ECR Minerals (LSE:ECR) announced on Tuesday that is has submitted a number of new license applications to potentially add to its existing gold exploration interests in the Victoria region of Australia.
The four new license applications have been submitted by ECR’s 100% owned Australian operating vehicle Mercator Gold Australia Pty Limited. Three of the applications relate to the Bailieston/Moormbool gold project area to augment existing licences and secure available ground south and south and south-west of an application submitted by Newmont Exploration Pty Limited in recent weeks. Newmont’s license application for a large area near to ECRs existing Bailiston gold project bodes well for ECR. A company of that size typically dedicates a great deal of resources to due diligence prior to securing new licenses and ECR extending its own acreage nearby could prove to be a very prudent move.
The other license application has been submitted to add to the ground in the Creswick project area and covers a southern portion of the Dimocks Main Shale (DMS). The DMS sits between two large gold producing areas where it is estimated historically, 15 million ounces of gold has been produced in Victoria, Australia. The Company’s technical team believes they have identified the hard rock source for a significant portion of the aforementioned 15 million ounces of gold production, although it notes further work is required to validate this proposition.
Craig Brown, Chief Executive Officer of ECR Minerals plc commented: “I am delighted to announce today that the Company has successfully submitted four new applications which materially bolster our strategic ground holding and provide significant additional exploration opportunities for our Australian operations.
The recent application submitted by Newmont Exploration Pty Limited over a large area bordering our Bailieston and Moormbool gold projects is an important ratification of our strategic Australian gold positioning. The presence of Newmont adds weight to the potential prospectivity of the area.
ECR’s exploration work at Bailieston has recently demonstrated gold prospectivity as highlighted by the results of our Bailieston sampling programme announced on 28 September 2018 with gold grades up to 67.4g/t.
At Creswick and as announced on 25 September 2018 our exploration mapping revealed a large gold system, and reflecting our wider exploration work to date, we have taken the opportunity to secure more strategic ground south of our existing Creswick project area.
ECR continues to examine new opportunities and will move to secure additional ground where appropriate.”
Author: Stuart Langelaan
Disclosure: The author does not own shares in the company mentioned above