Underpinning the developments is the leader of on-ground exploration activities, Dr Rodney Boucher, appointed by MGA in November 2017.
Boucher has extensive experience in the region and has carried out geological mapping in key zones around most of the company’s known prospects.
Boucher also brings many years of involvement with Perseverance Corporation, the developers of the Fosterville gold mine, a one-million-ounce asset next door to MGA’s Bailieston licence.
First drilling at Bung Bong
The miner is expecting MGA to commence a first pass drilling programme at its Bung Bong gold prospect on the Avoca tenement, where geochemical results have indicated a lot of gold mineralisation.
Bung Bong isn’t the only prospect the company has its eye on, with four other licence areas at the Avoca tenement said to indicate potential for both disseminated and nugget styles of gold.
“One of the beauties of Bung Bong is a lot of its [gold potential] is sitting very close to the surface” says Boucher.
“Hopefully we can work out where a fault may be that may give some enhanced potential ... everything’s stacking up right.
“The historic workings are telling us there’s gold in the system and the prospectors have told us they’re getting gold nuggets.”
“The real key to Bung Bong is we’ve got good structure with seven faults … we can make a sizeable pit out of the significant width from all these faults.”
He adds that once the latest drilling is completed at Bung Bong, the next target will most likely be the Monte Christo site in the same tenement before heading over to the Bailieston project.
License renewal at Bailieston
The Bailieston project will also be a long term asset to the group, with MGA renewing its exploration licence for a further 5 years.
The company has already acquired drilling permits for the HR3 area and Black Cat prospect within the licence.
While the share price has dropped slightly during the last 8 months to 0.85p, but with drilling getting underway, the scale of the prospect should become apparent reasonably quickly.
At close on 13 April 2018, the share price stands at 0.88p, with ECR’s market cap at £2.17mln.