ECR Minerals PLC (LON:ECR) has updated investors on its activities at the Bailieston and Creswick gold projects in Victoria, Australia, which are owned by its subsidiary Mercator Gold Australia (MGA).
The AIM-listed firm said field mapping and geochemistry is currently underway at multiple gold prospects in the Bailieston project area, with MGA having purchased its own portable Olympus XRF analyser in order to enhance and expedite its geochemical sampling capabilities.
READ: ECR Minerals set for a busy few months, as gold exploration scene in Victoria heats up even further
ECR said it has acquired a diamond drilling rig capable of drilling to 1,300 metres which is due for delivery next month and will be deployed immediately on a drill programme managed by the company.
The group also said it has identified high priority gold prospects within both project area that have the potential for immediate drilling.
“There is continuing interest in ECR’s Bailieston and Creswick projects with regards to potential joint venture or earn in opportunities. However, there can be no guarantee that any transaction will occur. The company will provide further updates as appropriate. The engagement we are experiencing is not surprising given the interest in Victoria gold opportunities, as evidenced by the many corporate transactions that we have seen in the area”, ECR chief executive Craig Brown said in a statement.
“ECR is also gearing up to launch next stage exploration campaigns across our properties and we look forward to providing updates as the work progresses. The directors are very optimistic for the future, and the company has a robust underlying cash position of £1.65mln with which we can confidently push ahead with operational programmes”, he added.
Shares in ECR jumped 6.1% to 2p in mid-morning trading on Monday.