Mineral Resources and Ore Reserves

Key to the future development of the Company site is our knowledge of the mineral resources and ore reserves within our contract areas.

Gedabek - Open Pit

Gedabek Open Pit JORC (2012) Mineral Resources and Ore Reserves – Summary

  • Gold and copper Mineral Resources (at a cut-off grade of 0.2 grammes per tonne of gold) as follows:
    • Measured and Indicated: 551,000 ounces of gold, 33,400 tonnes of copper and 2,202,000 ounces of silver
    • Total (including Inferred): 735,000 ounces of gold, 41,200 tonnes of copper and 2,457,000 ounces of silver 
  • Gold and copper Proven plus Probable Ore Reserves as follows:
    • 284,000 ounces of gold, 26,000 tonnes of copper and 1,754,000 ounces of silver
  • Additional Mineral Resource (gold grade below 0.2 grammes per tonne and copper grade above 0.3 per cent.) contains 27,900 tonnes of copper and 261,000 ounces of silver

Gedabek Open Pit – JORC (2012) Mineral Resources and Ore Reserves Statements at 30 June 2020

 Anglo Asian, together with the mining and geological consulting group Mining Plus, prepared the Mineral Resources and Ore Reserves estimation of the Gedabek deposit. 

The Mineral Resources and Ore Reserves are prepared in accordance with JORC Code (2012), which is the current edition of the JORC Code.  After a transition period, the 2012 edition came into mandatory operation from 1 December 2013. The Mineral Resources and Ore Reserves stated below are in-situ.

Gedabek Open Pit – Mineral Resources

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Some of the totals above may not add due to rounding

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Some of the totals above may not add due to rounding

Mineral Resource classifications are based on the gold estimation confidence.  Copper, silver, and zinc are reported within these classifications.

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Gedabek Open Pit – Ore Reserves

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Proved and Probable Ore Reserves estimate is based on that portion of the Measured and Indicated Mineral Resources of the deposit within the scheduled mine designs that may be economically extracted, considering all “Modifying Factors” in accordance with the JORC (2012) Code.

 

Gedabek – Zafar

Zafar JORC (2021) Mineral Resources and Ore Reserves – Summary

  • 8.47 million tonnes of mineralisation with average grades of 0.60 per cent. copper, 0.47 per cent. zinc and 0.30 grammes per tonne of gold
  • In-situ Mineral Resource of 51,000 tonnes of copper, 82,000 ounces of gold and 40,000 tonnes of zinc
  • Over 200 metres of continuous mineralisation in the thickest intersection
  • 42 drill holes with a total length of 20,418 metres used for maiden Mineral Resource estimate of which 28 drill holes intersected mineralisation
  • Total drilling to date is nearly 27,000 metres of a planned 40,000 metres

Mineral Resource estimate for the Zafar deposit at 31 May 2021

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Note that all tonnages reported are dry metric tonnes. Totals may not add due to rounding.

 

Gadir

 Gadir Underground Mine JORC (2012) Mineral Resources and Ore Reserves – Summary

  • Gold and copper Mineral Resources (at a cut-off grade of 0.5 grammes per tonne of gold) as follows:
    • Measured and Indicated: 211,000 ounces of gold, 2,024 tonnes of copper and 326,000 ounces of silver
    • Total (including Inferred): 267,000 ounces of gold, 2,183 tonnes of copper and 328,000 ounces of silver 
  • Gold and copper Proven plus Probable Ore Reserves as follows:
    • 49,000 ounces of gold, 191 tonnes of copper and 51,000 ounces of silver

Gadir Underground Mine – JORC (2012) Mineral Resources and Ore Reserves Statements at 30 June 2020

Anglo Asian, together with the mining and geological consulting group Mining Plus, prepared the Mineral Resources and Ore Reserves estimation of the Gadir deposit. 

The Mineral Resources and Ore Reserves are prepared in accordance with JORC Code (2012), which is the current edition of the JORC Code.  After a transition period, the 2012 edition came into mandatory operation from 1 December 2013. The Mineral Resources and Ore Reserves stated below are in-situ.

Gadir Underground Mine – Mineral Resources

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Some of the totals above may not add due to rounding

Gadir Underground Mine – Ore Reserves

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Proved and Probable Ore Reserves estimate is based on that portion of the Measured and Indicated Mineral Resources of the deposit within the scheduled mine designs that may be economically extracted, considering all “Modifying Factors” in accordance with the JORC (2012) Code.

Gilar

Gilar is a mineral deposit located in the Gedabek contract area approximately seven kilometres from the Company’s existing processing facilities. The area hosts two styles of mineralisation, gold in quartz veins and hydrothermal gold-copper.

On 11 December 2023, the Company published a JORC (2012) Mineral Resource Estimate for Gilar which contains 255,240 ounces of gold, 53,890 tonnes of copper and 45,720 tonnes of zinc. See the table below.

Mineral Resource estimate for the Gilar deposit at 30 November 2023

Reporting cut-off: >= 0.5 grammes per tonne of gold equivalent* 

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Note that all tonnages reported are dry metric tonnes. Totals may not add due to rounding.
*Gold equivalent calculation = Gold g/t + (copper %*1.49) +(zinc*0.46). The metal price assumptions used were Gold – $1,675 per ounce; Copper – $8,000 per tonne; Zinc – $2,500 per tonne.

Garadag

The first mineral resource estimate of the Garadag Deposit was produced during the Soviet era dated 01 January 1992. It contained over 318,000 tonnes of copper under the Soviet Standard of resource classification and is tabulated below:

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AzerGold CJSC contracted with various international consultancies to work on the mineral resource estimation, in-pit resources and metallurgical testwork. All AzerGold CJSC samples were assayed and analysed by the international group, ALS. AMC Consultants PTY Ltd (“AMC”) provided resource estimation services and Bureau Veritas Minerals PTY Ltd (“BV”) were commissioned to carry out metallurgical testwork.

AMC prepared a Garadag pit optimisation and design study in February 2020 and developed two open pit scenarios, one mining over 43 million tonnes of ore (containing 163,000 tonnes of copper) over a 9 year period and the other mining over 90 million tonnes of ore (containing 307,000 tonnes of copper) over an 18 year period. These results partially confirmed the presence of over 300,000 tonnes of in-situ copper within an open pit shell.

Anglo Asian carried out mineral resource estimation based on geostatistical techniques and three-dimensional modelling on data received from AzerGold CJSC, constrained by the larger of the AMC pit shells (referenced in the paragraph above). This showed an “Indicated” plus “Inferred” mineral resource of over 66.3 million tonnes of ore at 0.49 per cent. copper, containing some 324,688 tonnes of copper, which further confirmed the copper potential of the Garadag Deposit. The database developed by Anglo Asian needs to be fully validated and further check drilling and confirmation of data will be carried out. The Company’s preliminary mineral resource estimate, although utilising geostatistical methods according to JORC guidelines, requires further work to satisfy the JORC Standard requirements and is therefore not prepared to JORC Standard. The Company intends to prepare a mineral resource estimate to the JORC Standard on completion of the evaluation programme.

Xarxar

The Xarxar deposit is located in the Xarxar contract area and hosts a range of copper minerals, including malachite, azurite, chalcocite, bornite, neotocite, chalcopyrite, rarely molybdenite and pyrite minerals associated with intense argillic and phyllic alteration.

On 20 February 2024, the Company published a JORC (2012) Mineral Resource Estimate for Xarxar which contains 119,100 tonnes of copper. See the table below.

Mineral Resource estimate for the Xarxar deposit at January 2024

Reporting cut-off: >= 0.2 per cent. copper

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(i) Note that Measured Resources were nil due to insufficient third-party quality assurance and quality control (“QAQC”) drill core assays being carried out. Further QAQC drill core assays will be carried out.
Note that all tonnages reported are dry metric tonnes. Totals may not add due to rounding.