The company, in a statement, said the property spans some 297 acres and provides ample exploration opportunity and the future potential for the construction of a mine decline, processing plant and tailings dam.
It is located adjacent to the company’s Cherry Tree project and neighbours Kirkland Lake Gold’s multi-million-ounce Fosterville gold mine, along with a Newmount Mining exploration venture to the north.
“I am delighted to announce the purchase of a considerable land package located in close proximity to Cherry Tree,” said chief executive Craig Brown. “Based on the gold mineralisation, geological findings and data acquired from the Bailieston drilling campaigns to date, our board have taken the decision to proceed with ECR’s second land package acquisition.
“The size and scale of this land package ensures that, equipped with our own drilling rigs we can now ramp up our drilling and exploration activities across the territory, and when appropriate can develop our own mine decline, processing plant and tailings dam.”
“This is an exciting period of evolution for ECR as a company as we grow our presence across the Victoria Goldfields.”
ECR subsidiary Mercator Gold Holdings Pty Ltd is purchasing the property for A$750,000 which will be settled in two tranches – a A$75,000 deposit, followed by the balance after 30 days.
It will be paid from existing cash resources.