ECR Minerals completes first hole at Ballieston
"We intend to continue drilling across various target areas within ECR license areas in the coming weeks and months.
Company
LON:ECR
ECR Minerals PLC is a mineral exploration and development company advancing the Bailieston and Creswick gold projects in central Victoria. The company also has three approved exploration permits covering 946 square kilometres over a relatively unexplored area in Lolworth Range, Queensland.
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"We intend to continue drilling across various target areas within ECR license areas in the coming weeks and months.
Following receipt of the warrant exercise monies, ECR said it now has cash balances of around £4mln and is, therefore, in the board’s view, in an exceptionally strong financial position
Company's prospects in Victoria are Bailieston, Avoca, Timor, Creswick and Moormbool
ECR has an extensive portfolio of gold exploration ground in Australia
Drilling will start as soon as the newly received rig is ready for operations
“Good quality exploration ground available for direct application is very difficult to find in Victoria," said Craig Brown, the group's chief executive officer
The AIM-listed firm said field mapping and geochemistry is currently underway at multiple gold prospects in Bailieston, while high priority gold targets within both project areas have also been identified
Work on ECR's Bailieston and Creswick projects will be keenly watched as exploration work ramps up
“We are pleased to announce this oversubscribed placing at a price substantially higher than the most recent prior placing,” said CEO Craig Brown
ECR has an extensive portfolio of gold exploration properties in Australia
“We believe Fosterville South is well placed to advance the licences with its strong local exploration team," said chief executive Craig Brown
ECR has a portfolio of gold exploration assets in Australia
ECR has an extensive portfolio of gold projects in Australia
ECR has an extensive portfolio of gold exploration properties in Australia
Craig Brown added that with higher gold prices the firm was seeing "a very high level of interest in gold exploration and mining in Australia"
The deal allows ECR to focus on its core assets in Australia
The new licences will now be the subject of geophysical modelling
Mercator Gold Australia (MGA) has received a cash refund for research and development (R&D) expenditure of A$555,212 (approximately £295,515)
The studies confirmed the presence of nuggety gold mineralisation, some of which grading 63.03 grams per tonnes of gold
At Windidda, ECR has submitted applications for 1,600sq km in the Yilgarn Craton through nine exploration licences