- ECR Minerals is currently undertaking field mapping and geochemistry across numerous gold prospects in the Bailieston project area
- Acquisition of a diamond drilling rig is significantly going to aid the company, which will be used in managing drill programme
- The company has successfully identified high priority gold prospects in the Bailieston and Creswick project areas with potential for immediate drilling
Amidst all the chaos caused by the Covid-19 virus, the positive news has been reported by ECR Minerals Plc regarding its prospects in Australia’s Central Victoria area. The company has recently come up with some operational updates centred on the Bailieston and Creswick gold projects. As per the management, there has been continuing interest shown with regards to the potential joint venture or earn in opportunities in the two projects.
Established in the year 2004 in England and Wales, ECR Minerals PLC is a United Kingdom-based mineral exploration and development company. The company is listed on the AIM All-Share index of the London Stock Exchange, and is involved in activities such as identification, acquisition, exploration and development of mineral projects. Mainly focusing on the exploration for Gold in Victoria, Australia, the company is in the quest to produce the next multi-million-ounce gold resource in Australia.
Australia is the primary focus for ECR minerals through its 100 per cent owned Australian subsidiary company MGA (Mercator Gold Australia Pty Ltd). MGA wholly owns the Creswick and Bailieston gold projects in Australia’s Central Victoria area.
In order to curb the spread of the deadly virus, Governments all over the world had imposed lockdown restrictions, impacting international travel. These restrictions had also been imposed on domestic travel within Australia. But now, with the ease of such restrictions, the company’s team on the ground in Australia can resume their operations at sites without interruption.
MGA in view of the nearing end of the Victorian winter has accelerated the exploration at the Bailieston and Creswick projects and has come up with some latest developments-
- Current Activities in Progress
MGA has efficiently started making progress with the exploration work at the Bailieston and Creswick projects. Numerous prospects in the Bailieston project area is currently underway, hence a programme of follow-up field mapping and geochemistry has been taken up by the company.
To meet the purpose, MGA has recently bought its personal portable Olympus XRF analyser, which will contribute towards augmenting and expediting its geochemical sampling competencies. Mapping and geochemistry activities are being carried out in detail at the Cherry Tree, Cherry Tree South and Black Cat prospects with the aim to locate the surface position of shoots, and detect mineralisation along strike of trends formed by historical and the latest exploration. This will help the company in considering the prospects for drilling.
- Acquisition of Diamond Drilling Rig
MGA has recently entered a contract for the acquisition of a new Cortech CSD1300G diamond drilling rig along with all the spares and downhole equipment. It has the capacity of drilling as deep as 1,300 metres. The delivery of this rig is expected in October 2020, which will provide MGA with an in-house drilling capability. This purchase holds significance for MGA to complete future explorations at a lower cost and with greater flexibility, having access to experienced drilling personnel to operate the rig. After receiving the drill rig in Australia, a decision will be taken as to where it should first be put to work.
Identification of High Priority Gold Prospects within the Bailieston and Creswick project areas:
Bailieston Project - Blue Moon
An exciting new gold discovery known as “Blue Moon” has been made by MGA. The discovery is with intercepts from 2019 RC (reverse circulation) drilling. The western fence line delivered the best 2019 drilling results. The company is intending to test if the mineralisation continues to expand towards the west, subject to obtaining surface contact. The zones that have already been tested also has the potential to carry out further drilling, with the objective of establishing an initial JORC Mineral Resource.
Bailieston Project - HR3
The results of drilling in the area by MGA in 2017, which was completed in late 2019, along with the 3D (Three dimensional) modelling of historical data for the Bailieston Historic Reserve #3 (HR3), has aided in the identification of the architecture of the major folds, structures and cross structures at the prospect.
There are at least four closely spaced lines of the reef, including the Byron, Dan Genders, Scoulars and Maori Reefs, plus numerous cross-structures in Historic Reserve #3, which provides a number of drill-ready targets.
The drilling activity at the Slades Reef prospect spread over 300 metres of the 12.5-kilometre strike length of the DMS (Dimocks Main Shale ) was conducted in 2019 by MGA, within the company’s granted EL (exploration licence) and EL application areas at Creswick.
In order to test the structural hypothesis and the gold-bearing structures identified at Slades Reef, the Diamond drilling can be used. In other parts of Creswick, field mapping and geochemical sampling could be used to attempt to delineate the surface expression of shoots to the south containing Jackass Reef and Mills Reef before the potential drilling of these targets.
ECR Minerals Plc’s (LON: ECR) stocks last traded at GBX 1.88 on 15 September 2020, with a YTD return of over 158 per cent. It had a market capitalisation (Mcap) of £11.65 million.
(Source: Thomson Reuters)