ECR Minerals now drilling at two projects in world-renowned Victoria Goldfields (ECR)

ECR Minerals (LON: ECR) said drilling is now underway at two of its Australian projects, an excellent step forward for the company in the lucrative Victoria Goldfields.

The Victoria Goldfields, where the two projects are located, also hosts Kirkland Lake Gold’s (NYSE: KL | TSE: KL | ASX: KLA) world-famous Fosterville mine.

Both gold projects, Bailieston and Creswick, are wholly owned by ECR through Australian subsidiary Mercator Gold Australia.

At Bailieston, successful drilling is ongoing and the firm is looking forward to presenting assay results from recent holes, especially after an initial geological review of the drill core.

So far, hole BH3DD005 has targeted Bailieston’s Maori Reef, while holes BH3DD006 and BH3DD007 “targeted a hypothesised central anticline”, with initial geological interpretation suggesting the anticline is present and “represents a favourable target for hosting gold mineralisation”.

Another hole, BH3DD006, was drilled in order to test the Dan Genders Reef.

Moreover, soil sampling from Bailieston’s HR3 area “has identified very high gold grades in soils”, chief executive Craig Brown noted, lending yet more support to ECR’s drill targeting and geological modelling.

Laboratory results from analysing 229 soil samples from the central and eastern part of HR3 include values as high at 3.75 parts per million. Results right now are being plotted and analysed for comparison to the results of portable X-ray fluorescence analysis.

These results will aid ECR in identifying potential vein extensions, as well as possible undiscovered veins running parallel to Bailieston’s known reef systems.

Meanwhile, at Creswick, previous exploration drilling targeted gold mineralisation associated with quartz veins within the Dimocks Main Shale – a hard-rock alluvial and deep lead gold source.

Individual samples from prior drilling of around 300 metres of the Dimocks Main Shal “returned assays as high as 80.97 g/t gold over one metre”.

Now, MGA has contracted for at least 1,200 metres of diamond drilling at Creswick, with the first of around ten holes already underway.

Compared to the previous drilling, drill sites for this latest programme are located approximately 2.2 kilometres south along the Dimocks Main Shale-trend.

Brown said the firm was “pleased” that drilling was now underway at two Victoria projects, and that ECR looked forward to announcing the latest assay results in due course.

Brown added that the company’s “strong cash position” is what allowed it “to expand drilling operations” and start drilling at Creswick through external contractors.

“We are very excited by the potential scale of the opportunity at Creswick and a larger scale drill programme at the project is something we have been eager to undertake,” Brown said.

Author: Anna Farley

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has not been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for the article's content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

 

ECR Minerals’ Victoria programmes “fully funded” thanks to placing (ECR)

ECR Minerals (LON: ECR) announced a placing on Thursday that is set to boost drilling and exploration at its gold projects in Victoria, Australia.

Funds from the £2.0 million raise will be used for the company’s two wholly-owned projects in Victoria, Bailieston and Creswick.

The placing has a price per share of 2.2p, with investors receiving one warrant for every two placing shares. These warrants allow the holder to subscribe for shares at 3.75p for a 24-month period. If all warrants are exercised, ECR will receive around £1.7 million in proceeds.

Right now, ECR’s own diamond drill rig is continuing in the HR3 area of Bailieston, having drilled five holes so far. A sixth hole is currently being drilled, with the firm planning to report assay results from initial results later in April.

Already, visible gold has been noted in the first hole drilled at HR3’s Byron prospect, as reported in February.

Bailieston is targeting gold mineralisation of the Melbourne Zone, the same zone where Kirkland Lake Gold’s (NYSE: KL | TSE: KL | ASX: KLA) “world-class” Fosterville mine is located.

According to ECR, Bailieston is “at the epicentre of the current gold exploration boom in Victoria”, since it is close to Fosterville and has seen the recent arrival of Newmont Exploration to the district. Newmont has applied for ground immediately to the north of ECR’s Black Cat high-priority prospect.

Bailieston is around 150 kilometres north of Melbourne, Victoria’s state capital, and has “good road access”. Previous reverse circulation drilling at Bailieston’s Blue Moon prospect in 2019 intersected 2 metres at 17.87 grams per ton (g/t) of gold from 57 metres down hole and 3 metres at 3.88 g/t gold from 170 metres down hole.

Creswick, ECR’s other 100%-owned Victoria project, “is considered highly prospective for gold mineralisation”. Reverse circulation drilling there in 2019 completes 17 holes, total. Results from nine of these holes ranged from 0.6g/t gold to 44.63 g/t gold.

As well as funding efforts at the two prospects, the £2.0 million will also be put towards working capital purposes.

Chief executive Craig Brown said net proceeds of the placing will boost the firm’s cash position to more than £5.8 million.

Brown added that, as well as “funding a modest expansion of our operational capabilities at our Bendigo HQ in Central Victoria” the money raised will also let ECR drive hard towards establishing a maiden JORC compliant Bailieston gold resource alongside further drilling at Creswick.

Not only that, but the funds will also give the firm enough “financial flexibility” to evaluate possible “new opportunities” that may arise.

“We are now fully funded for these programmes and don’t envisage requiring additional equity financing for quite some time,” Brown concluded.

Author: Anna Farley

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has not been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for the article's content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

 

 

ECR Minerals ready for ‘extensive’ drill campaign in Victoria (ECR)

Gold explorer and developer ECR Minerals (LSE: ECR) is ready to carry out substantial new drilling at its highly prospective Victoria Goldfields prospects in Australia.

The company’s 100%-owned ‘Midas’ drill rig has now arrived at the inaugural Byron drill site in the HR3 area of the company’s Bailieston project. 

ECR’s planned drill campaign is fully funded from the company’s existing £2.95 million cash resources. 

Chief executive Craig Brown said:

This is the first of numerous planned drill locations which will be coordinated from ECR’s central exploration facility compound in the Victoria Goldfields.

Our resources give us considerable forward cash runway for operational and corporate activities.”

Brown added that investors could now expect regular drilling updates along with results from assay testing of drill samples.

ECR’s wholly-owned Australian subsidiary Mercator Gold Australia Pty (MGA) has built a strategic portfolio totalling 1,175km2 in the historic Goldfields area. The region as a whole is undergoing a second gold rush with smallcap miners now flocking to reports of hefty gold production under cover and at depth. 

Projects in the areas of Bailieston and Creswick form the two most prospective elements of the ECR Victoria gold exploration. The westernmost part of ECR’s Bailieston licences are just 30km east of Canadian giant Kirkland Lake Gold’s Fosterville mine. 

Bailieston produced significant results from reverse circulation drilling in 2019, with drilling at the Blue Moon prospect returning an intercept of 2m at 17.87g/t gold within a zone of 15m at 3.81g/t gold. 

And only a small proportion of Creswick has been explored to date: MGA’s tenement at the project covers around 7km of the Dimrocks Main Shale Trend

MGA is keen to follow up on previous exciting drilling results at Creswick. 

Results from reverse circulation drilling here has already confirmed the presence of very high grade “nuggety” gold mineralisation in the Dimrocks Main Shale, including 80.97 g/t gold from a 1 metre interval.

Drill sites have been determined and approval has been received from the relevant government authorities. In Q4 2020, MGA completed a soil geochemistry survey of the Jackass Reef prospect at Creswick, the results of which will be of significant value for drill targeting, ECR said.

Author: Mark Sheridan

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has not been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for the article's content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance