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Anglo Asian kick starts 2019 exploration programme at Ordubad, targeting multiple porphyry systems

With a significant track record of production now established, Anglo Asian is moving on to the next phase of its development

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Ordubad contains several occurrences of gold and copper

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.

WATCH: Anglo Asian Mining publish reserves estimate for the Gadir underground mine

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.

 -- Adds share price --

Quick facts: Anglo Asian Mining PLC

Price: 137 GBX

AIM:AAZ
Market: AIM
Market Cap: £156.72 m
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