CEO Craig Brown said in an update that as well as seeking to add value through exploration, the firm was also considering “potential transactions which may create value for the company and its shareholders” and it was “encouraged by the number of opportunities that are available”.
He added that with gold prices "having recently exceeded US$1,600, the equivalent of almost A$2,400 in Australian dollar terms, there is currently a very high level of interest in gold exploration and mining in Australia, including in Victoria and Western Australia”
Across the company’s projects, ECR said it had commissioned a lithogeochemical study by pre-eminent consulting geologist Dennis Arne at its Creswick gold project in Victoria to determine the presence of ferroan carbonate, which is closely linked to gold deposits in the region.
Meanwhile, the company said it has been granted an additional exploration licence comprising part of the Windidda project in Western Australia, while one further application was currently being processed.
Finally, ECR said it was currently considering “a number of potential exploration programmes” for its Bailieston project, also in Victoria, including further drilling at the Blue Moon prospect and soil and stream sediment sampling in the Cherry Tree South and Ponting’s areas.
The shares were 4.3% lower at 0.8p in mid-morning trading.