ECR Minerals PLC (AIM:ECR, FRA:IZGH) has bought a site for a base for a mine at its Creswick prospect in Victoria.
The property, 35 Brewing Lane, Springmount, also contains 16 acres of land within the licence area.
Craig Brown, ECR’s chief executive, added: “We intend that the property will provide the company with an operational base and, in future, can be developed as a site for the decline access to existing, and potential, vein mineralisation.
“Earlier this year, we reported strong results from the [ongoing/current] drilling programme at the Creswick license which has continued to delineate gold mineralisation along strike, with all assayed holes returning gold.”
The purchase price is A$500,000, which is to be settled in cash in two tranches.
ECR added it currently has £4.22mln cash after paying the A$50,000 deposit for the purchase