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ECR Minerals shares lifted as it reaches “interesting point in its development”

The company said poor conditions in the market had allowed it to acquire gold opportunities at “a low-cost entry level” that was “well within” its resources
Mining truck
ECR said it had identified “a number of strategic gold project acquisition opportunities” that were under review

Shares in ECR Minerals PLC (LON:ECR) were lifted in late-afternoon trading Tuesday after its chief executive, Craig Brown, said the company had reached “a very interesting point in its development” as it updated on the progress of its gold, energy metals, and minerals projects.

The AIM-listed metals exploration firm said work was continuing across multiple exploration activities at its 100% owned gold portfolio in Victoria, adding that it had also identified “a number of corporate avenues” for building shareholder interests at its Sierra de las Minas project in Argentina.

READ: Second batch of rock chip samples confirm gold mineralisation at ECR Minerals' Bailieston project

Elsewhere, ECR said it was continuing to monitor developments in the Philippines to identify suitable options to recognise the value of its 25% stake in the Danglay gold project.

The firm was also performing due diligence activities at the Iceberg gold project in Western Australia, which is expected to include detailed examination of significant historical exploration work including extensive geochemical data. The group had also agreed a one-month extension of its option period on the project to 1 December 2018 at no additional cost.

In addition to Iceberg, ECR said it had identified “a number of strategic gold project acquisition opportunities” that were under review.

The company added that the poor conditions in the market had allowed it to acquire gold opportunities at “a low-cost entry level” that was “well within” its resources.

Brown added that the “difficult conditions in the junior resources sector” had opened up multiple opportunities and ECR was “taking full advantage of the wide breadth of projects available”.

Aside from its gold portfolio, ECR said it had received “recent specific interest” from third parties who had a strategic interest in the development of an energy metals and minerals pipeline which extended to the potential injection of capital into new ventures if projects of merit were identified and acquired.

As a result, the group said it had identified several opportunities that may be attractive and had a number under due diligence.

ECR shares were up 3.1% at 0.8p.

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