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ECR Minerals announces imminent drilling plan after striking gold
ECR Minerals announced on Friday that geochemical results and geological observations at the Bung Bong gold prospect have indicated several potential targets for high volume gold mineralisation.
Following the positive results, the prospect will see the commencement of a first pass diamond drilling programme on 15 April, where six holes of approximately 70m depth will be drilled to further assess the nature of quartz veining and gold mineralisation.
The project lies on the Avoca tenement in central Victora, Australia, and is 100% owned by ECR Minerals' wholly owned Australian subsidiary Mercator Gold Australia (MGA).
Craig Brown, chief executive of ECR, said: "The results of geochemical work carried out at the Bung Bong prospect have been positive and when combined with geological surveys has given us the confidence to commence our drill program. Road cuttings on the nearby highway show multiple west-dipping faults linked by associated quartz vein networks that may have the potential for a broad zone of mineralisation at surface with open cut opportunities."
The structural and stratigraphic setting found at the Bung Bong prospect, which includes host rocks such as deep marine sandstones and shales as well as gold hosted by quartz and quartz spurs, is comparable to that found at the prolific Ballarat, Bendigo and Fosterville gold districts.
"Bung Bong is only one of multiple high priority targets within our four Victorian gold licences and we look forward to providing further updates soon with regards to the geochemical results at some of our additional target areas beginning with the Blue Moon prospect, which have been highly encouraging so far," said Brown.,
As of 0850 BST, ECR Minerals' shares were down 5.88% at 0.80p.