ECR Minerals PLC (AIM:ECR), the exploration and development company focused on gold in Australia, said it has received approval for two new exploration tenements in Victoria, Australia.
The company said one of the new tenements, EL007296, completes the total exploration package at Bailieston, Victoria.
The other new tenement, EL006713, is located between ECR’s two other approved tenements EL006184 and EL006907 at Creswick, and effectively creates a continuous land package from it’s Brewing Lane property at Springmount south through to the outskirts of Ballarat.
In a statement, ECR CEO Andrew Haythorpe commented: “This is a great start to 2023 for our company. The new Bailieston tenements effectively cover the strike extension of the Bailieston Anticline, providing us with an opportunity to continue with the Blue Moon drill campaign and push further west. The new Creswick tenement means that our land package there now provides almost uninterrupted land access from our Springmount property to the outskirts of Ballarat, which given our field team believe they have identified a new parallel gold system at Davey Road and South Davey (see December 23 2022 announcement here) should now mean we can fully explore these anomalies through to their origin.”
“Our field teams will be on the ground on our new tenements during Q1 2023, and I very much look forward to reporting on progress.” 28th December 2022. Initial ground activities such as mapping, soil and rock chip sampling will begin in early 2023," he concluded.
The company noted that EL007296 adjoins EL5433 and covers the strike extension of the Bailieston Anticline. Known mineralisation occurring across the Bailieston prospects at HR3, Cherry Tree and Blue Moon are closely related to this anticline, and to date, there is no record of any exploration taking place within these new tenements.
It added that the approval of EL006713 means that on-ground exploration activities such as soil sampling and rock chips can now begin, with initial targets focusing on the proposed strike of quartz veins which the company's board believe are hosted within the Dimocks Main Shale. In addition, the source of the alluvial gold within the western headwaters of the Madame Berry Deep Lead may reside within this new tenement.
ECR Minerals, through its wholly-owned Australian subsidiary Mercator Gold Australia Pty Ltd (MGA) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has six licence applications outstanding which includes one licence application lodged in eastern Victoria. (Tambo gold project).
MGA is currently drilling at the Bailieston Blue Moon Project (EL5433) and undertaking geochemical exploration on the Creswick (EL6148) project and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Queensland, Australia..
The company holds a 70% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7mln in aggregate across all licences