UK’s Anglo-Asian Mining Plc. (AAM), which specializes in the extraction of gold, silver, and copper in Azerbaijan, has set its sights on the Gilar deposit in the western part of the country.

Report informs via AAM that in 2024, the company aims to extract an impressive 3,100 ounces of gold from this new site.

According to AAM’s materials, the company’s target for the Gilar deposit in 2024 is to extract 10,000 ounces of gold equivalent in precious metals and copper. This includes 3,100 ounces of gold, 1,400 tons of copper, and 49,000 ounces of silver.

New mining equipment has already been delivered and put into operation at the Gilar deposit. Work is ongoing on the construction of the main transport tunnel for access to mineralization, a ventilation tunnel, and the main descent. AAM expects to gain access to the mineralization of Zone 4 by November 2024.

According to the gold mining company, Zone 4 of the Gilar deposit contains 2.4 million tons of mineralization with a copper content of 1.5% and a gold content of 1.8% per ton. The gold reserves in Zone 4 are estimated at 147,000 ounces, while copper reserves stand at 38,000 tons. The value of the gold reserves is estimated at $338 million at a price of $2,300 per ounce, and the copper reserves are valued at $358 million at a price of $9,500 per ton.

The Gilar deposit, located approximately 7 km from the company’s processing facilities, is part of the Gadabay contract area. The site features two types of mineralization: gold in quartz veins and gold-copper ore formation from hydrothermal solutions.