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Anglo Asian Mining enjoys exploration success

New discoveries at Avshancli and Gilar, on the same licence area of its Gedabek open-pit, were the result of a regional exploration field mapping programme

Anglo Asian Mining PLC -
At Gilar, “significant gold intercepts” were identified, including 11.84 grams and just over 16 grams

Anglo Asian Mining PLC (LON:AAZ) said it had uncovered new mineralisation in the north-east of the licence area that is host to its Gedabek open-pit mine in western Azerbaijan.

The new discoveries at Avshancli and Gilar were the result of a regional exploration field mapping programme that included an airborne process called ZTEM.

The former was found to be host to new gold-copper “mineral occurrences”, while the latter was prospective for gold only.

Gold-copper, copper-gold 

Avshancli was host to three mineralised zones – two gold-copper and one copper-gold. Geologists also found an outcrop grading 3.56% copper, while trench sampling returned grades of up to 8.85 grams per tonne of gold.

Anglo said soil geochemical exploration was planned over Avshancli-1 to define mineral zoning, while core drilling has begun. Assays have yet to be processed, but samples showed “visual mineralisation”.

At Gilar, “significant gold intercepts” were identified, including 11.84 grams and just over 16 grams.

“These discoveries demonstrate our belief in the further potential of the Gedabek contract area and the effectiveness of our geological exploration programme,” Anglo chief executive Reza Vaziri said in a statement.

In the second of two separate updates, Anglo said it had completed six diamond drill holes targeting a potential mine extension on its Gosha property.

Ordubud work

Meanwhile on the Ordubad licence area, satellite remote sensing was carried out over the central area, while preliminary results from the Natural History Museum's analysis of samples suggested the presence of igneous rocks “favourable for porphyry formation”. Porphyries tend to be large-scale discoveries.

Separately, Anglo said assays from eight diamond drill holes at the Dirnis copper-silver area on Ordabud returned good grades.

"A balanced work programme of near mine and greenfield exploration has provided positive results this quarter,” said Stephen Westhead, director of geology and mining.

 “The two newly discovered mineral occurrences at Gedabek and newly defined target areas at Ordubad provide exciting opportunities for growth.

“Work will continue at pace to follow-up and define the three-dimensional continuity and resource potential of Avshancli and Gilar.”

Quick facts: Anglo Asian Mining PLC

Price: 135 GBX

Market: AIM
Market Cap: £154.43 m

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