(Alliance News) - Precious metals explorer ECR Minerals PLC on Monday said its subsidiary Mercator Gold Australia Pty Ltd has secured four exploration licences in the north-eastern Yilgarn region of Western Australia.
The licences form part of the Windidda project, which is considered to be potentially prospective for nickel-copper-platinum group mineralisation as well as orogenic gold.
Mercator initially applied for a total of nine exploration licences, of which four have now been granted. The remaining five licence applications are subject to objections to the expedited grant procedure from native title parties.
The unit is is currently considering its options in regards to the remaining five licences, and may decide to rationalise the Windidda tenement package in light of the title objections and findings of ongoing technical work.
ECR said Mercator has commissioned a consultant to review all historical reports and model new airbone gravity data over the four licences to better understand the mineral pospectivity of the Windidda project.
Rox Resources Ltd has estimated a inferred mineral resource estimate of 573,000 tons at 1.63% nickel, 1.19% copper, 0.082% cobalt, 1.49 grams per ton palladium and 0.85 g/t platinum for the Olympia deposit, which lies approximately 12 kilometres from the southernmost exploration licence of Windidda project.
ECR shares in London were up 10% at 0.69 pence each on Monday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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ECR Minerals (ECR)