Business
New Gold Discovery at its Gedabek Licence Area
New Gold Discovery at its Gedabek Licence Area.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \nRNS Number : 6202M Anglo Asian Mining PLC 17 October 2016 \n\nAnglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n17 October 2016\nAnglo Asian Mining plc\nNew Gold Discovery at its Gedabek Licence Area\n \nAnglo Asian Mining plc (\"Anglo Asian\" or \"the Company\"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce a new gold discovery, \"Ugur\", within its Gedabek licence area in western Azerbaijan (\"Gedabek Licence\"). This is in line with the Company's strategy to continue to expand the potential resource at the Gedabek Licence. Ugur provides significant potential upside to the Company's future gold production.\n \nHighlights\n· Gold exploration target discovered 3 kilometres north-west of the Company's agitation leaching plant and heap leach facilities at its Gedabek Licence\n· Positive assay results returned from chip samples and reverse circulation drilling\no All drill holes ended in oxide mineralisation\no Preliminary testwork results yielded an average recovery of gold of 87 per cent. suggesting the oxide zone is amenable to leaching \n· Initial Phase II core drilling programme has commenced to determine overall depth and style of mineralisation with a view to increase resources\n· Detailed geological structural and alteration mapping has started and additional trenching is also planned before the end of 2016\n· Significant upside potential as target has only been partially drilled and initial field mapping suggests that the area is open along strike \n· Additional exploration target defined in the expanded Ugur area\no Based on similar alteration and geomorphological position to the Ugur deposit located approximately 1,500 metres south of the current Ugur drilling area \no Further evaluation planed as part of the 2017 field work programme \n \nAnglo Asian CEO, Reza Vaziri, said, \"In line with our strategy to increase our gold production, we are constantly evaluating the upside surrounding our producing mines and the discovery of the Ugur deposit has the potential to add significantly to our gold resources and reserves and hence our future production at Gedabek. Having recently returned to profitability, and following the...