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Erris Resources targets two new gold prospects in Norway

“A modern systematic approach to exploration is warranted to assess the economic potential.

Erris Resources PLC -

 

Erris Resources PLC (LON:ERIS) has received four new exploration permits for gold prospects in Norway.

The Irish explorer added it had also now completed soil sampling, a magnetic drone survey and fieldwork at the Sakiatieva Project in northern Finland, which is it is assessing in collaboration with Centerra.

Anton du Plessis, Erris' chief executive, said the new permits in Norway have been subject to very limited exploration in the past but historical reports suggest they contain high-grades and favourable styles of mineralisation.

“A modern systematic approach to exploration is warranted to assess the economic potential.

 “The new permits are in line with the company's stated strategy to identify highly prospective gold and base metal targets in safe and supportive European jurisdictions and to elevate priority targets to drill-ready status."

The permits cover 10sq km over the Mauken and Gautelis gold prospects in northern Norway.

Exploration by a private company at Mauken unearthed surface samples ranging from 1.0g/t Au to 5.79 g/t Au.

 At Gauken, a total of 1,500m of drilling was undertaken in 1984-1985.

Erris's agreement with Centerra Gold is if a prospect becomes a designated project area the Canadian group can earn up to 70% by spending US$3m per project.

Quick facts: Erris Resources PLC

Price: 4.95 GBX

LSE:ERIS
Market: LSE
Market Cap: £1.54 m
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