Erris Resources PLC (LON:ERRIS) wil continue with a 'disciplined approach' to expenditure on its projects in Ireland and Scandinavia given the tough backdrop for junior miners at present.
At the end of August, Erris held approximately €1.7mln in cash.
The junior has an agreement with Centerra Gold over acreage in Finland and Norway where ground-truthing and prospecting got underway at the Sakiatieva and Pirunkoukka reservation permits in Finland in June.
Erris aims to identify drill targets on one or more of the projects, which may lead to Centerra Gold electing a Designated Project Area for an earn-in.
Sakiatieva in North Finland ranks as the most interesting in terms of potential for significant mineralisation.
In Ireland, at Abbeytown, soil samples have indicated a number of new zones of mineralisation that could potentially indicate a much larger deposit.
A preliminary metallurgical study also showed good quality lead and zinc concentrates can be produced using a standard flotation process with excellent recoveries ‘while the concentrate is clean with respect to penalty elements and the grindability characteristics of the mineralised sample are positive’.
“The results further reinforce our confidence in the economic potential of the Abbeytown Project.”