28th Feb 2019 11:47
LONDON (Alliance News) - ECR Minerals PLC on Thursday reported further mineralisation discoveries at drilling work on two projects in Australia's Victoria state.
ECR has now completed 1,687 metres in 17 holes at the Creswick gold project, as well as 774 metres in six holes at the Blue Moon prospect on the Bailieston project.
At Creswick, ECR has found "multiple" quartz reefs, as expected, and it is now waiting for assay results to work out the extent of gold mineralisation.
ECR is targeting gold targets where sulphides have already been discovered at Blue Moon, it said, and is reviewing findings so far to work out further targets.
The company expects results from the laboratory in the coming weeks, though said that due to an increase in activity in gold exploration in Victoria, samples are now taking longer to be studied.
Chief Executive Craig Brown commented: "I am extremely pleased to announce the progress achieved by our technical team at the Creswick and Bailieston Blue Moon projects in Australia with a combined 2,461 metres of drilling completed in less than a month.
"We have successfully encountered a number of host structures that were anticipated and targeted in our drill programmes, and we have panned gold within some of the drill samples."
"We await assay data to add to our field observations and will provide further updates to the market when assay information has been received and reviewed by the team," Brown added.
Shares were up 10% on Thursday at a price of 0.94 pence each.
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