Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) said further drilling at the Gilar deposit in Azerbaijan confirms an extension to earlier discoveries with intercepts of up to 21 metres (m) of continuous gold and copper mineralisation.
Drilling in Gilar’s deeper zone has already indicated gold, copper and zinc with an intercept thickness of over 20m and this latest drilling further extends this, it added.
Two step-out drill holes point to additional extensions, it said, with additional drilling to be undertaken from the underground operations given the depth.
A JORC-compliant resource estimate is being prepared and expected to be released next month with production at Gilar scheduled for the first half of 2024.
Stephen Westhead, vice-president of Anglo Asian, commented: "The drilling results have further confirmed the extension potential of the deeper mineralisation, which will form an important component of the upcoming JORC report and prove once again the significance of the Gilar deposit.
“The Gilar mine will be an important contributor to the future production of the company given the high grades of both gold and copper."