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ECR Minerals PLC hopes Australia acquisitions will help growth

ECR Minerals plc said turmoil in the mining sector meant there were opportunities to expand its interests....
ECR Minerals PLC hopes Australia acquisitions will help growth
In 2015 results, it said it hoped the Avoca and Bailieston gold projects in Victoria would play an important role in the group's future development..

ECR Minerals PLC (LON:ECR) said turmoil in the mining sector meant there were opportunities to expand its interests - and its recent Australia acquisition was a good example.

In 2015 results, it said it hoped the Avoca and Bailieston gold projects in Victoria would play an important role in the group's future development.

There is an opportunity at one of them for near term revenue to reprocess tailings dumps.

It was a busy year for exploration, and other highlights of the year to Sep 30, 2015 have been the definition of an inferred resource at the Danglay (formerly Itogon) gold project in the Philippines of around 1.27mln tonnes at 1.55 g/t gold for 63,500oz gold, estimated at cut–off of 0.75 g/t.

That was estimated for the surficial oxide deposit only - extending only to around 20 metres depth. In addition, the firm said a prospect for further exploration has also been targeted.

At the SML project in Argentina, bulk sampling was completed at the Maestro Agüero prospect, and an MoU signed with owners of nearby processing plant.

The loss for the year was around £1.5mln compared to a loss of £1.7mln for 2014. The group ended the period with around £90,000 in cash, compared to £642,000  a year earlier.

Shares shed over 10% in early deals to 0.0213p in early deals.

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