Anglo Asian Mining’s new gold field turns out larger than primary forecast

Baku, Fineko/abc.az. Anglo Asian Mining plc, the AIM listed gold, copper and silver producer focused in Azerbaijan, has announced an exploration update for its new gold discovery Ugur, within its Gedabek licence area in western Azerbaijan.

Anglo Asian CEO Reza Vaziri said: “These encouraging results from the newly discovered Ugur deposit enhance our understanding of the deposit and show that the oxide zone extends deeper than initially determined by previous drilling. Ugur is only 3 km from our processing facilities at our main Gedabek site, highlighting the clear strategic value of developing this deposit. Work will continue to expand the potential resource of this new discovery. I look forward to updating shareholders on our progress as we work towards further enhancing our already profitable operation at Gedabek through the mining of multiple zones of mineralisation.”

Anglo Asian Group Director of Geology, Stephen Westhead, said that with core drilling results having determined a significant oxide zone containing gold, it is planned to continue core drilling on a grid in the central area to allow for three-dimensional modelling for resource and reserve estimation of this exciting prospect.

“In conjunction with this, we will also drill the flanks of the area targeted by surface alteration mapping to expand the gold potential. We look forward to continuing to evaluate this deposit with a view to adding gold reserves in advance of mining as we aim to enhance our entire production profile for the Gedabek Licence,” Westhead said.

The gold content in the rock is still determined at the new field as 0.3 g per ton of ore.

source: abc.az