Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) highlighted the progress made on its exploration projects in Azerbaijan in the second half of last year and reiterated that it does not expect Russia's invasion of Ukraine to have any impact on its current exploration activities.
"We continued to make solid progress with our exploration campaign in the second half of last year, with the exciting discovery of the Hasan vein at Gosha,” said vice-president Stephen Westhead.
The AIM-listed company announced last week that it had discovered the new Hasan gold vein, to the south of its main Gosha gold mine in Azerbaijan, and had intercepted gold grades of up to 229.5 grammes per tonne.
READ: Anglo Asian Mining discovers new gold vein, bonanza gold grades near Gosha mine
“In addition, we pursued our exploration programmes at Gilar, Gedabek and Gadir with a view to strengthening our reserves base and identifying new targets,” added Westhead.
"Our drilling programme at Zafar has continued to demonstrate very encouraging results and we plan to commence production next year, following the publication of the final mineral resource estimate and subsequent mineral reserves estimate and mine design," he said.
The company published a maiden resource estimate for the Zafar deposit in July 2021 and expects to release the final resource estimate by the end of April 2022.
Anglo Asian said last week that its operations in Azerbaijan were unaffected by the international sanctions levied against the Russia, Russian companies and individuals and that it expected no material impact on its supply chain or operations.