Anglo Asian Mining PLC on Monday said further drill results at the Gilar deposit confirm an extension to the mineralisation reported by previous drilling.
The Azerbaijan-focused gold, copper and silver producer said intercepts of up to 21 metres of continuous gold and copper mineralisation were identified, extending the Gilar deeper zone of continuous mineralisation hosting significant gold, copper and zinc with an intercept thickness of over 20 metres.
Anglo Asian Mining said that two step-out drill holes confirm the potential of the extension of the mineralisation and that, given the depth of the mineralisation, it will continue further drilling from underground.
It also said that it is preparing a JORC mineral resource estimate for the Gilar deposit. The company noted that the site was visited by its independent geological consultants Mining Plus UK in September as part of the required due diligence process.
The maiden JORC mineral resource estimate is planned to be released in November, Anglo Asian Mining said, with the Gilar mine expected to begin production in the first half of 2024.
‘The drilling results have further confirmed the extension potential of the deeper mineralisation, which will form an important component of the upcoming JORC report and prove once again the significance of the Gilar deposit,’ said Anglo Asian Vice-President Stephen Westhead.
‘We look forward to continuing to develop the Gilar deposit, culminating in first production in [the first half of] 2024. The Gilar mine will be an important contributor to the future production of the company given the high grades of both gold and copper.’
Shares in Anglo Asian Mining were down 2.2% to 43.03 pence each in London on Monday afternoon.
The Gilar deposit is located in the Gedabek contract area. On Monday last week, Anglo Asian Mining said production was hurt by a suspension at Gedabek, which it said would be set to fully resume operations following an environmental inspection.
In September, Anglo Asian Mining reported that radiation levels at Gedabek were aligned with natural background conditions for the area and no issues were found with the air quality, adding that no cyanide was found in any soil sample above the limits of analytical detection. In August, Anglo Asian reported that consultants from Micon International Co Ltd had visited Gedabek in July to carry out full environmental inspection on behalf of the government.
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