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.
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.”