Positive exploration results were returned in the fourth quarter of 2019 on three contract areas, Gedabek, Gosha and Ordubad.
"Our geological work programme continues over our three contract areas,” said Stephen Westhead, Director of Geology & Mining.
“At the Gedabek contract area, work on the two new targets of Avshancli and Gilar is progressing well. Good grades at Avshancli have been returned from the surface geological work and drilling and the vein system at Gilar has been confirmed. The mineralisation footprint of the Gadir underground mine has also been further extended. Additionally, we have started an investigation of a new ZTEM target, Parakend Bugor which is next to Korogly.
"Considerable work has been carried out at Gosha which has been successful confirming the mineralisation below the existing Gosha mine. At Ordubad, the majority of the assay results from drilling at Keleki and Dirnis completed earlier in the year have now been received and show significant gold and copper grades.
"We have also started trench sampling at a new target "Aylis" at Ordubad and are beginning to corroborate the results of the WorldView-3 remote satellite sensing against data obtained from field geology.
Meanwhile, the tunnel development towards the mineralisation target below the Gedabek open pit is advancing at a good pace. The tunnel will be extended to enable the construction of drill chambers to test the down-dip extensions.
New resource and Reserves statements are planned for Gedabek the open pit in 2020.
Further work planned is also planned at Gosha and Ordubad.
“In 2020, we will actively continue our exploration programmes to capitalise on the significant potential upside which we believe exists across our portfolio,” said Westhead.