- MGA has taken the delivery of the diamond drill rig Cortech CSD1300G capable of drilling as deep as 1,300 metres
- The company is soon going to commence drilling operations at the HR3 prospect within the Bailieston project area
ECR Minerals Plc (LON: ECR), a gold exploration and development company focussed in Australia, has come up with an operational update from its Victoria Goldfields. The activities were carried on by the Mercator Gold Australia Pty Ltd (MGA), a wholly owned Australian subsidiary of the company.
As per its earlier announcement in September, MGA has taken the delivery of the diamond drill rig. With the Cortech CSD1300G diamond drilling rig in its possession, the company has started establishing an operation base in Bendigo, Victoria.
The diamond drilling rig is capable of drilling as deep as 1,300 metres. With this, drilling operations at the HR3 prospect within the Bailieston project area will start as soon as the drill rig is ready. MGA has already acquired all the requisite permissions for drilling at the HR3 prospect, and its drilling manager Graeme Noble is now supervising the drill rig set-up work.
Also, at the Cherry Tree prospect in the Baillieston project area, the soil geochemistry and geological mapping are over, and the outcome is highly encouraging provided valuable information to guide the ongoing exploration.
Cherry Tree Soil Geochemical Result
(Image Source: Company Presentation)
The Cherry Tree prospect, which lies within HR4 on the Bailieston Trend, is situated 1.5 kilometres south of HR3 and workings at it continue to the south to the Cherry Tree South workings. Cherry Tree and Cherry Tree South are separated by a sedimentary gully, and the main zone of workings at Cherry Tree is surrounded by a sedimentary cover. It was reported that around 30 large and numerous small shafts were sunk by the historic miners at Cherry Tree and it is expected that there could be some scope for shallow extensions under the cover.
ECR CEO Craig Brown said that the company is now in a position to expedite the exploration work significantly and drilling of key targets. With all the approvals in hand for the initial drilling target HR3, he is expecting a speedy start of the operations.
Share Price Performance
ECR Minerals Plc shares were trading at GBX 1.94 on 20 November 2020 at 12:31 PM GST+1. In last one year, the stock has given a return of over 263 per cent.
(Source: Refinitiv, Thomson Reuters)