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(Alliance News) - London-based ECR Minerals PLC on Monday reported progress made on drilling at historic reserve number 4, known as Cherry Tree, which is part of the Bailieston project, located in Victoria State, Australia.
ECR Minerals has 100% ownership of the Bailieston project, which is operated under its Australian wholly owned subsidiary Mercator Gold Australia Pty Ltd.
The gold exploration & development company focussed on Australia said a total of 1,545 metres of diamond drilling has been undertaken to date at Cherry Tree. Drilling has been completed using the company's owned and operated drill rig, named Midas. The aim of the drilling was to test the structural trends associated with the historic percussion drilling.
BCTDD001 hole was drilled to identify the central anticline position. BCTDD002 and BCTDD003 holes were drilled to test the down-dip of a WNW fault system located in the central portion of the goldfield.
Drilling has continued across WNW fault zones at different points along the anticline, with the current hole BCTDD010 being near complete. Drilling showed broad zones of low-grade mineralisation.
"Mercator Gold Australia now have a more detailed understanding of the prospect, proving up the historic percussion drilling results that showed broad low-grade mineralisation zones with occasional high-grade intercepts," said ECR Minerals Chief Executive Craig Brown.
AIM-listed ECR Minerals shares were trading 11% lower in London on Monday at 1.69 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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