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ECR Minerals in middle of hot spots for Australian gold exploration

Snapshot

  • ECR Minerals has a clutch of gold exploration prospects in Australia
  • Five are in Victoria where one, Blue Moon at Bailieston, has been declared a discovery after bumper grades were unearthed.
  • Company is also exploring at Windidda in Western Australia
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Quick facts: ECR Minerals PLC

Price: 0.775 GBX

AIM:ECR
Market: AIM
Market Cap: £4.28 m
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How it's doing

Victoria

ECR's prospects in Victoria are Bailieston, Avoca, Timor, Creswick and Moormbool.

ECR has just started work on the Timor prospect with a program of “reconnaissance rock dump sampling” from the old workings, which may be followed by a GPS survey and a drilling program on the best-developed targets.

At Creswick, ECR is looking at ways to speed up testing and “aggressively” advance the project after sampling last year indicated nuggety gold, some with high grades, though there was some consistency observed.

At Bailieston, talks are ongoing over access to continue drilling at Blue Moon to the west where ECR believes gold mineralisation might intensify.

Blue Moon is ECR’s flagship prospect and was declared a discovery in May following a drilling programme that hit grades of up to 17.87g/t.

 

Western Australia

In April, ECR started to airborne and ground geophysics data for the Windidda.

The modelling results showed the depths to magnetic sources are shallowest on the highly magnetic trend striking NNW-SSE in the western half of the Windidda project area.

An update in September reported that ECR had received a farm-in approach at Windidda from a listed exploration company, which it turned down.

In February, ECR sold its Argentine acreage to Chinese firm Hanaq for the royalty of up to US$2.7mln.

 

What the boss says: Craig Brown, chief executive

“The results of the study by Western Geophysics [at Windidda] are most encouraging and demonstrate real potential for the discovery of gold mineralisation hosted in under-cover Archaean greenstones in the world-class gold mining environment of Western Australia."

 

Inflexion points

  • Drilling to the west at Blue Moon gets underway
  • Further exploration at Creswick and Windidda
  • ECR has a strong cornerstone investor in Shenyang Xinliaoan Machinery
  • Received £295,000 R&D rebate in January

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