31st May 2023 10:19
(Alliance News) - Anglo Asian Mining PLC on Wednesday celebrated progress at one of its deposits in Azerbaijan, as drilling results confirmed an extension to previously reported mineralisation.
The Azerbaijan gold, copper and silver producer said drill results from the Gilar deposit have confirmed intercepts of up to 51 metres of continuous gold and copper mineralisation.
Gilar is a mineral deposit in the Gedabek contract area, approximately seven kilometres from Anglo Asian's existing processing facilities. A mineral resource estimate from March showed over 249,000 ounces of gold, 46,000 tonnes of copper, and 48,000 tonnes of zinc at the site.
Anglo Asian said on Wednesday that it has already started portal construction and tunnelling for a second ventilation tunnel at Gilar. Planned portal development includes a cut back for geotechnical purposes, reinforcement of the portal area, and developing infrastructure including water, power, and underground ventilation.
"We are delighted to announce this extension to Gilar, which hosts exceptionally strong grades of gold and copper over significant thickness. We continue to develop the portal, and the team is making great progress with the tunnelling. Gilar is an exciting project for Anglo Asian, and we look forward to bringing it into production in the fourth quarter of this year," said Vice-President Stephen Westhead.
Anglo Asian shares were trading marginally lower at 105.45 pence each in London on Wednesday morning.
By Holly Beveridge, Alliance News reporter
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