(Alliance News) - Erris Resources PLC on Monday reported additional results from its Loch Tay gold project in Scotland, identifying additional gold mineralisation at the Lead Trial area.
Shares in Erris were up 16% at 7.83 pence in London in morning trading.
The Europe focused mineral exploration company - which also has projects in Sweden, Norway, Ireland - has received results for 53 rock sample, of which 34 were taken at Lead Trial.
Additional gold mineralisation was identified at Lead Trial, the focus of the sampling, where "extensive mineralised quartz vein stockwork and breccia bolder train" was defined.
A first metallic screen analysis of Lead Trial confirmed coarse gold in an 8.5 kilogram mine was sample. This was fine fraction assayed at 5.35 grams of gold per tonne of ore and coarse fraction assayed at 402 grams per ton, giving a weighted average of 7.22 grams of gold per tonne of ore.
Moreover, samples take from the western lower mine waste in the Corrie Buidhe area of Erris returned at much at 6.98 grams of gold per tonne of ore and high silver.
Chief Executive David Hall said: "The fieldwork at the Loch Tay project continues to upgrade the Lead Trial prospect and other new targets including the Corrie Buidhe silver mine area where gold has been sampled in the lower dump west of the old mine. At Lead Trial, the mapping of outcrop and boulders along with sampling has outlined an extensive area of well-developed quartz vein stockworks and localised hydrothermal breccias over a distance of at least 400 metres. These observations and results point to a vigorous hydrothermal system in the area while the highest-grade samples are located 2 kilometres to the southeast at Lead Trial-Dunan, the area in between having poor exposure. A work programme including systematic soil sampling has commenced that will aim to link the two areas into a coherent major target area extending over 3 kilometres.
"With the gold price currently beyond USD2,000 [per ounce] we are pleased with the progress being made at the Loch Tay project and look forward to updating shareholders on future developments."
In terms of the ongoing pandemic, Erris said: "Like many companies, Erris Resources has been impacted by the Covid-19 pandemic and has taken all necessary steps to protect the well-being of its staff, stakeholders and local communities while reducing costs."
By Anna Farley; annafarley@alliancenews.com
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