26th Apr 2019 13:49
LONDON (Alliance News) - Miner ECR Minerals PLC on Friday reported "significant" finds after a drilling programme at the Black Cat gold prospect in Australia.
ECR drilled 18 shallow holes at Black Cat, on the Bailieston project in Victoria state, covering 485 metres of overall drilling.
It found "significant" intersections including 1.76 grams of gold per tonne of ore from 35 metres depth in one hole, three metres at 4.26 grams of gold at another, and one metre at 6.3 grams of gold at another.
Drilling deeper could show further mineralisation, ECR said, and it added "important" geological insights have been discovered during the work.
Chief Executive Craig Brown commented: "This was a valuable reconnaissance programme at a gold prospect which had never been drilled before, located immediately south of ground recently applied for by a subsidiary of Newmont Mining.
"The drilling targeted numerous quartz reefs with 18 holes drilled in total. Most of the locations had some historical gold mining activity, and all of them had positive previous rock chip sampling results."
"I am delighted with the positive outcomes from this programme. As well as some encouraging grades, the drilling has provided important geological information which may help vector further exploration in the project area towards achievement of ECR's prime strategic objective, which is the discovery of a multi-million ounce gold deposit," he concluded.
ECR shares were 9.7% lower on Friday afternoon in London at 0.70 pence a share.
Related Shares:
ECR Minerals