ECR Minerals PLC (AIM:ECR, FRA:IZGH) has unveiled initial results from its first drilling campaign at Cherry Tree (HR4), located on its Bailieston project in Victoria, Australia.
The company said highlights from the drilling included Hole BCTDD001, the first ever diamond drilling work undertaken at HR4, which has delineated an anticlinal hinge striking through the centre of the goldfield.
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Other highlights were Holes BCTDD002 and BCTDD003, which were drilled to define cross striking faults and where drilling is continuing for structural geological interpretation, and Hole BCTDD003, which shows broad zones of low-grade gold mineralisation often associated with anomalously high Arsenic. The best intercept includes 0.5 metres at 11.02 grames per tonne of gold from 98.85 metres depth.
“Following the purchase of our second drilling rig, ECR’s strong funding position and growing local infrastructure ensures the Company can continue to maintain a series of aggressive drilling campaigns across the Victoria Goldfields. We have also made a small bit of history; ECR’s Australian subsidiary MGA completed the first ever diamond drillhole at Cherry Tree (HR4) and I am delighted to report a highly significant early result there from hole BCTDD003, both in terms of the geological setting and the gold mineralisation identified”, ECR chief executive Craig Brown said in a statement.
“As the data continues to arrive, our senior geologists are working hard to ascertain structural geological interpretations. It is widely accepted that culminations in folded strata cut by shears and faults are favoured locations for deposition of fold-hinged gold deposits, and with the cross-striking faults at this anticline filled with quartz-gold-bearing fluids in Holes BCTDD001, BCTDD002 and BCTDD003, there is encouraging early evidence. We are keen to see what the next raft of data will reveal so we can determine our next exploration steps”, the CEO added.
ECR shares rose 0.9% to 1.7p in mid-afternoon trading on Tuesday.