(Alliance News) - Erris Resources PLC on Tuesday said it has secured an option to acquire an 80% stake in a Scottish gold and base metals project.
The minerals exploration company has entered into an option agreement with GreenOre Gold PLC which gives Erris an option to acquire 80% stake in the Loch Tay gold and base metals projects located in Perthshire, Scotland.
The Loch Tay project comprises 237 square kilometres of highly prospective ground within the Grampian gold belt. Two priority target areas, Ardtalnaig and Glen Almond, have been identified as having gold potential based on historic workings, mineralised outcrops and alluvial gold occurrences.
Erris also said that it continues to review other projects in low risk jurisdictions internationally that fit its investment criteria. As at end of November, the company held EUR1.6 million in cash.
Shares in Erris were down 3.1% at 3.44 pence each in London on Tuesday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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