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(Alliance News) - Anglo Asian Mining PLC on Wednesday said it has found targets in previously unexplored areas at Azerbaijan's Gedabek project.
Shares in Anglo Asian Mining were 8.2% higher at 124.40 pence in London on Wednesday.
In late April, Anglo Asian finished an electromagnetic and magnetic survey at Gedabek, confirming mineable copper and gold extensions of the open pit at the mine.
Follow-up work as confirmed 20 shallow epithermal/porphyry targets, to a maximum depth of 300 metres. Some five deep targets have been confirmed, between 301 metres and 500 metres.
The company has prioritised seven shallow targets and one overlapping porphyry. It has started geological fieldwork at two shallow targets, which have been named Korogly and Zehmet.
Anglo Asian Director of Geology & Mining Stephen Westhead said: "Initial assessment of the results of the aerial ZTEM survey are extremely encouraging. The survey has successfully identified targets in areas of known mineralisation and has also indicated the presence of mineralisation in areas where there has been no previous exploration.
"This clearly demonstrates the future potential of the Gedabek contract area."
