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LONDON (Alliance News) - ECR Minerals PLC said Friday its subsidiary Mercator Gold Australia Pty Ltd has acquired the Creswick gold project in the Australian state of Victoria.
The Creswick exploration licence, which expires in December 2021, has been transferred by the previous holder with no consideration payable, the company said, adding that there was no profit or turnover attached to the licence.
The Creswick project is considered "highly prospective" for gold mineralisation hosted within the Dimocks main shale which extends over a 15 kilometre trend from the mining centre of Ballarat to the south, including approximately three kilometres within the Creswick project area.
ECR said only two holes have been drilled to test within the Creswick licence, both in the 1990s. The results of the drilling included an intercept of two meters at 12.28 grammes of gold per tonne of ore.
A drilling programme of eight holes was designed for the previous holder of the licence and submitted to the Victorian government for approval. ECR is considering whether to carry out this drilling immediately after completing its ongoing drilling
"We are pleased to add another highly prospective licence to MGA's portfolio in Victoria, especially for no acquisition cost. The mines in and around Ballarat have been immensely productive in the past, and gold mining continues in the town today. With this in mind, we look forward to commencing field activities at the Creswick project," said ECR Chief Executive Craig Brown.
Shares in exploration company were trading 5.6% lower on Friday at 0.85 pence each.