Erris Resources PLC (LON:ERIS) has entered into an option agreement with GreenOre Gold PLC relating to the acquisition of 80% of the Loch Tay gold and associated base metals project in Perthshire, Scotland.
The project area comprises 237 square kilometres of highly prospective ground within the Grampian gold belt.
In particular, two priority target areas, Ardtalnaig and Glen Almond, have been identified as having excellent gold potential, based on the presence of historic workings, mineralised outcrops and alluvial gold occurrences.
What’s more, a 10 gram nugget was discovered in the Glen Almond river within the Glen Almond target area discovered in July 2019, by a team from the University of Leeds.
Erris Resources had around €1.6mln cash in the bank, as at end November 2019.
"We are delighted to have signed the option agreement with GreenOre to advance highly prospective gold targets in central Scotland,” said Erris Resources’ chief executive Anton du Plessis.
“This gives us exposure to new gold targets that have not previously been tested, but which are located in the highly prospective Grampian gold belt that already hosts some important gold deposits, such as Curraghinalt.”
Curraghinalt was acquired by New York-based Orion Resource Partners in a C$537m buy-out of Dalradian Resources in June 2018, and boasts a resource of more than six million ounces of gold.