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ECR Minerals to step up exploration in Victoria after fund raise

ECR is exploring for gold in Victoria in Australia and will use the funds for more drilling
gold
Australia has seen some big finds this year

ECR Minerals PLC (LON:ECR) has raised £680,000, a sum sufficient for the junior to fund its exploration programme in Australia until the second quarter of 2020.

Shares were issued at 0.7p per share and came with a warrant exercisable at 1.125p.

ECR is exploring for gold in Victoria in Australia and will use the funds for 4,000 metres of reverse circulation drilling at the Blue Moon, Creswick and Black Cat prospects and 1,400 metres of scout drilling at Avoca.

READ: ECR Minerals submits four new licence applications to augment existing gold exploration interests in Australia

Directors have also just concluded a visit to Argentina and will update on developments there in the new year.

Craig Brown, chief executive, said: “ECR is in a financially robust position and can now push ahead with exploration and development across the business.

“We believe our gold interests in Victoria region in Australia have been validated by the large licence application submitted by Newmont Mining Pty Limited adjacent to our Bailieston and Moormbool projects.

“Moreover work at our Creswick project has revealed, through exploration mapping, a large gold system with exciting potential.

“We have added additional ground with complementary licence applications recently announced, and we have more opportunities for new licences and new corporate activity to further bolster our business.”

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ECR Minerals PLC Timeline

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