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
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