ECR Minerals PLC (AIM:ECR) hailed the progress made at its flagship Creswick and Bailieston assets in Victoria, Australia as it reported its interim results.
The gold exploration and development company said drilling campaigns at Bailieston and HR3 during the six months to the end-March delivered substantial progress in both gold grades and its understanding of the regional geology.
However, it faced severe delays in receiving assay results due to the impact of Covid-19, the company added.
Pretax losses widened to £552,202, as a result of an aggressive drilling programme, from £403,079 in the year-earlier period. It generates no revenue as yet.
ECR had £1.2mln in cash and cash equivalents as at end-March.
“Despite the effects of the COVID-19 pandemic on the global economy, the board believes ECR is in a robust financial position and continues to provide shareholders with exposure to an exciting range of gold projects,” it said.
The company appointed Andrew Haythorpe as chief executive in April after former chief executive Craig Brown died suddenly at the end of October 2021.
“After a challenging transition period, the directors of ECR Minerals PLC (AIM:ECR) are excited about the company’s near-term and future prospects under the leadership of chief executive officer Andrew Haythorpe,” the AIM-traded company said.
“As eagerly anticipated assay results begin to arrive, our board, geologists, drilling team and wider staff at the Bendigo headquarters are enthused by the possibility of developing a resource at both the Bailieston and Creswick projects.
“We are equally encouraged about the prospectivity demonstrated by our new licences at Lolworth Range, North Queensland and our East Victoria exploration licence at Tambo.”