Anglo 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 copper-gold discovery, "Zafer", within the central region of its Gedabek Contract Area ("Gedabek CA") in western Azerbaijan, Ann.az reports citing the Company.
This discovery resulted from a regional exploration field mapping programme following the identification of structural trends by the ZTEM geophysics programme.
Reza Vaziri, CEO and President, commented: "We are delighted to report the discovery of Zafer, an exciting mineral occurrence within the Gedabek contract area. This discovery demonstrates our belief in the on-going potential of the Gedabek contract area and the effectiveness of our geological exploration programme.
"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."
Stephen Westhead, Director of Geology and Mining, commented: "Zafer is a high priority target resulting from the ZTEM airborne geophysics programme which identified three anomalies at varying depths, including one porphyry.
"Initial drilling is focused on areas identified by geological mapping, geophysics data and the structural geology, and 12 drill holes have been completed with a total length of 7,675 metres. 10 profile lines totalling nearly 25 kilometres were also completed using ground-based induced polarisation electrical geophysics. This work identified three mineralised zones within an elongated structure. The most significant downhole intercept is 113 metres at 0.5 per cent. copper and 0.7 grammes per tonne of gold. This thickness and style of mineralisation is consistent with porphyry-type mineralisation.
"The geological team at Gedabek continue to evaluate the continuity of mineralisation within the deposit to develop resources for future economic evaluation. The identification of this zone is exciting as extensions along strike also intersect other targets, thus providing a potentially significant mineral resource. "