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
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