Anglo Asian said the budget would be used for satellite and geological mapping, and sampling, and about 6,000m of core drilling.

Director of geology and mining Stephen Westhead said the company was undertaking a well-structured exploration programme to expand its mineral resources pipeline for future production, including the potentially significant mineral resource wealth of Ordubad.

"Ordubad has several exciting targets all within a 5km radius. We previously worked on two of these, Piyazbashi and Agyurt, which as independent deposits are relatively small given the level of exploration," he said.

"However, it is the overall picture of how these quartz-gold-sulphide deposits fit into the larger framework of mineral deposit formation that is important.

"Given the known porphyry-style ore province and the identification of rock alteration consistent with this type of mineralisation, it is this model that will be further advanced utilising the latest exploration techniques."

Last year's work programme included 1,488m of linear trenching at Shakardara, and the collection and sending of 5,504 surface samples for analysis, with results expected in the June quarter.

It also included the clearing of more than 5km of roads to give access to mineral deposits.

CEO Reza Vaziri said previous work had already highlighted Ordubad's potential, but Anglo Asia had decided to develop Gedabek first due to infrastructure and other considerations.  

"It is with this background that we were delighted to approve a significant budget to facilitate an expanded geological work programme in 2019," he said.

Anglo Asian's shares (AIM:AAZ) were up 6.47% Monday to 74p (US96.6c), up from 70p six months ago.