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Anglo Asian Mining announces encouraging progress on Xarxar copper deposit in Azerbaijan

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Anglo Asian Mining revealed a significant development on Tuesday with the release of a JORC-compliant mineral resource update (MRE) for the Xarxar copper deposit in Azerbaijan, which was discovered last year. The initial MRE highlights 24.9 million tonnes of mineralization, boasting average grades of 0.48% copper, equating to 119,100 tonnes of contained metal.

Most of the MRE falls within the measured and indicated category, accounting for 22 million tonnes at 0.48% copper, totaling 106,000 tonnes. The remaining resource, comprising 2.9 million tonnes at 0.44% copper, amounts to 12,800 tonnes and is categorized as inferred.

Beginning in July 2022, an extensive geological exploration program was initiated at the Xarxar deposit, focusing on the central copper mineralization zone. Surface drill holes revealed substantial high-grade and consistent grades of copper mineralization, with continuous copper intercepts extending up to 380 meters.

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Confirmation of the significant copper mineralization at Xarxar was affirmed last month following the analysis of recent surface drilling on the project.

Data from 66 drill holes, spanning a total length of 21,707 meters (including historical drilling), were ultimately utilized to complete the initial resource estimate for Xarxar.

Anglo Asian’s VP Stephen Westhead emphasized that the resource estimate underscores the deposit’s significance, containing over 100,000 tonnes of copper. Furthermore, the company believes that the Xarxar deposit still holds substantial additional exploration potential.

Westhead outlined plans for further expansion of the current mineral resources estimate, including surface infill drilling to the east of the deposit, deposit geotechnical and hydrogeological drilling, and drilling to provide samples for additional metallurgical testwork.

The resource estimate was determined using a copper price of $9,000 per tonne to assess the amount of metal viable for eventual economic extraction under JORC criteria.

Additionally, parameters for an open pit were established at a copper selling price of $20,000 to calculate a “maximum” pit floor depth, defining two zones (one upper and one lower). The upper zone is estimated to contain resources ranging from 5.0 to 10.2 million tonnes at 0.2% to 0.3% copper.

The Xarxar deposit represents one of several exploration-stage assets owned by Anglo Asian in Azerbaijan. The company currently operates gold, silver, and copper production at its flagship Gedabek mine, with plans for four additional mines to commence operations over the next four years.

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