(Alliance News) - Anglo Asian Mining PLC has "significant" potential to expand its current resources, the company said on Monday, after strong drilling results.
Anglo Asian has three main assets, all in Azerbaijan: Gedabek, Gosha, and Ordubad. Both Gedabek and Gosha are currently producing gold, with Ordubad in the exploration phase.
At Gedabek, Anglo Asian is currently working to further define mineable mineralisation at the Gadir mine, which is showing "good" results. Anglo Asian hopes to publish a new resource and reserve statement for the contract area's open pit in 2020.
Early state exploration at Gosha "fully" supports further work, the company continued, and it will be looking to look at the subsurface potential of the asset this year.
Results from Ordubad have been "extremely encouraging", and Anglo Asian is planning further surface geological mapping at three targets in 2020.
Stephen Westhead, the director of Geology & Mining at Anglo Asian, said: "I am delighted to provide both an overview of the progress of our exploration programme to date and the work planned for the rest of this year. Overall, the work that has been carried out at our three contract areas over the past year has been highly encouraging.
"In 2020, we will actively continue our exploration programmes to capitalise on the significant potential upside which we believe exists across our portfolio. We look forward to sharing with you the results of our 2020 work programmes and are confident that we will expand our resources and extend the footprint of our operations."
Shares were 1.6% higher on Monday shortly before midday in London at a price of 151.35 pence each.
By George Collard; georgecollard@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Anglo Asian (AAZ)