18th Jan 2023 16:41
(Alliance News) - Anglo Asian Mining PLC on Wednesday said the portal to the Gilar mine in Azerbaijan has been completed, with underground tunnelling now underway to access the mineral deposit.
The gold, copper and silver producer which primarily focuses on Azerbaijan said the underground tunnel will access the lower zone of mineralisation and will enable further exploration drilling from depth, followed by production via the tunnel in due course.
On December 19, Anglo Asian Mining published a preliminary maiden mineral estimate for Gilar, which found it contains over 135,000 ounces of gold, 21,500 tonnes of copper and 23,000 tonnes of zinc. The estimate did not follow the Joint Ore Reserve Committee code of practice.
Anglo Asian Mining said surface core drilling is continuing, with mineralised appearing to be visually significant.
The assay results are still awaited, while geotechnical drilling alongside the decline ramp has been completed to determine the rock type and geological structure which is required for tunnel design.
It said a ventilation ramp will be constructed to the lower decline, which will also allow access to the upper levels of mineralisation.
"The Gilar project is an exciting addition to the company's portfolio and the commencement of the tunnelling puts the mine into development. We are delighted with the progress being achieved at Gilar, and surface drilling has so far yielded visually significant intercepts," said Vice-President Stephen Westhead.
"The company looks forward to reporting the results of the assaying and analysis in due course."
Shares in Anglo Asian Mining traded flat to 106.00 pence each in London on Wednesday afternoon.
By Greg Rosenvinge, Alliance News reporter
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