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29% Increase in Resource at Flagship Gedabek Gold/Copper/Silver Mine in Azerbaijan
Anglo Asian Mining, the AIM listed gold producer in Azerbaijan, has announced a 29% increase in its JORC compliant gold resource at its flagship Gedabek gold/copper/silver mine in western Azerbaijan to 61,795,775 tonnes at 0.730 g/t of gold for 1,449,537 oz in the Measured and Indicated categories.
This latest resource update is primarily due to new drilling results at Gedabek leading to a reinterpretation of the mine model and accordingly the JORC resource has been adjusted for any depletion to December 2013. Gedabek’s JORC reserve base currently stands at 744,038oz Au.
The main differences from the last JORC compliant resource upgrade in October 2013 are related to additional drilling since August 2013 (cut-off date for October 2013 update), extensive confirmatory RC drilling in the pit area in November and December 2013 and a new discovery known as Gadir immediately north of the Gedabek mine. Geologic interpretation and recent computer modelling by CAE Mining reveals:
· An increase of 325,400 measured and indicated to 1,449,537 gold ounces ;
· An increase of 167,400 inferred to 293,678 gold ounces;
· A significant increase in low grade oxide ore;
· A two-fold increase in transition (i.e. mixed oxide and sulphide) ore;
· A 9% drop in sulphide ore due to reclassification as transitional ore;
· An additional 700,000 tonnes of 6 grammes per tonne inferred resources recently found at the Gadir discovery immediately north of Pit 4. CAE has noted that this can be changed to indicated ounces with more structural interpretation that is in progress;
· A near doubling of the measured resources from October 2013 due to infill RC drilling;
· A drop in average grades in all categories excepting inferred resources; and,
· A tripling in the amount of copper resources.
Mine planning is currently underway for an updated calculation of the reserves for the life of mine (LOM). CAE Mining will issue an updated JORC report during Q3 2014.
Anglo Asian CEO Reza Vaziri said, “The significant addition of resources at Gedabek indicates that continued exploration and development in the immediate Gedabek area may result in the discovery of additional resources in 2014 and hopefully a resource of ‘district size’ proportion. We are delighted that this resource expansion has the potential to extend the life-of-mine for several additional years and look forward to reporting further on the exploration and development of Gedabek in the coming year.”
This JORC compliant resource update has been prepared by the independent consultants, CAE. The principal Competent Person (CP) under JORC is Gerard Evans, P.Geo. from CAE Mining’s Johannesburg office. This estimate has also been reviewed by Anglo Asian’s CP Sean Muller, P.Geo. to ensure that the determination of oxide, transition and sulphide mineralization has been designated in accordance to process amenability.
