AIM-listed gold, copper and silver producer primarily focused in Azerbaijan Anglo Asian Mining has announced the acquisition of exploration data and associated studies and reports from AzerGold. The data relate to the Garadagh and Xarxar contract areas, two of Anglo Asian's new concessions, which were granted to the Company following the recently received parliamentary ratification, with AzerGold having been the previous concession holder. The acquisition of these Contract Areas is transformational for Anglo Asian and underpins its strategic objective to transition into a copper-focused mining company with mid-tier production status. It also allows the Company to complete its 3 to 5 year development plan.The data acquired includes geochemical and geophysical data, including maps and interpretative reports. Substantial core drilling and data interpretation has been carried out for the Contract Areas by Azergold and include 9,645 chemical assays taken from 23,454 metres of Garadagh drill core and 805 assays taken from 4,923 metres of Xarxar drill core. Anglo Asian will also receive an initial mining scoping study for Garadagh based on a preliminary mineral resource estimate with various options for mine development including open pit designs, initial mining schedules and an outline metallurgical flow sheet. An environmental and socio-economic baseline assessment has also been carried out at Garadagh and is included in the material.Anglo Asian has agreed to pay USD 3.3 million for the data for Garadagh and USD 0.7 million for Xarxar. 25% of the fees (USD 1.0 million) is payable immediately, with the further 75% (USD 3.0 million) payable after three years, or if earlier for each respective deposit, the balance of the purchase price on the approval of the Company's development and production programme for the deposit in accordance with the Company's Production Sharing Agreement. The cost of the data will be added to the operating and capital costs of the Contract Areas and be deductable in calculating profit production.The Company will now undertake a detailed review of all available data to evaluate the best approach to develop all of its new deposits. Once completed, this strategy will be announced to the market to achieve a mid-tier production profile. A programme is planned for any confirmatory drilling required to verify the data for Garadagh.
AIM-listed gold, copper and silver producer primarily focused in Azerbaijan Anglo Asian Mining has announced the acquisition of exploration data and associated studies and reports from AzerGold. The data relate to the Garadagh and Xarxar contract areas, two of Anglo Asian's new concessions, which were granted to the Company following the recently received parliamentary ratification, with AzerGold having been the previous concession holder. The acquisition of these Contract Areas is transformational for Anglo Asian and underpins its strategic objective to transition into a copper-focused mining company with mid-tier production status. It also allows the Company to complete its 3 to 5 year development plan.The data acquired includes geochemical and geophysical data, including maps and interpretative reports. Substantial core drilling and data interpretation has been carried out for the Contract Areas by Azergold and include 9,645 chemical assays taken from 23,454 metres of Garadagh drill core and 805 assays taken from 4,923 metres of Xarxar drill core. Anglo Asian will also receive an initial mining scoping study for Garadagh based on a preliminary mineral resource estimate with various options for mine development including open pit designs, initial mining schedules and an outline metallurgical flow sheet. An environmental and socio-economic baseline assessment has also been carried out at Garadagh and is included in the material.Anglo Asian has agreed to pay USD 3.3 million for the data for Garadagh and USD 0.7 million for Xarxar. 25% of the fees (USD 1.0 million) is payable immediately, with the further 75% (USD 3.0 million) payable after three years, or if earlier for each respective deposit, the balance of the purchase price on the approval of the Company's development and production programme for the deposit in accordance with the Company's Production Sharing Agreement. The cost of the data will be added to the operating and capital costs of the Contract Areas and be deductable in calculating profit production.The Company will now undertake a detailed review of all available data to evaluate the best approach to develop all of its new deposits. Once completed, this strategy will be announced to the market to achieve a mid-tier production profile. A programme is planned for any confirmatory drilling required to verify the data for Garadagh.
