ECR Minerals PLC (AIM:ECR) said it will move on to the next stage of exploration at its Creswick property in Victoria after receiving the latest drill results.
Anomalous gold results were noted in the final remaining samples from the diamond drilling program completed at the end of 2021.
Recent duplicate sampling is revealing erratic gold results due to the presence of coarse gold, potentially undervaluing the true estimated grade, ECR added.
David Tang, chairman, said that Creswick has complex geology but the nature of mineralisation identified so far has provided a solid platform of data from which to move forward.
“Our search for a CEO continues, some early candidates have been identified and the interviewing process is underway,” he added.
Subsidiary MGA has applied to renew the Creswick licence (EL006184) for another 5 years, ECR said in its statement.
The next[phase of exploration will involve soil sampling programmes over the up-dip projections of quartz mineralisation identified from the 2021 diamond drilling campaign to test for sub-cropping gold shoots.
ECR added that its property at Brewing Lane, Springmount contains numerous old abandoned gold workings with some underground exposures that offer opportunities for mapping and sampling, followed up by drilling.
This will include detailed RC and diamond drilling within the Brewing Lane property and adjacent ground with an emphasis on bulk sampling techniques as was done in 2019.
"Furthermore, MGA will start to evaluate prospects further south of existing drilling in the recently approved EL006907 using exploration techniques that proved successful on EL006184."
MGA is also continuing to progress with drilling at the Bailieston tenements (EL5433), focussing on the Maori Reef and parallel reef systems within the HR3 goldfields, ECR added.
"The geology team is also making progress with plans to re-enter and continue exploration on the Blue Moon prospect located on the southern extent of EL5433."