ECR Minerals proposes new Victoria drilling programme

ECR Minerals updated the market on the company’s activities in Victoria, Australia on Wednesday.

The AIM-traded firm said it has decided to prioritise drilling of selected targets at ECR’s wholly-owned Avoca and Bailieston gold projects.

It said the decision was made by the board following recent site inspections by Ivor Jones, a senior Australian consultant geologist who recently joined ECR as an executive director,alongside Craig Brown, ECR’s CEO.

The purpose of the visits was to reevaluate the company’s strategy for the Victoria projects and confirm the best route forward, with the objective of generating value for ECR shareholders, the board explained.

It confirmed a proposed reverse circulation drilling programme of approximately 550 metres to test prospects within the Byron area at the Bailieston project, which is expected to commence by early 2017.

ECR also said it would reevaluate the exploration potential at Avoca, and was now targeting nine high-grade hard-rock targets.

It would also continue to progress applications for two new Exploration Licences in Victoria.

“Having recently visited the Avoca and Bailieston projects, I was impressed by the ease of access to the prospects, the obvious indications of significant historical mining activity, and the continued high level of interest and activity in the Victorian gold mining sector,” said CEO Craig Brown.

“This impression has been further reinforced by the recently announced merger between Newmarket Gold and Kirkland Lake Gold - the former has two operating gold mines in Victoria, including the Fosterville mine, which is located approximately 30 kilometres away from ECR’s Bailieston project.”

Brown said given those positive indications and the historical dataset in the company’s possession, it has decided to carry out the drilling programme at selected targets at both Avoca and Bailieston to advance the projects.

“We look forward to providing further updates as activities progress.”