Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) said drilling results at the Gilar deposit in Azerbaijan confirmed more than 60 metres of thick and continuous gold and copper mineralisation.
Drilling has demarcated six zones of mineralisation with the latest drilling defining a deeper zone of continuous mineralisation hosting significant gold, copper and zinc values, said the AIM-listed miner.
"The extensive mineral zone thickness, continuity and grade of the recent drill intersections mean that Gilar can now be considered of high potential to provide significant gold and copper production,” said Stephen Westhead, vice-president of Anglo Asian.
“We are currently in the process of planning our approach to gaining underground access for exploration and drilling."
Underground access with a tunnel suitable for production as well as additional exploration is being planned, the company said.
The gold, copper and silver producer said a maiden mineral resource estimate for Gilar is nearing completion and is expected to be published in the coming weeks.
Gilar is in the Gedabek contract area about seven kilometres from the company's existing processing facilities.
A total of 118 surface core drill holes have been completed over the Gilar deposit.
Highlights from the drilling include 67.0 metres (m) at 2.02 grammes a tonne (g/t) gold, 1.58% copper and 1.58% zinc from a depth of 327m for drill hole 22GLDD118, including 51.0m at 2.54g/t gold, 2.00% copper and 2.1% zinc and 17.8m at 4.31g/t gold, 3.14% copper and 2.25% zinc.