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(Sharecast News) - Gold and copper producer Anglo Asian Mining said "significant copper mineralisation" had been identified at its Xarxar asset in Azerbaijan.
Anglo Asian stated an initial exploration model of the mineralisation had already been prepared, with a geological block model and open pit mining study currently being developed and set to be published in the coming weeks.
The AIM-listed group said it has identified "significant mineralisation "at the Xarxar mineral deposit by an in-depth review and verification of data acquired from AzerGold CJSC and in-house geological field work, giving it confidence that the deposit contains "significant copper mineralisation".
Anglo Asian, which commenced a core drilling programme at Xarxar immediately following its acquisition, has also constructed a portal and was developing an exploration tunnel towards the ore body.
Vice president Stephen Westhead said: "Surface drilling and underground exploration tunnelling is ongoing, and the Company looks forward to reporting the results soon.
"Metallurgical testwork is under way to assess the processing options. The Xarxar contract area has very good exploration potential with both known mineral occurrences and targets identified by the previously conducted ZTEM survey."
As of 0930 GMT, Anglo Asian shares were up 3.65% at 103.65p.
Reporting by Iain Gilbert at Sharecast.com
