(MENAFN- AzerNews) By Ayya Lmahamad
British company "Anglo Asian Mining" seeks to start development of Ordubad gold-bearing deposit in Nakhchivan Autonomous Republic of Azerbaijan by 2023, the company's press service reported on June 29.
'Exploration is anticipated to take two to three years assuming full access, followed by reserve estimation and mine construction which would take an addition one to two years, the message reads.
It is stated that the current exploration strategy is targeting the porphyry- style cooper, or cooper- Gold mineralization, although the gold assets feasibility is principal future component of the project.
Moreover, it was stated that deposits of this type typically contain resources of 100 to 350 million tons at 0.30 to 0.55 percent cooper content.
Additionally, in the course of exploration work, the company discovered a number of high-grade gold occurrences at the Ordubad contract area, which, if produced at low cost, could provide production to 20,000 to 50,000 ounces per year.
'However, until exploration and feasibility studies are completed, it is impossible to say what level of production is capable of being sustained and the timescales for this, the message states.
The Ordubad contract area covers 462 square kilometers and contains numerous deposits, six of which have been explored.
Currently, Anglo Asian Mining extracts gold, silver and copper from the Gedabey contract area at two open-pit mines (Gedabey and Ugur) and one underground mine (Gadir).
The PSA type contract was signed on August 21, 1997 and provides for the development of 6 fields. Azerbaijan's share in the contract is 51 percent, Anglo Asian Mining PLC 49 percent.
According to the contract, 400 tons of gold and 2,500 tons of silver will be produced from these fields.
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