A review of Timor, the third active project of ECR’s five Victorian plays, highlighted multiple gold exploration targets in historically mined areas, with some areas of high-grade gold deposits that were not developed fully at depth due to the limitations of mining technology at the time, but now have potential for modern open cut and underground mining techniques.
Chief executive Craig Brown said: “Most of the targets identified to date relate to previously mined areas within the project and our work will be focused on the areas occupied by the more historically successful gold producing operations.”
Operations in the past have been affected by what ECR called “metallurgical challenges”, though Brown is confident that there is a significant opportunity to “identify and process gold mineralisation at potentially very high grade by applying modern processing techniques to resolve processing challenges that limited production many years ago”.
Initial exploration will include a program of “reconnaissance rock dump sampling” from the old workings, which may be followed by a GPS survey and finally this could be followed by a drilling program on the best developed targets.
ECR shares were up 2% to 1.02p on Tuesday afternoon in London.