LONDON (Alliance News) - ECR Minerals PLC said on Tuesday that exploration mapping on the Crestwick project in Australia has revealed a large gold system in the Dimocks Main Shale gold targets.
Shares in ECR Minerals rose 15% at 0.92 pence on Tuesday.
The Dimocks Main Shale is 25 metres wide and runs for seven kilometres through ECR's tenements, estimated to be 15 kilometres in total length. It is also open at depth, resulting in a considerable in-situ tonnage that could be included in a bulk mining activity.
ECR Minerals will drill test the Dimocks Main Shale to establish the gold endowment within the tonnage identified, and rock chip sampling is currently in progress to supplement exploration data and analysis currently available.
"The news announced today is in line with our primary objective to make a significant and economic gold deposit discovery. The confirmation of a system which potentially feeds into two established gold producing areas is very exciting for the team; and an area of targeted future exploration," said Chief Executive Officer Craig Brown.
"We will be providing further information in respect of this project, and specifically the drilling programme for the DMS which will be undertaken in due course when preparatory works have been undertaken," Brown added.
ECR Minerals (ECR)