The Bailieston licence contains the historic Byron mine, which has have previously produced 4,416 ounces from 8,698 tonnes mined at an implied grade of 15.5 grammes per tonne of gold.
ECR said it has identified three areas near the Byron mine as high-priority hard-rock drill targets and plans to test the prospects.
“The board of ECR are very excited to begin our exploration programme in the Victorian Goldfields; our Bailieston project located in the Australian state of Victoria, one of the world’s most prolific gold producing regions, is not only in close proximity to two significant operating gold mines but the region has a long history of producing high-grade material from underground workings,” said ECR chief executive, Craig Brown.
“Within Bailieston, our first high priority drill targets remain in the proximity of the historic Byron mine where we have identified several areas proximal to old workings with good production figures as highly prospective targets worthy of immediate testing.”
Brown added that it is fully funded for its exploration programme following two rounds of funding with Chinese investor Shenyang.
Bailieston is also located near other large mining operations including Fosterville, which has produced 140,000 ounces per year at a cash cost of US$461 per ounce, and Costerfield, which has an output of 42,000 per year at a cash cost of US$630 per ounce.
ECR’s wholly owned Australian subsidiary Mercator Gold Australia has full ownership of the Avoca, Bailieston and Timor gold projects in Victoria.