- Mercator Gold Australia has lodged an application for two new exploration licences in eastern Victoria, Australia
- The licences will comprise the Tambo gold project and cover portions of the Swifts Creek/Omeo and Haunted Stream goldfields.
- Private land (EL007484) and Crown land (EL007486) covers most of the application areas, having good access via tracks off the Omeo Highway
Exploration and mining face more complex challenges than ever before in a world of globalisation, technology advancement, increasing regulation and fluctuating markets. But ECR Minerals has been known for taking up challenges and succeeding them. It is their expertise in mining, which places it at the forefront of the industry.
ECR Minerals PLC is a UK-domiciled mineral exploration company, engaged in exploration and development of gold projects primarily in Australia. Listed on the AIM market of the London Stock Exchange, the company is involved in the identification, exploration, acquisition and development of mineral projects.
The company’s wholly owned Australian subsidiary Mercator Gold Australia (MGA) has lodged an application for two new exploration licences (EL007484-410 square kilometre and EL007486-318 square kilometre) in eastern Victoria, Australia.
The licences will comprise the Tambo gold project, which are contiguous. The areas cover portions of the Swifts Creek/Omeo and Haunted Stream goldfields. According to figures published by the Geological Survey of Victoria, the project areas have recorded historical gold production of 205,000 and 25,000 ounces respectively and are prospective for orogenic reef gold and intrusion-related gold & base metal systems.
(Image Source- Company Release)
Let’s dig deep
Since the area has been mostly explored by smaller companies and individuals previously, it has not received thorough exploration with modern techniques. Most of the project area comprises a prospective basement including granites, falling within the area of a large airborne gravity survey which is supposed to begin in late 2020 as per the plans of the Victorian State Government.
Private land (EL007484) and Crown land (EL007486) covers most of the application areas, having good access via tracks off the Omeo Highway running along the length of the project area.
(Image Source- Company Release)
The historic Swifts Creek/Omeo goldfield which recorded a total historical production of 205,000 oz, approximately half of which was primary gold, is covered under the application area. The goldfield includes gold production centres at Omeo, Cassilis and Brookville. MGA intends to explore the primary mineralisation at Cassilis which is orogenic reef gold along the Ensay and Cassilis shear zones that cross the application area.
The historic Haunted Stream goldfield that has recorded historical production of 25,000 oz gold is covered under the application area. Remnant patches of gold-bearing alluvial terraces are used to extract small amounts of Gold also known as ‘the tenement area’. These terraces are continuously mined for Gold since the last few decades. Although there is potential for reef sources either at surface or at shallow depths within the tenement area, the Stirling area might be the source of the alluvial gold.
Mount Elizabeth caldera and accompanying intrusive are covered under the application area and are prospective for mineralisation above the deeper intrusion and associated with the ring faults. Roof pendants indicate that it has not been deeply exhumed in the Tambo Crossing granodiorite/tonalite. In contrast, Victoria’s intrusive systems are typically eroded to deeper levels so the opportunities to explore for deposits near the tops of these systems do not usually exist.
On 15 October 2020 at 8:33 AM, the stocks of ECR Minerals PLC were trading at GBX 2.03, up by 0.56 per cent from its previous close of GBX 1.78. The company's 52 weeks low/high range was reported at GBX 0.45/2.35, having a market capitalization (Mcap) of £12.98 million. The stock delivered a strong YTD (Year to Date) return of 179.83 per cent.
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Market experts believe that investing in gold mining companies is in a way a sort of hedge against gold prices, since the gold stocks might take some more time to resonate with the actual Gold price movements. However, Gold stocks have the potential to outperform the physical Gold price movements.
The company’s move has been vetted and the announcement made by the company regarding the Tambo project has been reviewed by Dr Rodney Boucher of Linex Pty Ltd. Having identified the project has been a positive sign for the company as it is very difficult to find good quality exploration ground in Victoria. The project area is prospective near historic goldfields and largely remains unexplored