Anglo Asian Mining said its Xarxar copper deposit in Azerbaijan contains 24.9 million tonnes of mineralisation with average grades of 0.48% copper as it published a maiden JORC-compliant resource for the deposit.
Of this, 22 million tonnes of mineralisation containing 106,000 tonnes of copper are in the Measured plus Indicated JORC categories.
The total in-situ mineral resource amounts to 119,100 tonnes of copper, added the statement.
Anglo Asian based the estimate on 66 drill holes with a total length of 21,707 metres while a 470-metre exploration adit was excavated for underground drilling and sampling
Stephen Westhead, Anglo Asian vice-president, said: "The maiden JORC Mineral Resource Estimate for the Xarxar Deposit demonstrates that this is a substantial resource, containing over 100,000 tonnes of copper.
"We are confident that the Xarxar mine will be a significant contributor to our future production.
"To further expand the current mineral resources estimate, work will include surface infill drilling to the east of the deposit, deposit geotechnical and hydrogeological drilling, and drilling to supply samples for further metallurgical testwork."
Additional core drill samples will also be subject to external quality assurance and control, said the statement.