Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

UPDATE - Anglo Asian hits more high grades north of Gedabek

Latest drill results support view that Gedabek mine is part of a much larger gold system, said company.
UPDATE - Anglo Asian hits more high grades north of Gedabek

-- adds share price, broker comments--

Anglo Asian (LON:AAZ) has had more indications that a potential high grade gold target lies just to the north of its Gedabek mine in Azerbaijan.

Anglo Asian announced last month it found the potentially very high grade zone 400m from the existing mine following an ongoing 3,000m drilling programme.

On Wednesday it said its latest completed drill hole, 107, had found even higher grades than the last with a bonanza grade of 207.1 grams per tonne (g/t) gold (6.66 ounces per tonne), 42.02 g/t silver (1.35 ounces), and 2.86% copper over 1m at a depth of 248m. The hole also showed 47.2 g/t (1.52 ounces) from 245m to 250m.

Anglo added that there were additional gold interceptions of 7 g/t Au from a depth of 277m to 283m, 10m of 3.04 g/t Au from 302m to 312m and 2m of 2.82 g/t Au from 325m to 327m.

Reza Vaziri, Anglo’s chief executive, said the results support the theory that Gedabek is part of a much larger mineralisation system.

“While the full extent of this discovery is unknown, an aggressive exploration programme in 2014 will determine how much additional resource will be available to extend the mine life at Gedabek.

"The apparent high grade nature of this significant new discovery would certainly enhance our ability to optimise the reprocessing of spent heap leach tailings through the AGL by blending."

Two additional drill holes planned in the next month while a geophysical programme is scheduled for the second quarter to identify drill hole targets over the 1,500m of potential extension to the east.

House broker SP Angel said that exploration results have so far demonstrated good intercepts, but more drilling is required to define the continuity of the mineralisation in order to consider the area for future mine expansion.

The depth of the mineralisation suggests the company might drive an adit into the side of the Gedabek hill to access this ore, it added.

“The high grade intersections suggest this area could provide high grade ore from underground mining for blending with run of mine ore from Gedabek to increase substantially the overall value of the mine.

“Further drilling should confirm the value and overall potential impact of ore from this area relatively quickly.”

Shares rose 3% to 22.7p.

View full AAZ profile View Profile

Anglo Asian Mining Plc Timeline

Related Articles

gold mineralisation
July 19 2018
Chief executive Gervaise Heddle believes the three projects, all located in Western Australia, have the potential to host “multi-million ounce deposits”
Picture of drilling rig at Bira prospect
May 14 2018
The Samira greenstone belt hosts the 2.5-million ounce Samira Hill gold deposit across the border in Niger.
Thor Explorations' Segilola high grade pit offers strong return on investment
June 12 2018
The 100% owned project sits on a 27 sq km exploration licence containing a 17 sq km mining licence

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use