ECR Minerals PLC (LON:ECR) chief executive Craig Brown highlighted that the explorer can now move forward confidently with ventures like the Windidda gold project, following the completion of financing in 2018.
In a stock market statement, the company provided investors with more details about Windidda which comprises nine exploration licences spanning 1,600 square kilometres in the Yilgarn Craton, Australia.
ECR highlighted that the Yilgarn Craton is host to around 30% of the world’s known gold reserves, and, some 66% of all of Australia’s gold production is located there.
Specifically, ECR noted that Windidda covers an area in the southern margin of the Canning Basin which has been interpreted to overlie the northern margin of the Archean Yilgarn Craton.
It added that Windidda targeting anomalies and potential under-cover Archaean greenstone hosted gold mineralization which is an exploration model that has been successfully tested by Greatland Gold PLC (LON:GGP) – which has the Ernest Giles project around 125 kilometres to the east.
“ECR has already identified a large, but early stage, gold system at its Creswick project in Victoria, Australia and is working to advance that project as rapidly as possible,” Brown said.
“The Windidda project diversifies ECR’s interests into Western Australia and the highly prospective Yilgarn Craton.”
Brown, meanwhile, also highlighted: “ECR Minerals is building its strategic gold exploration portfolio at what the directors believe is a fascinating time in the gold industry, underlined by the acquisition of Goldcorp by Newmont Mining announced this week.
“Larger companies within the sector are often in search of new gold discoveries to replace reserves as they are mined, potentially putting proactive junior gold explorers in a prime position should they be able to identify highly prospective territory, achieve a discovery and/or build strategic knowledge through exploration.”