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(Alliance News) - ECR Minerals PLC said Thursday it is considering further exploration projects in Victoria and Western Australia to add value for the company.
The London-based precious metals explorer said its subsidiary Mercator Gold Australia Pty Ltd has commissioned a lithogeechemical study for Creswick gold project in Victoria.
The company said geochemist Dennis Arne will be working with fresh reverse circulation chips from Creswick to determine whether the observed quartz veining is associated with the presence of ferroan carbonate, which is closely associated with gold deposits in the region.
The results are anticipated to be valuable for the purposes of future exploration at the Creswick project.
ECR said it also evaluating a number of potential exploration programmes for the Bailiestone gold project in central Victoria, including further drilling at the Blue Moon prospect, where a 2019 reverse circulation drilling returned an intercept of 2 metres at 17.87 grammes per tone of gold.
Furthermore, the company said Mercator Gold Australia has also been granted an additional exploration licence comprising part of the Windidda project in the north-eastern Yilgarn region of Western Australia.
Chief Executive Officer Craig Brown said: “With the gold price having recently exceeded USD1,600, the equivalent of almost AUD2,400 in Australian dollar terms, there is currently a very high level of interest in gold exploration and mining in Australia, including in Victoria and Western Australia.
"As well as seeking to add value through our own exploration activities, ECR is considering potential transactions which may create value for the company and its shareholders. Although there can be no guarantee that any transaction will be progressed, the board are encouraged by the number of opportunities that are available.â€
ECR shares were trading 8.6% lower in London at 0.80 pence each on Thursday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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