ECR Minerals PLC (AIM:ECR) said it will assess the results of recent chip sampling at its Hurricane project in Queensland before making a decision on whether to exercise its option.
Nick Tulloch, managing director, said Hurricane has been a key part of ECR's strategic planning over the past year and the overall results package is extremely encouraging with some zones indicating a commercial proposition.
“But these conclusions have to be balanced against any cost of any option purchase agreed at the end of the extended time period, coupled with the capex required to progress the project to the next level,“ he added.
Earlier this week, ECR agreed a four-week extension to its option over the three Hurricane licences to give it more time to review the project following which it has also applied for a new licence, Kondaparinga, on the border.
Adam Jones, technical director, added: “We have established beyond doubt that the Holmes vein is the dominant vein system within the wider Hurricane area, with the best gold and antimony grades sampled at the shear zone there.
“Similar potential exists at Hurricane North and Typhoon prospects, where we have identified a potentially drill-ready prospect to the south of Typhoon and logged some impressive grades at Hurricane North.”