Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) said it is assessing the Demirli copper mine in the Karabakh region (formerly Nagorno Karabakh) of Azerbaijan ahead of a possible reopening.
The contract area was acquired by Anglo Asian in 2022, with Demirli comprising two contiguous open pits and a six million tonnes per annum flotation plant to produce copper concentrate.
The mine and plant were opened approximately ten years ago and operated until 2022.
Anglo said the plant is intact and in reasonable order, while a study of the tailings dam to ascertain its serviceability and suitability for a further wall raise is underway.
Based on incomplete data, Anglo estimates there are approximately 58 million tonnes of residual ore containing 239,000 tonnes of copper.
Of these 58 million tonnes of ore, 22 million tonnes have been reported as reserves and suitable as feed for flotation.
A drone survey of the entire site has recently been carried out to determine the topology of the deposit.
Reverse Circulation (RC) drilling, to a depth of ten metres, is also being carried out to identify ore blocks of sufficient size to commission the plant and operate it for one year.
Anglo added it plans to produce a JORC mineral resources estimate of the remaining ore deposit.
Near-mine exploration targets are also being explored with the company also conducting an initial benchmark environmental study.