viewErris Resources PLC

Erris Resources assessing new opportunities whilst evaluating Abbeytown options

Erris said: "We have already demonstrated the potential of Abbeytown, and we are now reviewing other projects that fit our investment criteria"

Erris Resources drilling for zinc in Ireland
Exploration activities were advanced in 2018

Irish explorer Erris Resources PLC (LON:ERIS) told investors that it is presently reviewing new projects that fit its investment criteria.

The company, which in 2018 advanced the Abbeytown project in County Sligo, has today released its financial results, describing a strong cash position.

It had £2mln of cash, remains well funded for the remainder of 2019 and highlighted that it has been reducing costs across all areas.

“We are fully aware that the share price performance of the company since IPO has been challenging, much of this beyond the company's control linked to macro events and a hard sell down in the junior exploration and mining markets in Q3 and Q4 2018,” the company said in a statement.

READ: Erris boosts prospects of further mineralisation at Abbeytown

“However, with its strong cash position and team with a proven track record of discovery and value creation, Erris Resources continues to advance its strategy focused on value creation through exploration and discovery.”

It added: “In line with this, we have already demonstrated the potential of Abbeytown, and we are now reviewing other projects that fit our investment criteria in low-risk jurisdictions internationally.

“With the right strategy we believe that significant value can be created for shareholders.”

The pre-revenue exploration company reported a €1.1mln loss for 2018.

Progress at Abbeytown a key highlight

Erris said it successfully delineated new mineralisation at the zinc-lead-silver-copper project, thanks to a programme of significant work.

Surface and underground drill programmes demonstrated that mineralisation extends south from the old mine, and returned several high-grade drill intersections.

Soil sampling work, carried out in 2019, generated several new targets in a new target area and separately, a metallurgical study indicated that production of a good quality, saleable concentrate can be achieved.

The company noted that it is presently evaluating options to advance the project.

Elsewhere in Ireland, Erris acquired 18 contiguous prospecting licences prospective for base metal mineralisation in County Galway, and, now, preliminary prospecting of geophysical targets is underway.

Beyond Ireland, the company continued to work alongside partner Centerra Gold in Sweden and Finland. The partners agreed a US$250,000 exploration work programme, targets are under review and permitting is being advanced.

Quick facts: Erris Resources PLC

Price: 4.55 GBX

Market: LSE
Market Cap: £1.41 m

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