ECR Minerals PLC (AIM:ECR) said it has identified gold mineralisation in stream sediments at its Lolworth acreage in Queensland, Australia.
Announcing the results alongside a £900,000 funding round, ECR described the 14% visible gold strike rate from the sampling campaign as ‘highly encouraging'.
In a statement, Andy Haythorpe, ECR chief executive said: “Following today’s placing to raise gross proceeds of £900,000 to further develop our projects, on behalf of the board I am delighted to report a great start at our Lolworth project.
"As we await the results from the remaining samples, we have also incorporated samples from pegmatites observed by our technical director on his most recent trip to Lolworth into our plan.
“These have also been submitted for assay and will be reported at the earliest opportunity. From this we will then move to establish an initial shortlist of targets for further exploration.”
In an earlier statement, ECR announced it had raised £900,000 through a new share issue comprising a subscription of £300,000 and a placing of £600,000, both at 0.9p per share.
Money raised has been earmarked for the Queensland projects, which now include Hurricane as well as Lolworth, and further exploration of its projects in Victoria, the company said.