(Sharecast News) - ECR Minerals saw shares surged on Monday after the Australia-focused gold miner reported "promising" results from bulk sample testing at the Davey Road site of its Creswick asset
The company said that testing indicated both greater prevalence and higher grades of gold, with a significant increase in gold grades overall with the best result now 41.03g per tonne over one metre. Several other significant results included 10.26 g/t Au, 8.46 g/t Au and 6.22 g/t Au.
Sample results also showed contiguous gold over multiple metres, ECR said - notably 4.4 g/t Au average over three metres in hole 1 which was between 36 - 39 metres depth.
"These results at Davey Road are very promising indeed," said ECR's managing direct Nick Tulloch.
"As we anticipated, bulk sample analysis has provided far greater clarity on the prospect as well as indicating contiguous gold over multiple metres in depth. The higher grades now being indicated support our view that Creswick has the potential to become a very significant asset for our company."
This phase of drilling was completed on time and on budget with the second phase of drilling at Creswick's Kuboid Hill site now underway.
The stock was up 15% at 0.28p by midday GMT.
ECR Minerals (ECR)