logo-loader
Tychean Resources

ERO Mining continues gold push with agreement to acquire second WA project

au_wa__350_51d4c0f05a13d.jpg

ERO Mining (ASX: ERO) is acquiring a second Western Australia gold exploration licence, this time in the prolific Eastern Goldfields region, for 50 million shares worth $150,000.

Exploration Licence E15/1249 contains the Valley Floor Prospect that ERO plans to test in the second half of 2013 with a drilling program targeting interpreted structures for gold mineralisation.

ERO had earlier this week acquired the Spargoville Gold Project in the Yilgarn Craton, Western Australia, via an all scrip transaction, with around 133.3 million shares (around A$400,000) to be paid to the vendor.

E15/1249 covers 5.5 square kilometres and is located about 15 kilometres south of Kambalda.

The tenement lies to the west of the Boulder – Lefroy fault, the major gold bearing structure in the Eastern Goldfields that hosts a multi-million ounce gold camp.

The geology underlying the tenement is masked by a veneer of lacustrine overburden.

However, with technical advances in processing, aeromagnetics and gravity surveys in conjunction with data gleaned from bedrock intercepts from the limited drilling in the area, it is possible to determine that there is a high basement under the lacustrine clays dominated by Archaean felsic sediments including the biotite-bearing metasedimentary rocks of the Merougil Beds.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Tychean Resources

Price: £0.00

Market: ASX
Market Cap: £0.00
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

'May only be a matter of time' before Uranium price recovery with...

Mining Capital's Alastair Ford discusses the planned slow down in production from Kazatomprom (LON:KAP). The miner's looking to cut output from its Kazakh mines by around 20% through to 2021. He says that extends the timeframe of its previous production curtailment by a further year, and...

23 hours, 41 minutes ago

2 min read