ECR Minerals has entered into a conditional agreement to acquire the Blue Mountain project in Queensland, Australia, which also includes the Denny Gully Gold project.
In total, the consideration is £200,000 to be settled by issuing shares at a price of 0.6267p with the deal subject to transfer approval from the Australian government.
Blue Mountain consists of two exploration permits 95Km from the Gladstone port and industrial complex and 35Km southeast of Biloela.
Andrew Haythorpe, ECR’s chief executive, said: “In laying out our vision for ECR in the strategy presentations in 2022, the board were clear that ECR would not only examine and consider potentially accretive acquisitions but that we would also shortlist projects enabling us to maximise logistical efficiencies in regard to our areas of operation.”
“The Blue Mountain marks our third and most southerly project in Queensland.
“The board is of the opinion that with our extensive Queensland knowledge and experience, we believe the project can be explored for the primary (hard rock) source of the gold in the coming months.“