ECR Minerals PLC (LON:ECR) has told investors it intends to “become more proactive” in Argentina after management visited the country, meeting with the Department of Mining and being presented with multiple new opportunities.
Craig Brown, ECR chief executive, highlighted: “during our visit we were extremely pleased with the opportunities presented to expand our existing interests in gold and also lithium.”
The trip followed a recent funding which saw ECR raise £0.65mln in a share placing and issued warrants that could deliver a further £1.04mln of capital.
While in Argentina, management discussed the status and plans for its existing interests, specifically the Sierra de las Minas (SLM) gold prospecting project, which since March had been in something of a hiatus as ECR elected to “watch developments and conserve resources”.
During the visit, however, the company held a full review of SLM, including liaison with the Ministry of Mining in the La Rioja province, and it today said it was pleased with the outcome. Now, with its enhanced financial position the company has restarted work at SLM, and, it intends to shortly detail its proposed programme at the project.
It also identified other opportunities, to build a portfolio of assets in Argentina.
A fresh look at existing assets and new opportunities
“With our significant cash at bank and with core costs covered into late 2019 we have been able to look with fresh eyes at all the company’s interests in order to advance existing projects and also seek new additional complementary opportunities,” Brown said.
He added: “ECR has a long history of working in South America and particularly Argentina.
“Our engagement with the Department of Mining was particularly productive and we were highly encouraged by their professionalism and support for our investment in La Rioja province.
“In addition during our visit we were extremely pleased with the opportunities presented to expand our existing interests in gold and also lithium. The board have decided to become more proactive in Argentina and are now pursuing a number of initiatives upon which we will report to market if they were to progress.”
Brown, meanwhile, also reaffirmed ECR’s continuing commitment to its Australian asset base.
“Our main driving force of late has been Australian exploration and that will continue with the Board currently in Perth to review progress in our existing Victoria interests, to undertake due diligence in respect of the recently announced Iceberg gold project and to review a number of new and potential opportunities,” he said.