logo-loader
viewAnglo Asian Mining PLC

Anglo Asian’s exploration work set to boost mine life at Gedabek

Anglo Asian has already built up an impressive track record of gold production

1537168115_shutterstock_102742847.jpg
Anglo Asian's gold revenue will be more secure with the addition of new resources

Recent exploration work undertaken by Anglo Asian Mining Plc (LON:AAZ) at the currently producing Gedabek open-pit gold mine has confirmed the existence of further mineable ores.

Accordingly, an updated resource and reserve estimate classified and reported in accordance with the JORC Code will be published by the end of September 2018. This will confirm a significant extension to the Gedabek mine life.

WATCH: Anglo Asian Mining 'in extremely good shape' after first half production boost

Elsewhere, the company has increased confidence in the short to medium term production profile at the Gadir underground mine, following confirmation of the continuation of the Gadir ore-body down-dip and potentially along strike.

Underground tunnelling at Gadir has confirmed the existence of significant gold grades of over three ounces per tonne (93 gram per tonne).

This means that numerous areas of high-grade mineralisation adjacent to the current Gadir operation have been identified, and a new resource and reserve estimate for Gadir is expected in the fourth quarter of this year.

"The Exploration Programme launched in March of this year set out with the clear aim of replacing mined ounces and extending the current mine life to a target of a 10-year minimum, increasing Anglo Asian's inventory of resources and also creating a pipeline of new areas ripe for exploitation,” said Stephen Westhead, Director of Geology and Mining.

"In addition, our Ordubad contract area continues to provide significant upside potential for Anglo Asian and we are encouraged by the results derived from the geochemical sampling programme underway.” 

 

 

Quick facts: Anglo Asian Mining PLC

Price: 141.5 GBX

AIM:AAZ
Market: AIM
Market Cap: £161.86 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

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...

In exchange for publishing services rendered by the Company on behalf of Anglo Asian Mining PLC named herein, including the promotion by the Company of Anglo Asian Mining PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: Horse Hill well now 'two-thirds of way through sweet spot'

Headlines from the Proactive UK newsroom. Alba Minerals (LON:ALBA) has noted the report by operator UKOG that the Horse Hill-2Z well near Gatwick is now two-thirds of the way through the sweet spot and that sections of possible increased reservoir quality have been encountered.  Anglo...

on 4/11/19

2 min read