ECR Minerals PLC (LON:ECR) says it has identified 15 high priority targets from the results of an interpretation and targeting study using open-file geophysical data covering the Avoca, Bailieston, Moormbool and Timor exploration licences in Central Victoria, Australia.
The four licences are 100%-owned by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd.
Victoria is one of the world’s major gold producing provinces and hosts the second largest gold endowment in Australia with total recorded gold production of around 85mln ounces.
In a statement, ECR said 27 targets have been identified within the Avoca and Timor licences, including 10 high priority areas; and 20 targets have been identified within the Bailieston and Moormbool licences, including 5 high priority areas.
The high priority targets identified include areas already considered to be of significant interest by ECR, such as the Byron, Black Cat and Cherry Tree prospects at Bailieston, the magnetic anomaly at Moormbool, and the Leviathan trend at Timor. Several new target areas have also been identified
The group said that, in view of these positive results and the recent appointment of Dr Rodney Boucher, a highly experienced Victorian-based geologist, to oversee MGA’s activities in Victoria, MGA’s exploration strategy is being updated to reflect all the information now available.
An update on the work planned will be provided to the market in due course.
Craig Brown, ECR’s CEO, commented: “It is heartening to see our enthusiasm for MGA’s Victorian projects supported by the results of the Terra study, and the new insights provided will be invaluable in focusing our exploration efforts where we believe they are most likely to lead to a meaningful discovery and create value for ECR shareholders.”