ECR Minerals completes first hole at Ballieston
"We intend to continue drilling across various target areas within ECR license areas in the coming weeks and months.
Company
LON:ECR
ECR Minerals PLC is a mineral exploration and development company advancing the Bailieston and Creswick gold projects in central Victoria. The company also has three approved exploration permits covering 946 square kilometres over a relatively unexplored area in Lolworth Range, Queensland.
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"We intend to continue drilling across various target areas within ECR license areas in the coming weeks and months.
Following receipt of the warrant exercise monies, ECR said it now has cash balances of around £4mln and is, therefore, in the board’s view, in an exceptionally strong financial position
Company's prospects in Victoria are Bailieston, Avoca, Timor, Creswick and Moormbool
ECR has an extensive portfolio of gold exploration ground in Australia
Drilling will start as soon as the newly received rig is ready for operations
“Good quality exploration ground available for direct application is very difficult to find in Victoria," said Craig Brown, the group's chief executive officer
The AIM-listed firm said field mapping and geochemistry is currently underway at multiple gold prospects in Bailieston, while high priority gold targets within both project areas have also been identified
Work on ECR's Bailieston and Creswick projects will be keenly watched as exploration work ramps up
“We are pleased to announce this oversubscribed placing at a price substantially higher than the most recent prior placing,” said CEO Craig Brown
ECR has an extensive portfolio of gold exploration properties in Australia
“We believe Fosterville South is well placed to advance the licences with its strong local exploration team," said chief executive Craig Brown
ECR has a portfolio of gold exploration assets in Australia
ECR has an extensive portfolio of gold projects in Australia
ECR has an extensive portfolio of gold exploration properties in Australia
Craig Brown added that with higher gold prices the firm was seeing "a very high level of interest in gold exploration and mining in Australia"
The deal allows ECR to focus on its core assets in Australia
The new licences will now be the subject of geophysical modelling
Mercator Gold Australia (MGA) has received a cash refund for research and development (R&D) expenditure of A$555,212 (approximately £295,515)
The studies confirmed the presence of nuggety gold mineralisation, some of which grading 63.03 grams per tonnes of gold
At Windidda, ECR has submitted applications for 1,600sq km in the Yilgarn Craton through nine exploration licences
Craig Brown, ECR's CEO, said the results were "positive" and that further announcements from the testing were expected "in the near future"
The area was previously mined and remains highly prospective
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ECR said it continues to “aggressively pursue” its Australian gold project portfolio
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Bosses also highlighted the recent discovery of 2.2kg gold nugget found nearby that has an estimated value of US$200,000
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In May, ECR announced a tax update confirming an Australian research & development cash refund of A$318,972 (roughly £175,188) and an anticipated further claim to be made of about £198,000
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The mid-cap FTSE 250 added over 147 points to close at 19,462 on Friday
ECR's Timor site contains areas of high-grade gold deposits that were not developed fully at depth due to the limitations of mining technology in the past
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Mr Whitehouse will be helping assess the Creswick project in particular
Aussie explorer's technical team is “examining ways to further expedite bag testing and ground exploration”
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ECR said it has already detected metal content, which is likely to be “reflective of nugget gold mineralisation as samples from depth are unlikely to contain other detectable metals”.
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The refund relates to qualifying expenditure by Mercator Gold in the year ended 30 June 2018, and ECR expects to apply for a slightly larger refund this time around
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“The work we are undertaking at Creswick is highly exciting given the transformational potential this large footprint gold system offers,” said chief executive Craig Brown.
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Gold mineralisation intensifies further west and ECR now has a clear action plan to follow the system
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Craig Brown, ECR’s chief executive officer commented: “This was a valuable reconnaissance programme at a gold prospect which had never been drilled before"
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“I am pleased to announce that we have launched the next crucial stage in the development of our understanding of scale of the Windidda gold project”
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Craig Brown, the company’s chief executive officer commented: “These results quantify the field geologists’ assessment of visible gold at Blue Moon during drilling of BBM007 and provide great encouragement for the Company and the Bailieston
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Craig Brown, ECR’s chief executive officer commented: “As with Creswick and Bailieston Blue Moon, drilling at Black Cat is proceeding well and we are pleased with the work undertaken to date
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The gold miner said it had completed 1,687 metres of drilling in 17 holes at Creswick and 774m of drilling in six target holes at Blue Moon
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Garratt holds a bachelor of science degree with first class honours in Geology and a master of economic geology degree, both from the University of Tasmania
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Samples from the first two drill holes are to be sent off for analysis shortly, and the results are expected back before the end of March
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Sitting within Creswick are the Dimocks Main Shale targets which sit between two large gold producing areas in Victoria, where it is estimated historically 15mln ounces of gold have been produced
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ECR's portfolio of gold projects is located in a highly prospective area of Australia
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The exploration firm said a contract had been signed for 4,000m-6,000m of drilling in the state by its subsidiary Mercator Gold Australia
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The explorer has today released a new presentation giving details of the Windidda gold exploration project
ECR is building an impressive portfolio of gold exploration assets
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ECR is exploring for gold in Victoria in Australia and will use the funds for more drilling
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The miner said three of the applications have been submitted in the Bailieston/Moormbool gold project area to augment existing licences
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