ECR Minerals (LSE:ECR) continued to ramp up its Australian gold exploration activity on Wednesday with the launch of work at its Henry’s Hill prospect in central Victoria. The £4m business, which was trading at 0.88p as at writing, has secured land access permission for the area, which is based within its Avoca gold project and will start soil geochemistry and field mapping ‘imminently’.
To date, ECR’s geologists have taken seven rock chip samples from the roadside reserve at Henry’s Hill at intervals of approximately 5m in shallow pits. Three of these samples returned 5.1g/t, 1.4g/t, and 1.3g/t gold.
The company hopes that its latest round of work can locate and better define the controls on mineralised shoots at the asset – known locally as Wolfram Hill due to the presence of tungsten-bearing ore. It added that it will also explore the potential for mineralisation to extend undercover to the east and the potential continuation of mineralisation to the west.
Henry’s Hill was mapped in 1950 by a government geologist who identified a series of north-dipping faults dissecting NW-trending sentiments. ECR added that the presence of tungsten is a good indicator of magmatic fluids, something that is prospective for mineralisation.
The work comes at a particularly busy time for ECR, which is now carrying out active exploration or project development activity at four projects across its Avoca Bailiestone, Creswick and Timor licences in Victoria.
Last week, the business rose after unveiling strong gold assays from a rock chip sampling programme at Timor. In total, it collected 84 rock samples from 19 prospects of which more than half were mineralised or anomalous at more than 0.1g/t gold.
These anomalous samples came from 14 separate opportunities and averaged 1.8g/t gold, which ECR believes to suggest ‘high-level background gold content of the host rocks associated with many of the prospects’. The maximum gold grade encountered was 6.49g/t gold from a host rock slate without any quartz content – something ECR described as ‘remarkable’.
Speaking to MiningMaven on Wednesday, ECR’s chief executive Craig Brown said the organisation’s busy work schedule coincides with a healthy macro backdrop for gold prices:
‘With gold prices hitting record highs in the face of risk-off sentiment over recent weeks, the time is perfect for ECR to be embarking on an exploration campaign across many of its less explored assets,’ he said. ‘Against this backdrop, we are excited to continue updating investors on our progress over the coming weeks and months.’
To read our recent report on ECR’s drilling progress in Australia, please click here.
Author: Daniel Flynn
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