(Sharecast News) - Gold exploration and development company ECR Minerals updated the market on its activities in the Australian state of Victoria on Friday, reporting that its wholly-owned subsidiary Mercator Gold Australia (MGA) has taken delivery of its new Cortech CSD1300G diamond drill rig.
The AIM-traded firm said a new operational base was being established in the regional city of Bendigo, adding that all necessary permissions were in place for drilling at the HR3 prospect within the Bailieston project area, where drilling operations would begin as soon as the drill rig was ready.
Soil geochemistry and geological mapping had been completed at the Cherry Tree prospect in the Baillieston project area, ECR added.
"With the arrival of the ECR owned drill rig in Victoria we are now in a position to accelerate our exploration work and significantly, drilling of key targets," said chief executive officer Craig Brown.
"Our initial target HR3 is already permitted for drilling and therefore we anticipate an expeditious start to operations.
"Alongside the new drill rig we have also been undertaking a range of operational work including the soil geochemistry and mapping at Cherry Tree, the results of which have provided valuable information to guide our ongoing exploration."
At 1141 GMT, shares in ECR Minerals were down 1.9% at 1.96p.
CORRECT: ECR Minerals Says New Drill Rig To Speed Up Exploration