ECR Minerals PLC (AIM:ECR), the exploration and development company focused on gold in Australia, said two new exploration tenements at Bailieston, Victoria, have been formally granted to its wholly owned subsidiary Mercator Gold Australia Pty Ltd (MGA).
The two new exploration tenements - EL006911 and EL006912 - are adjacent to EL5433 and expand MGA's total exploration land package at Bailieston to a total of 179 square kilometres.
In a statement, ECR CEO Andrew Haythorpe commented: “I am delighted to report that we have finally been able to secure these long-awaited exploration licenses. The two tenement packages add what we consider to be a significant new dimension to the exploration potential at Bailieston, and with our planned exploration activities in Victoria and N Queensland funded from our recent fundraise, we are entering a busy and potentially productive period in our evolution as a Company.”
Exploration tenements EL006911 and EL006912 were applied for on 25th January 2019 and were formally granted to MGA by the Victorian Government on 8 December 2022. Both tenements have been granted for a five-year term.
ECR is required to commit a minimum expenditure of A$85,500 on EL006911 and A$155,850 on EL006912 over the term of the licence. Initial ground activities such as mapping, soil and rock chip sampling will commence in the new year.
The EL006911 tenement adjoins the historic gold mining area known as the ‘Old Black Cat’. EL006912 adjoins EL5433 immediately on the western side of the HR3 Goldfield and Blue Moon prospects. Gold and Antimony prospects lie within the tenements.
ECR is still awaiting the granting of the EL007296 tenement which was applied for earlier this year, and which will complete the Bailieston exploration package. ECR Minerals total granted Victorian exploration package now totals 610 square kilometres.