25th Jun 2019 18:04
(Alliance News) - Mineral exploration and development firm ECR Minerals PLC said Tuesday it had begun gold exploration activities at its Timor Gold Project in Australia.
Timor - one of five gold projects held by ECR - will be explored after the firm completed a review of the prospect.
"I am extremely pleased to announce that our review of the Timor Gold project has now been completed, highlighting multiple gold exploration targets within the project area," ECR Chief Executive Officer Craig Brown said.
"Most of the targets identified to date relate to previously mined areas within the project and our work will be focused on the areas occupied by the more historically successful gold producing operations," Brown added.
"It is evident that most of the historical gold mines have not been developed fully at depth and that processing challenges stopped production in some cases, including certain remarkably high-grade gold deposits where production grades of up to 217 grammes per tonne or 7 ounces per tonne are recorded," Brown continued.
"Application of modern mining and processing techniques could open up significant gold production opportunities at Timor and this is our ultimate operational objective for the project," Brown concluded.
Shares in ECR closed 4.0% higher at 1.04 pence in London on Tuesday.
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