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Pin to quick picksAnglo Asian Share News (AAZ)

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Share Price: 80.50
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Change: -0.50 (-0.62%)
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Anglo Asian Mining announces new Azerbaijan gold discovery

Mon, 17th Oct 2016 08:39

(ShareCast News) - Gold, copper and silver producer Anglo Asian Mining announce a new gold discovery named 'Ugur' on Monday, within its Gedabek licence area in western Azerbaijan.The AIM-traded firm said it fell in line with the company's strategy to continue to expand the potential resource at the Gedabek Licence, with Ugur providing significant potential upside to the company's future gold production.It said the gold exploration target was discovered 3 kilometres north-west of the company's agitation leaching plant and heap leach facilities at Gedabek.Positive assay results were returned from chip samples and reverse circulation drilling, with all drill holes ending in oxide mineralisation and preliminary test work results yielding an average gold recovery of 87%, suggesting the oxide zone is amenable to leaching.An initial Phase II core drilling programme has commenced to determine the overall depth and style of mineralisation with a view to increase resources, the board said, with detailed geological structural and alteration mapping also starting with additional trenching also planned before the end of 2016.There was significant upside potential, the company said, as the target had only been partially drilled and initial field mapping suggested that the area is open along the strike.An additional exploration target had been defined in the expanded Ugur area, based on a similar alteration and geomorphological position to the Ugur deposit and located approximately 1,500 metres south of the current Ugur drilling area.Further evaluation was planned as part of the 2017 field work programme."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," said Anglo Asian CEO Reza Vaziri."Having recently returned to profitability, and following the completion of several operational initiatives to improve efficiencies and lower costs at Gedabek, I believe Anglo Asian is now well positioned to expand its mineable reserves which will lay the foundations for long term and sustainable production from multiple deposits at Gedabek."This is an exciting time for the company and I look forward to updating shareholders on our progress as we look to unlock the potential from this new target and increase value for our shareholders in the process."
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boohoo Group PLCAGM
Card Factory PLCAGM
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Likewise Group PLCAGM
LSL Property Services PLCAGM
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Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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Anglo Asian Mining sees quarterly production drop on approval wait

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20 Feb 2024 15:03

Anglo Asian unveils maiden Xarxar resource estimate

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20 Feb 2024 11:29

Anglo Asian Mining completes maiden JORC resource estimate for Xarxar

(Alliance News) - Anglo Asian Mining PLC on Tuesday said it completed its maiden JORC mineral resource estimate for its Xarxar copper deposit.

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16 Feb 2024 13:13

Anglo Asian gives up board seat on Libero board

(Sharecast News) - Azerbaijan-focussed gold, copper and silver producer Anglo Asian Mining announced the resignation of non-executive director Michael Sununu from the board of Libero Copper & Gold on Friday.

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16 Feb 2024 12:55

IN BRIEF: Anglo Asian loses director on Libero board as stake falls

Anglo Asian Mining PLC - Azerbaijan-focused copper, gold and silver producer - Non-Executive Director Michael Sununu resigns from the board of Libero Copper & Gold Corp, after Anglo Asian Mining's stake in Libero falls to 5.7%, lower than the 9.9% threshold that entitles the company to maintain a director on the board of Libero. Anglo Asian Mining says its holding in Libero has reduced as it has not participated in several recent rounds of financing.

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IN BRIEF: Anglo Asian climbs amid copper resource discovery at Xarxar

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