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Anglo Asian Mining's exploration activity delivers 'very positive results'

"It is starting to become clear that Gosha is an underexplored property with excellent potential"

Anglo Asian Mining PLC -

Exploration activity at Anglo Asian Mining PLC’s (LON:AAZ) three properties in Azerbaijan in the first half of the year has delivered positive results, the company said in an update on Thursday.

Geologists are continuing to analyse the results of outcrop sampling and trenhing of untapped areas at the Gedabek licence area, while drilling near to the existing open pit mine has indicated the mine life can be prolonged.

All holes drilled intersected economic gold grades, with gold grades of up to 11.05 grammes per tonne, while a ventilation shaft was completed to allow underground tunnelling to be explored and developed.

At nearby Gosha, 1,897m of drilling below an existing adit of the underground mine was completed with gold grades of up to 5.92 grammes per tonne.

At Ordubad, an 18-hole drill programme turned out assay results including one hole showing 3.8% copper and 47.64 grammes per tonne silver at a depth of 102 to 103 metres

“At Gedabek, we continue to evaluate the ZTEM anomalies with results showing mineralisation both on or near surface,” said Stephen Westhead, director of geology & mining.

After the encouraging near-mine exploration at Gosha, Anglo Asian is beginning work on a target called Khatinca that has “very favourable” geology.

“It is starting to become clear that Gosha is an underexplored property with excellent potential. The Ordubad area also continues to yield significant copper and gold results, further demonstrating the important potential of this region using modern exploration techniques.”

Quick facts: Anglo Asian Mining PLC

Price: 141.5 GBX

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