Anglo Asian Mining has achieved further positive exploration results from new drilling undertaken at its Gedabek gold, copper and silver mine in Western Azerbaijan.

The company said the ongoing 3,000m drilling programme found elevated gold values and that the core hole AIMCDD-106 had a 1m interception of 101g/t of gold and 78g/t of silver.

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Drill hole 107 showed gold interceptions higher than those in hole 106, with 1m of 207.1g/tonne of gold, 42.02g/t of silver and 2.86% copper.

Hole 107 also showed 47.2g/t from 245m to 250m.

Anglo Asian stated that there were additional gold interceptions of 7g/t of gold from a depth of 277m to 283m, 10m of 3.04g/t of gold from 302m to 312m and 2m of 2.82g/t of gold from 325m to 327m.

Two additional drill holes are planned for February 2014, to further test the gold mineralisation of the newly-discovered gold trend at Gedabek.

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The company is also planning a geophysical survey in the second quarter of this year, to identify drill hole targets over the 1,500m of potential extension to the east.

Anglo Asian CEO Reza Vaziri said the validation of the mineral discovery north of the current open pit suggests that Gedabek is part of a much larger mineralisation system.

"While the full extent of this discovery is unknown, an aggressive exploration programme in 2014 will determine how much additional resource will be available to extend the mine life at Gedabek," Vaziri said.

"The apparent high-grade nature of this significant new discovery would certainly enhance our ability to optimise the reprocessing of spent heap leach tailings through the AGL by blending."

Energy