Anglo Asian announces new copper-gold discovery at Gedabek

Azerbaijan-focussed gold, copper and silver producer Anglo Asian Mining announced a new copper-gold discovery on Tuesday, dubbed ‘Zafer’, within the central region of its Gedabek contract area in the west of the country.

The AIM-traded firm said the discovery resulted from a regional exploration field mapping programme following the identification of structural trends by the ZTEM geophysics programme. It said the mineral occurrence was discovered around 1.5 kilometres north west of the Gedabek processing plant, reporting “significant” drill hole intersection of copper-gold mineralisation, including 113 metres at 0.5% copper and 0.7 grams of gold per tonne.

Maximum grades within all drill holes to date was up to 6% copper, 14.6% zinc and 12.4 grams of gold per tonne.

The initial phase of core drilling had now begun, which the board said had provided “significant” mineralised intersections, with ground-based geophysics carried out to the target drill programme.

“This discovery demonstrates our belief in the ongoing potential of the Gedabek contract area and the effectiveness of our geological exploration programme,” said president and chief executive officer Reza Vaziri.

“The company is undertaking the work necessary to produce JORC estimates for the new discovery and to determine the best way to commercially exploit the mineral occurrence.

“I look forward to updating shareholders on our progress.”

At 1519 GMT, shares in Anglo Asian Mining were up 1.54% at 125.4p.