ECR Minerals PLC (LON:ECR) has identified a large gold system in the Dimmocks Main Shale (DMS) exploration targets, part of the wider Creswick project.
The Dimmocks Main Shale targets sit between two large gold producing areas in Victoria, Australia, where it is estimated historically 15 million ounces of gold has been produced.
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The company’s technical team is hypothesising that they have identified the hard rock source for a significant portion of the aforementioned 15 million ounces of gold production.
ECR Minerals holds a 100% interest in the Creswick project.
The DMS is 25 metres wide and runs for over seven kilometres through ECR’s tenements and is estimated to be 15 kilometres in total length, including adjacent tenements, and is open at depth.
ECR Minerals will now drill test the DMS to establish the gold endowment. Rock chip sampling is already underway.
“We are excited by this discovery of a potentially large gold system at Creswick which has been identified by our technical team, led by Dr Rodney Boucher, and is the outcome of many years of detailed study,” said chief executive Craig Brown.
“We are very grateful for the professionalism, experience and commitment that has been applied to reach this point.”