ABM said X-ray fluorescence (XRF) spectrometry analysis of 663 surface samples showed anomalous levels of copper and cobalt. Preliminary analysis had also identified a 7km-long anomalous zone for copper which was spatially related to "undifferentiated roan horizons" within the licence area.

Executive director Paul Johnson said identification of a copper anomaly related to the undifferentiated roan horizons passing through the length of the licence was a welcome result at such an early stage of analysis of the sampling programme results.

"The potential significance of this large anomalous zone makes this a high-priority prospect for the company. Initial exploration in 2018 had failed to pick up significant signs of any mineralisation, and so this appears to be a positive change in fortunes," he said.

ABM plans to continue further analysis and review of the copper and cobalt results from sampling over the next week and release detailed results soon thereafter.

The company's shares were up 5.63% Friday to 0.42p (US0.53c).