(Alliance News) - ECR Minerals PLC said on Tuesday that results from drilling at its Creswick gold project in Victoria, Australia confirmed gold mineralisation.
The exploration and development company said the highest grade duplicate result of 80.97 grammes per tonne of gold came from a one metre interval.
Chief Executive Craig Brown said: "These results confirm the presence of nuggety gold mineralisation in the Dimocks Main Shale at Creswick, some of which is very high grade.
"We therefore believe there is significant potential upside in the project, and we are now considering how best to build on the results obtained from Creswick to date to create value for ECR shareholders."
The data from the drilling has been submitted for geostatistical analysis and the findings of this work will guide company's next step at Creswick gold project, ECR said.
ECR Minerals shares were down 12% in London at 0.74 pence each on Tuesday afternoon.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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ECR Minerals (ECR)