ECR Minerals PLC (AIM:ECR) highlighted “good grades” from its exploration operations at the Lolworth Project in North Queensland, Australia, where it sees project-expanding potential.
The company, in a statement, told investors that whilst still deemed early stage the results are seen by management as significant as they suggest an extension in the size of the gold footprint south of the Reedy Creek area into Butterfly Creek.
"I am pleased to report good grades from pan concentrate sampling, which indicate that additional sources of gold could exist within the headwaters of Butterfly Creek and extend the region's prospectivity some 2 kilometres further south of Reedy Creek,” said technical director Adam Jones.
“Local landholders have reported to us that good sizeable gold discoveries were made in this watershed by early prospectors and the evidence of our work to date supports these theories.
“In addition to this, the field team are steadily building a picture of extended gold mineralisation in the headwaters of Gorge Creek West resulting from on-going results from soil sampling and outcrop mapping."
Mike Whitlow, ECR chief operations officer, meanwhile added: “Our Lolworth project is progressing nicely and we are consistently seeing visible gold, which supports the historical evidence, but more importantly validates our own thesis.
“We are collating the data into our work plan to conclude the reconnaissance work and prepare for the target generation stage.
“We expect to provide further updates soon."
ECR noted that further sample results, from Flaggy Creek and Reedy Creek West, are due soon and that interpretation of the findings will help determine the company’s next steps at the project.
Operations have meanwhile been paused whilst evaluation work is underway, it added.