Anglo Asian Mining PLC (LON:AAZ) shares gained on Monday as the group announced that it has commenced a US$1.84mln exploration programme at the 462 square kilometre Ordubad project in Azerbaijan.
The programme will include satellite mapping, geological mapping and sampling and around 6,000 metres of core drilling.
An exploration programme, undertaken last year, combined with old Soviet-era data has led Anglo Asian geologists to believe that Ordubad may contain multiple porphyry mineralisation systems.
"Now that Gedabek production is robust, a well-structured exploration programme to expand our mineral resources pipeline for future production is taking shape,” said Anglo Asian director of geology & mining, Stephen Westhead. “This includes the potentially significant mineral resource wealth of Ordubad. Ordubad has several exciting targets all within a 5-kilometre radius.”
In late morning trading, shares in Anglo Asian Mining were 5% higher at 73p.
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