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(Alliance News) - ECR Minerals PLC on Tuesday said it has received high grade gold assays from rock chip sampling at the Timor gold project in Australia.
Shares in ECR were up 7.2% at 0.99 pence in morning trade in London.
Quarts vein material at Timor assayed 22.6 grammes of gold per tonne from the Shaw's Reef main shaft waste dump. This was mined to a depth of 152 metres, producing 11,465 ounces at a grade of 20.9 grammes of gold per tonne of ore.
From the Anglo-Saxon Reef main shaft waste dump, meanwhile, quartz vein material assayed 26.3 grammes per tonne and the four samples averaged 8.1 grammes of gold per tonne of ore.
In total, 84 rock samples were collected from 19 prospects and 47 were mineralised at more than 0.1 grammes of gold per tonne of ore.
The maximum gold grade for the waste rock samples was 6.5 gramme of gold per tonne of ore from the North British Reef, and the assayed materials was a host rock slate that did not contain any quarts content.
In addition, at the Brilliant and Northumbria Reefs, testing has found "wide zones of anomalous gold mineralisation associated with old quarts reef workings that operated on a number of parallel reefs quarts blows, latter veins and stockworks" inside an 80-metre wide corridor. The zone is approximately 500 metres long and could even extend further.
Chief Executive Craig Brown said: "I am extremely pleased to announce the receipt of high-grade gold assays from the Shaw's Reef and Anglo-Saxon Reef prospects, during a recent reconnaissance sampling program."
Brown added: "The reconnaissance has discovered the Brilliant/Northumbria reef and its extensive gold workings, including an old open cut. This prospect area extends over a length of approximately 500 metres and is up to 80 metres wide and assays from 13 samples indicate widespread low-grade gold mineralisation."
