viewErris Resources PLC

Erris Resources ready to kick on after completing due diligence work on Loch Tay Gold Project

"New results received and further fieldwork carried out when weather permitted over the past month have been very successful in expanding the gold potential of the Project's key targets, Ardtalnaig and Glen Almond," said chief executive Anton du Plessis

Erris Resources PLC -

Erris Resources PLC (LON:ERIS) was the top gainer in London in early trade on Wednesday after the firm is set to kick off work to take the Loch Tay Gold Project to an inferred resource of 250,000 ounces of the yellow metal having concluded due diligence work on the project.

In doing this it will earn an 80% share of the Scots prospect, which is around 27 miles from the permitted Cononish mine, owned by ScotGold Resources Ltd. (LON:SGZ) that also sits on the Grampian gold belt.

In concluding its due diligence work, Erris has identified two high priority targets – Glen Almond and Ardtalnaig.

The former returned two high-grade narrow vein samples from separate veins, grading 10 grams per tonne (g/t) of precious metal or greater. A sample taken from an historic dump on the latter provided readings of 9.39g/t of gold, 8.37g/t of silver, 1.75% lead and 8.98% zinc.

The company described as “encouraging” the discovery of new outcropping high-grade gold mineralisation at Glen Almond.

Recent mapping and prospecting, meanwhile, significantly expanded the footprint of the mineralisation and alteration at Ardtalnaig.

The company now has four years to define the 250,000-ounce resource and earn its 80% share of the Loch Tay asset from owner GreenOre.

Erris Resources' chief executive Anton du Plessis said: “The current mapped footprint of mineralisation and alteration certainly shows this potential.”

Shares in the junior miner were up  23.5% to 5.25p.

 -- Adds share price --

Quick facts: Erris Resources PLC

Price: 2.95 GBX

Market: LSE
Market Cap: £916.55 k

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