Business
Xarxar annual copper production target
Xarxar annual copper production target.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \n \n 16 March 2023\n \n \n \n Anglo Asian Mining plc\n \n \n \n \n Targeting 10,000 tonnes of annual copper production at Xarxar following geological modelling and open pit optimisation study\n \n \n \n \n \n \n \n \n Anglo Asian Mining plc (\"Anglo Asian\" or the \"Company\"), the AIM listed gold, copper and silver producer primarily focused in Azerbaijan, is pleased to announce it has completed an initial geological block model and open pit optimisation study at the Xarxar deposit. The Company now expects mining and processing of 3 million tonnes of ore per annum, with a production target of 10,000 tonnes of copper metal per annum over a 7-year period.\n \n \n \n \n \n Since July 2022, an extensive geological exploration programme has been carried out at the Xarxar deposit, targeting the central copper mineralisation zone. Surface drill holes intercepted significant high-grade and continuous grades of copper mineralisation. The base case open pit optimisation study used a copper price of $8,000 and showed over 93,000 tonnes of economically extractable copper. The detailed results of the geological exploration are set out below in appendix one. The Company has used its own in-house estimate of resources and economically extractable copper in this notification and these figures are not based on a Standard, such as JORC. The Company intends to carry out JORC reporting on completion of the ongoing drilling and exploration programme. \n \n \n \n \n \n An underground mining method trade-off study will be carried out to assess the economics of underground mining. This will enable preparation of the optimum mining plan for a combined open pit and underground mine. An alternative approach utilising the option of in-situ recovery is also being studied.\n \n \n \n \n \n Exploration is continuing in the central mineralisation zone, and further resource estimation will be carried out.\n \n \n \n \n \n \n Anglo Asian Vice-President, Stephen Westhead,\n \n \n commented:\n \n \n \n \"These results represent an important step in our strategy of transitioning to a mid-tier miner, as Xarxar is expected to contribute a considerable amount of annual copper production to our portfolio. The initial study and exploration have delivered significant upside potential. The Company is enthused by the positive results...