Anglo Asian Mining shares jumped on Monday after the company announced it had identified multiple new targets at its Gedabek project.
The mining company published a summary of its 2018 geological exploration activities at its Gedabek and Gosha contract areas on Monday, sending shares upwards.
According to the update, the company completed a 3,385 linear kilometre helicopter-borne electromagnetic and magnetic survey.
The survey proved successful, locating ‘multiple highly promising and prospective mineral targets’.
In addition, Anglo Asian Mining said that the results also confirmed existence of further valuable mineable copper and gold extensions, via drilling at the northern and southern margins of Gedabek.
The firm’s Director of Geology & Mining, Stephen Westhead, commented, “The most significant exploration activity at Gedabek in 2018 was the ZTEM geophysical survey, a first for the Company and Azerbaijan. A summary of the results of the survey is being separately released today and we are now starting the investigation of anomaly target areas with ground based geological exploration.”
“The polymetallic discovery at the Asrikchay area of Gosha was also a very exciting discovery. It is the first of this mineral style identified at Gosha and the first indication of the presence of copper in the region.
“Exploration continues to underpin the future production and growth of the Company. The current exploration activities are already yielding significant results and I look forward to further updating our shareholders on the results of our efforts in the future”.
Shares in the AIM-listed company (LON:AAZ) are currently down +4.97% as of 11:33AM (GMT).