ECR Minerals PLC (LON:ECR) saw its shares rise on Monday as the gold miner announced positive progress in the drilling programme being undertaken at the Black Cat prospect at the Bailieston gold project in the State of Victoria, Australia.
The AIM-listed firm said 250 metres of rotary air blast drilling has been completed to date in 10 target holes at Black Cat within ECR ground immediately south of ground recently applied for by Newmont Exploration.
READ: ECR Minerals shares jump as it hails “positive progress” for gold drilling at Creswick and Blue Moon projects
The company noted that wide zones of alteration were intersected in seven holes and quartz veining in two holes and, to date, 77 samples have been delivered for laboratory assay testing with results awaited.
ECR said drilling is continuing at the Black Cat prospect within the main workings, the southern dyke area and potentially new follow up areas.
Craig Brown, ECR’s chief executive officer commented: “As with Creswick and Bailieston Blue Moon, drilling at Black Cat is proceeding well and we are pleased with the work undertaken to date.
“We look forward to providing further drilling progress updates and the findings following the review of assay results by our technical team.”
In late morning trading, ECR shares were 2.8% higher at 0.93p.