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(Alliance News) - ECR Minerals PLC said it has now commenced a rock-chip sampling programme at the Timor gold project in Victoria, Australia.
The programme will include the sampling of rock dumps from old gold workings on the licence area. The sampling will be undertaken along the two fault zones, and the objective will be to establish the style of gold mineralisation present.
The precious metals exploration company said 91 samples in total have been collected from Timor and submitted to the laboratory for assay testing.
The company also noted a recent gold prospecting documentary filmed in Victorian Goldfields region which discovered a 2.2 kilogram gold nugget near Dunolly, around 5 kilometers from the boundary of the Timor gold licence area.
ECR said it is very encouraged by the discovery which validates the untapped potential of the primary mineralisation in the area.
"While gold nuggets are not the ECR objective in discovering a new economic primary gold deposit at Timor, they do form an added occasional bonus to the overall economics, especially when they form part of a rich high-grade ore shoot," the company said.
Shares in ECR Minerals were up 0.5% at 0.98 pence each on Monday afternoon.
