8th May 2019 14:42
LONDON (Alliance News) - Exploration and development company ECR Minerals PLC on Wednesday said it found more extensive quartz mineralisation than expected at its Australian Creswick gold project.
Shares in ECR Minerals were up 29% at 0.84 pence on Wednesday afternoon.
The company completed 1,687 metres of reverse circulation drilling over 17 holes at Creswick, targeting a number of quartz vein orientations and more than a third of all metres drilled contained quartz.
The zone was more than 60 metres wide - more than twice the 25 metre width expected - and the results are now being reviewed by ECR Minerals' technical team. All 17 holes have gold mineralisation with grades in 9 holes ranging between 0.6 grammes of gold per tonne of ore and 44.63 grammes of gold per tonne of ore.
A technical review has confirmed that the gold mineralisation is "nuggety", which can cause understated assays.
ECR Minerals Chief Executive Craig Brown said: "The work we are undertaking at Creswick is highly exciting given the transformational potential this large footprint gold system offers.
"The question we have to answer is how much gold does the [dimocks main shale] hold that would be amenable to a bulk tonnage gold mining operation. We are closing in on the answer and the directors believe that the outcome has the potential to be company transformational and is therefore deserving of our close attention."
Related Shares:
ECR Minerals