.
TBC Bank posts robust third quarter
(Sharecast News) - TBC Bank Group posted a robust set of third-quarter results on Wednesday, with net profit rising 15.6% year-on-year to GEL 347.26m (£98.21m), supported by solid income growth across segments.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.