ECR Minerals PLC (LON:ECR) said it has submitted four new licence applications to augment its existing gold exploration interests in the Victoria region of Australia and is undertaking further work to identify other strategic exploration opportunities.
The AIM-listed precious metals exploration and development company said the new licence applications have been submitted by ECR’s 100% owned Australian operating vehicle Mercator Gold Australia Pty Limited.
It added that three of the applications have been submitted in the Bailieston/Moormbool gold project area to augment existing licences and secure available ground south and south and south-west of an application submitted by Newmont Exploration Pty Limited in recent weeks.
The group said the fourth application has been submitted to augment ground in the Creswick project area and covers a southern portion of the Dimocks Main Shale which sits between two large gold producing areas where it is estimated, historically, 15mln ounces of gold has been produced.
The firm added that the company’s technical team believe that they have identified the hard rock source for a significant portion of those 15mln ounces of gold, although further work is required to validate this proposition.
Craig Brown, ECR’s chief executive officer commented: “The recent application submitted by Newmont Exploration Pty Limited over a large area bordering our Bailieston and Moormbool gold projects is an important ratification of our strategic Australian gold positioning. The presence of Newmont adds weight to the potential prospectivity of the area.”
He added: “ECR’s exploration work at Bailieston has recently demonstrated gold prospectivity as highlighted by the results of our Bailieston sampling programme announced on 28 September 2018 with gold grades up to 67.4g/t.
“At Creswick and as announced on 25 September 2018 our exploration mapping revealed a large gold system, and reflecting our wider exploration work to date, we have taken the opportunity to secure more strategic ground south of our existing Creswick project area.”
Brown concluded: “ECR continues to examine new opportunities and will move to secure additional ground where appropriate.”