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(Alliance News) - Anglo Asian Mining PLC on Monday said it has identified significant copper mineralisation at its Xarxar contract area in Azerbaijan.
The Azerbaijan-focused gold, copper and silver producer said it has prepared an initial exploration model of copper mineralisation in the area, while a geological block model and open pit mining study are currently being developed.
The company said it identified the mineralisation by an in-depth review and verification of data acquired from AzerGold CJSC, as well as in-house field work at the site.
AzerGold has undertaken assay testing of three drill holes, totalling 1,140 metres, the Anglo Asian said, adding that it will carry out the assay testing and core logging of the drill cores of the remaining 12 holes drilled by AzerGold.
The firm added that it has also reviewed geophysical data, maps and interpretative reports from AzerGold.
Vice-President Stephen Westhead said: "We are very excited about the acquisition of Xarxar and the potential copper that it can bring to the Anglo Asian production pipeline. 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."
Anglo Asian shares fell 1.9% to 98.10 pence each in London on Monday afternoon.
By Harvey Dorset, Alliance News reporter
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