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

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

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.

 

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Newswire
March 14 2013

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