LONDON (Alliance News) - ECR Minerals PLC said Thursday drilling at its Bung Bong prospect in Australia has been completed with positive results.
Five holes have been drilled at Bung Bong, in Victoria state, and ECR said the holes have "successfully" tested the structural architecture of the prospect.
Quartz veins developed and partitioned have been observed in sufficient volumes to indicate "bulk tonnage potential". Assay results are expected in the "near future".
The drilling activity at Bung Bong is part of a larger diamond drilling programme across a number of gold prospects in central Victoria all wholly owned by ECR.
Chief Executive Craig Brown said: "Following a period of comprehensive geochemical and geophysical analysis across our four Victorian gold tenements, ECR is executing its plan to drill-test multiple high-priority gold prospects. It bears noting that all four of the tenements are located in areas of extensive historical mining, and in the case of Bailieston, close to mines that are significant gold producers today.
"The near-term objective of ECR's work at Bung Bong, Monte Christo and the pipeline of other prospects mentioned above is to identify those at which the geology may justify follow-up reverse circulation drilling, which would have the aim of delineating a maiden mineral resource estimate in respect of one or more deposits."
He added: "We are excited that the first-pass drilling at Bung Bong is now complete and whilst we look forward to receiving assay results shortly, we are shifting our drilling operations to the Monte Christo prospect."
Shares in ECR were up 4.9% Thursday to 0.92 pence each.
ECR Minerals (ECR)