logo-loader
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: 4.6 GBX

LSE:ERIS
Market: LSE
Market Cap: £1.43 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Erris Resources PLC named herein, including the promotion by the Company of Erris Resources PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Erris Resources updates on met tests and soil sampling at Abbeytown zinc project

Erris Resources PLC (LON:ERIS) CEO Anton du Plessis and technical adviser David Hall update Proactive London on recent work undertaken at their Abbeytown zinc project in County Sligo, Ireland. This week Erris delivered positive results from 527 closely spaced soil samples - three new...

on 27/3/19

2 min read