JOHANNESBURG (miningweekly.com) – Gold, copper and silver miner Anglo Asian on Monday announced a Joint Ore Reserve Committee- (Jorc-) compliant resource estimate for its Ugur gold deposit, where production is set to start next month.
Ugur – a new mineral deposit 3 km west of the Gedabek licence in western Azerbaijan – has a total mineral resource of 199 000 oz of gold and 1.05-million ounces of silver, CEO Reza Vaziri said, pointing out that the Jorc estimate exceeded the company’s initial estimates of 195 000 oz.
Ugur has a measured and indicated resource of 172 000 oz of gold and 884 000 oz of silver, and proven and probable reserves of 147 000 oz of gold and 808 000 oz of silver.
The mineral resource is considered a valuable addition to the Gedabek mine and development work to exploit the deposit is under way.
Anglo Asian reported that production at Ugur would start earlier than initially planned, with mining and ore haulage to the processing facility expected to begin before the end of this month. First production is planned for September.
The company previously expected the new deposit to start production in the fourth quarter of the year.
Shares in Anglo Asian, which is listed on the Aim, gained 6.45% to 24.75p on Monday.