ECR Minerals PLC (LON:ECR) is aiming to complete an economic study on its Avoca gold tailings prospect in Australia next month, which will set out capital requiments and projected returns from the operation.
It will also show the timescale required to reach production, the firm said, posting latest half year numbers.
Australia has become the focus for operations after the group's subsidiary Mercator Gold Australia agreed to buy the Avoca and Bailieston gold projects in Victoria.
The country has become more attractive since the depreciation of the Australian dollar against the US dollar, ECR noted and fuel, labour and other costs have fallen significantly.
Draft resource estimates for the four dumps at Avoca have been compiled, while a programme of rotary air blast (RAB) percussion drilling at Bailieston, which had been planned to start this month will now be later in the year so key staff can focus on Avoca, the firm said.
The receipt of two new exploration licences - one near Avoca and one near the Bailieston site is expected in the second half.
The loss for the period to end March was £433,00 compared to a loss of £1.003mln in the same period of 2015.