Last checked at 
LONDON (Alliance News) - ECR Minerals said Monday it identified a "significant gold target" at its Blue Moon gold project in Australia.
ECR shares were trading up 14% at 0.95 pence each on the back of the news.
The mineral exploration & development company added that the target has been identified below near surface.
"The gold grade identified near surface was modest, but the key objective of the previous drilling campaign was to confirm the presence of gold mineralisation which was achieved successfully," the company said.
ECR said it will undertake deeper drilling at the project in the coming months.
The company has also undertaken field mapping and soil geochemical sampling over unexplored areas to the north and northwest of the Blue Moon project.
"This work programme has identified two new gold prospective targets which share similar geochemistry to that confirmed at Blue Moon, notably large areas of quartz float with anomalous arsenic of similar magnitude," ECR said.
The two new targets, which have been named Red Moon and Yellow Moon, will be subject to further geochemical analysis.
"It is evident that the Blue Moon target offers an opportunity to discover a significant gold deposit and that will be our prime objective in the forthcoming drill campaign," Chief Executive Officer Craig Brown said.
