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ECR Minerals adds gold project to Victoria portfolio at no cost

The licence has been transferred by the previous holder for no consideration payable by ECR or its Australian subsidiary
Gold pour
Creswick is another gold property.

ECR Minerals PLC (LON:ECR) has added to its portfolio in Victoria, Australia with the acquisition of the Creswick gold project at no cost.

The site is believed to be highly prospective for the yellow metal hosted within the Dimocks Main Shale (DMS) and only two holes have been drilled to test this area, both in the 1990s.

READ: ECR Minerals brings regional expert aboard as drilling programme begins

The results included an intercept of 2 metres (m) at 12.28 g/t (grams per ton) gold, while the highlight was to the south of the Creswick project area at 2 m at 176 g/t gold.

“We are pleased to add another highly prospective licence to MGA's portfolio in Victoria, especially for no acquisition cost," said Craig Brown, the chief executive of ECR.

"The mines in and around Ballarat have been immensely productive in the past, and gold mining continues in the town today. With this in mind, we look forward to commencing field activities at the Creswick project."

The exploration licence was transferred to the firm by the previous holder with no consideration payable. It expired on December 28, 2021.

The DMS extends over a 15km trend from the mining centre of Ballarat to the south, including approximately 3km within the Creswick project area.

A programme of eight holes was designed for the previous holder of the licence and submitted for approval.

ECR is mulling whether to carry out this drilling immediately after the ongoing drilling campaign covering the Avoca and Bailieston projects has been completed.

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