(Alliance News) - Anglo Asian Mining PLC on Monday said it has made new copper and gold discoveries at the Gedabek contract area in Azerbaijan.
The Avshancli area, which showed copper-gold occurrences, is located 10.5 kilometres northeast of the Gedabek open pit. It contains two gold-copper zones, Avshancli-1 and Avshancli-2, and a copper-gold zone Avshancli-3.
Gilar, a gold mineral occurrence, is located two kilometres south of Avshancli-1.
Anglo Asian explained: "Significant gold intercepts include 11.8 grammes per tonne of gold from the North Zone and 16.0 grammes per tonne gold from the South Zone."
Diamond core drilling has begun at Avshancli-1 and planning for a drill programme at Gilar is underway, the company added.
Anglo Asian said it assessing what work is necessary to be done in order to produce a Joint Ore Reserves Committee estimate at the new discoveries.
Chief Executive Reza Vaziri said: "We are delighted to report the discovery of the two additional mineral occurrences within the Gedabek contract area, Avshancli and Gilar. These discoveries demonstrate our belief in the further potential of the Gedabek contract area and the effectiveness of our geological exploration programme."
Elsewhere, the company reported that it has extended a drilling programme at the Gosha contract area, also in Azerbaijan. Six diamond drill holes were completed in the third quarter ended September 30.
In Ordubad, assay results following drilling of eight diamond holes at the Dirnis copper-silver target returned good grades.
Director of Geology & Mining Stephen Westhead said: "A balanced work programme of near mine and greenfield exploration has provided positive results this quarter."
Shares in the company were 5.2% higher at 147.25 pence each in London on Monday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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Anglo Asian (AAZ)