ECR Minerals PLC (AIM:ECR) said its latest drilling activity had identified visible gold.
The discovery was made on the HR3 target, part of the Bailieston Project in Victoria, Australia.
It was the highlight of a programme designed to further the understanding of a geological feature called the Maori Anticline and the regional gold trend.
The latest work yielded some notable grades of the precious metal, albeit in fairly narrow bands, the company said in a statement.
The best intercepts included 0.8 metres (m) at 3.81 grams per tonne (g/t) of gold, 0.5m at 3.87g/t, 0.5m at 4.26g/t, 0.6m at 2.25g/t and 1m at 0.51g/t.
“A significant amount of work has gone into the drilling programme at HR3, and I am delighted to note that following on from the results at hole BH3DD019, we continue to see encouraging and consistent gold grades in BH3DD012 and visible gold in BH3DD034,” said chairman David Tang.
“Importantly we continue to build on our understanding of the Maori Anticline and the regional gold trend ahead of an infill drilling programme.”
In the same announcement, Tang said ECR had a shortlist of three for the vacant role of chief executive.
Looking ahead, the company said it planned to drill the Scoulers Reef area once work had been finished on complimentary holes to BH3DD019, which yielded the visible gold.
“Ultimately, we expect that the outcome of the diamond drilling will provide a detailed understanding of the relationship of veining to structures and the possible control on gold deposition within the veins. This is all preparation work for infill RC drilling at a later date,” ECR told investors.