8th Apr 2019 10:57
LONDON (Alliance News) - Anglo Asian Mining PLC is set to start a USD1.8 million geological programme at its Ordubad gold project in Azerbaijan, it said Monday.
Ordubad was explored during the Soviet era, Anglo Asian said, and it believes resource estimates from the time are not fully defined, though they show the potential for "extensive" mineralisation.
Work in 2019 will include buying historical reports on Ordubad, fieldwork including mapping and sampling, and drilling at the Dirnis and Keleki copper and gold targets.
Anglo Asian Director of Geology & Mining Stephen Westhead said: "Now Gedabek production is robust, a well-structured exploration programme to expand our mineral resources pipeline for future production is taking shape; this includes the potentially significant mineral resource wealth of Ordubad.
"Ordubad has several exciting targets all within a five kilometre radius. We previously worked on two of these, Piyazbashi and Agyurt, which as independent deposits are relatively small given the level of exploration. However, it is the overall picture of how these quartz-gold-sulphide deposits fit into the larger framework of mineral deposit formation that is important."
"Given the known porphyry-style ore province and the identification of rock alteration consistent with this type of mineralisation, it is this model that will be further advanced utilising the latest exploration techniques," Westhead added.
Anglo Asian shares were 2.5% higher on Monday at a price of 71.25 pence each.
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