(Sharecast News) - Gold exploration and development company ECR Minerals announced on Wednesday that the Queensland Department of Resources and Environmental Authority have approved work programmes for three exploration permits at its Lolworth District licence territories in the north of the state.
The AIM-traded firm said the exploration permits were yet to be approved, but now that the work programmes had received the go-ahead, the permits would be advertised ahead of a four-month consultation period.
It said it believed the licences would be granted in around six months.
Once approved, all three would be valid for an initial period of five years, to enable it to complete its planned exploration programme, with a right to apply for permit extensions for up to a total of 15 years.
The licenses would be held in the name of LUX Exploration, which is a wholly-owned Australian subsidiary of ECR Minerals.
"Historical data from the area shows that regional deposits, including Charters Towers, have produced over 24 million ounces in total gold production over the years, so naturally our team is very keen to get on the ground and start work," said chief executive officer Craig Brown.
"Our strong cash position has enabled us to maintain aggressive drilling programmes, operating two diamond drill rigs at the Bailieston and Creswick projects in Victoria.
"While our team at Bendigo continues to assess the core and drill data, under the leadership of geologist Adam Jones, we now have the capacity to aggressively pursue and develop this new opportunity."
At 1054 BST, shares in ECR Minerals were up 0.7% at 1.79p.
ECR Minerals (ECR)23 Apr 2024 17:14
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