Anglo Asian Mining PLC (LON:AAZ) shares rose on Wednesday following news the firm has identified multiple targets from an aerial survey of the land surrounding its Gedabek gold mine in Azerbaijan.
Some of these are in areas of known mineralisation, said the miner, while others are in completely unexplored territory.
Grab samples at one of the shallow targets, Zehmet, contained grades of 43 and 95 g/t of gold.
Trenching is scheduled to start at Zehmet this quarter and also at Korogly, another shallow target identified by the survey.
Stephen Westhead, Anglo’s director of geology, said the survey results were extremely encouraging while it was rare to find grab samples of such high grades.
Even though the Gedabek licence area already contained three mines – Gedabek, Gadir and Ugur – it was evident from these latest results that the full potential of Gedabek has yet to be realised, he added.
Of the 31 targets, 20 are at depths of 300m or less (shallow), five between 300-500m (deep) and six were porphyry targets.
As well as the geological testing, Anglo has moved rigs to the site to start drilling some of these targets.
In midday trading, shares in Anglo Asian Mining were 7.8% higher at 124p.
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