21st Nov 2018 12:54
LONDON (Alliance News) - Anglo Asian Mining PLC said Wednesday the airborne geophysical survey at its Gedabek contract area is roughly 77% complete.
Findings of the survey, which is being conducted by Geotech Ltd, are expected in the first quarter of 2019.
The Azerbaijan-focused mining company said that the survey, which is underway at the 300 square kilometre contract area, is aimed at identifying new drill targets to add to resources and reserves, as well as to identify potential new stand-alone mines.
At present, Anglo Asian mines gold and copper from two open pit mines and one underground mine in the Gedabek contract area.
"We are aware of multiple additional gold and copper mineral occurrences at Gedabek and preliminary results from the area surveyed to date show both magnetic and electro-magnetic anomalies relating to geological entities at depth. These will be the focus of future ground-based follow-up work," said Anglo Asian Director of Geology & Mining Stephen Westhead.
Shares in Anglo Asian were up 0.9% at 81.70 pence on Wednesday.
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