Azatek – Mineral Resource - Armenia
Azatek – Mineral Resource - Armenia

The resource assessment carried out during modelling of the Azatek deposit is not final.  Data on the deposit’s resources will be supplemented and updated during the further exploration and confirming operations.

The mineral reserves have been estimated with reference to definition of the JORC Code (2012) (clause 29).  Mineral reserves are shown in short form in the table.  The mineral reserves are estimated on the basis of an economic parameters.

Cut-off grade of 1.1 g/t of gold equivalent was used to estimate the ore reserves in the open pits (recoverable ore reserves).

Technical Report JORC 2012 prepared by Barbar Consulting LLC and CSA Global Pty Ltd dated 16 August 2016.

Project Details

25 year
Nov. 23, 2012


  • 25 Year Lease – Granted November 23, 2012
  • Expenses to date– approx. $30 M
  • Azatek NPV – 10% discount at $1,800 an ounce $893 M
  • 43-101 to be initiated
  • Strategy to allow early production, including tolling processing
  • Next stage development, smelter plant construction

The Challenge :

  • To buy and install a processing plant (mill, gravity and floatation)
  • Time frame for plant installation 12 months at a cost of USD $2.7M
  • Operating the plant at an estimated annual net profit of $35 M.

The Result :


Total Cost - plant installation


Net profit/yr



Emerging Goldfields