21st Jun 2019 14:59
(Alliance News) - ECR Minerals PLC on Friday said it is looking to advance its Australian Creswick gold project toward a JORC-compliant resource as fast as possible after modelling found possibly "transformational" deposit.
Shares in ECR were up 5.6% at 0.95 pence in afternoon trade.
Internal modelling had found that the Dimocks main shale at Creswick is possible large enough to contain a "multi-million ounce gold deposit", ECR said, and testing from a recent drill programme is underway.
The company has also moved its technical team and advisors to the site in order to review prospective areas, undertake further exploration work, and plan for project development. Gold panning near recent drill hole locations has produced visible fine gold.
"Given the recent results and the potentially company transformational nature of Creswick, I was very pleased with my site visit and our positive progress on all fronts. Discussions with our advisors have demonstrated the significant potential of the project and we will continue to move our work programmes forward as aggressively as possible," said ECR Chief Executive Craig Brown.
"Subject to the ongoing results of our work, and assuming positive exploration outcomes, we are seeking to rapidly advance Creswick toward a JORC compliant resource. We have been thorough in our planning, including the development of the sample testing programme, and this should provide a solid foundation for the further advancement of Creswick," Brown added.
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