ECR Minerals PLC (LON:ECR) jumped nearly 14% higher in afternoon trading on Friday after the miner said assay results of recent drilling “provide evidence of a significant near surface mineralised system” at the Blue Moon gold prospect in Central Victoria, Australia.
In a statement, the AIM-listed company said the results showed large mineralised gold intercepts measured of up to 39.5 metres, located some 24 metres from the surface after drilling following up on technical work which indicated potential for an extensive system.
The firm said all three holes intercepted gold mineralisation which it said supports the hypothesis that Blue Moon is a disseminated gold system comparable to the Fosterville mine which is larger than 1mln ounces of gold.
ECR also suggested there is potential higher grades may be encountered at depth and added that further analysis of the drilling will be undertaken and the company said it is carrying out additional work to move the project forward as rapidly as possible.
In mid-afternoon trading, ECR Minerals shares were 13.9% higher at 0.9p.
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