On Wednesday, ECR Minerals (LSE:ECR) announced a new gold discovery at its Blue Moon deposit in Victoria, Australia. ECR has just completed a follow-up reverse circulation drilling campaign at the deposit which is located within the firm’s Bailieston gold project. Twelve holes were completed for 1,718 metres drilled and significant intersections of gold mineralisation were made in nine of the holes. The results included a standout 2 metres at 17.87 grams per tonne (g/t) of gold within a zone of 15 metres at 3.81 g/t gold from 51 metres. The addition of these positive results to previous exploration at the deposit presents Blue Moon with the status of a new gold discovery.
The highest grades were found in the westerly section where the company hopes to carry out further exploration. ECR will need the consent of the landowners to further pursue the identified system to the west and initial exploration would comprise of surface geochemical sampling first, with the possibility of further drilling to follow.
The Bailieston gold project is located around 30km east of the Fosterville gold mine which is currently the largest producing gold mine in Victoria, producing around 300,000 ounces of gold per annum. Another active mine, called Costerfield, can be found about the same distance to the south-west – it currently produces around 50,000 ounces of gold per year. The Blue Moon prospect shares analogous properties with the Fosterville mine.
A map showing the location of all drill holes completed at Blue Moon
Craig Brown, Chief Executive Officer of ECR Minerals plc, commented:
“I am pleased to announce the complete results of the RC drilling programme undertaken at the Blue Moon prospect and the new gold discovery we have now confirmed.
Within this follow-up programme, we have reported gold grades of up to 17.87 g/t gold over 2 metres from 57 metres and have significantly increased our knowledge of the geology at Blue Moon. This represents considerable advancement when set against the diamond drilling results reported in July 2018 from the first three holes at Blue Moon, which included a significant intersection of 39 metres at 0.3 g/t gold from 24.2 metres.
With the knowledge gained from the RC programme we believe that the gold mineralisation intensifies further west and now have a clear action plan to follow the system. We are excited by the findings and will continue our work at Blue Moon and other prospects in the Bailieston project area, with our strategic objective remaining a multi-million ounce gold discovery.”
Author: Stuart Langelaan
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