ECR Minerals PLC (LON:ECR) said it is currently in commercial discussions with third parties about its Creswick project in Victoria, Australia.
The Aussie state is enjoying a gold mining renaissance which is fuelling interest, said ECR, while results from the first hole of an 'aggressive drilling programme' at Creswick last week revealed a one-metre intercept at a grade of 9.68 g/t plus other gold anomalies.
ECR added it has two rigs working daily at its Bailieston and Creswick properties, which is producing large quantities of drill core for technical review, processing and assay testing.
The ongoing pace and sheer volume of core and data recovered, along with the licence applications in N Queensland should lead ECR to potential new gold discoveries, it said in the half-year statement.
At the end of March 2021, ECR held cash of £3.93mln, since when it has raised a further £2mln to take the position on 23 June to £5.2mln.
Expenses in the half-year to March were £468,000, with net assets of £6.5mln at the end of the interim period.
Shares rose 1.3% to 1.93p.