ECR Minerals pleased with progress at Creswick Project

The AIM-traded firm had announced on 11 June that detailed testing of sample bags for gold content, from the recently-completed reverse circulation drilling programme, was now well underway, with the board adding that it would announce results as appropriate.

It said it had mobilised its technical team and advisers to site to review the prospective areas, conduct certain additional exploration work and to plan proactively for development of the project.

The work programme had produced “visible fine gold in pan samples” from gold panning in the vicinity of recent drill hole locations, the company claimed.

Geological reconstruction and interpretation by the ECR technical team was revealing the “complex geology” of the folded and faulted Dimocks Main Shale, to explain the “significant width” of quartz zones extending over 60 metres and beyond the 25 metre Dimocks Main Shale, ECR added.

The company said it had rented a large aircraft hangar and house at Nagambie for the sample storage, and supervised preparation and drying of bulk samples.

Additionally, it confirmed it had purchased large laboratory equipment for that purpose.

The ECR technical team was said to be examining ways to further expedite bag testing and ground exploration, and also to optimise the gathering of information in a manner that would support, if applicable, the quantification of a JORC-compliant resource.

ECR said it expected to provide additional information in respect of the Creswick Gold Project in the near-term, including the appointment of a specialised resource geologist to assist with project development and resource quantification.

“Given the recent results and the potentially company transformational nature of Creswick, I was very pleased with my site visit and our positive progress on all fronts,” said chief executive officer Craig Brown.

“Discussions with our advisors have demonstrated the significant potential of the project and we will continue to move our work programmes forward as aggressively as possible.

“Subject to the ongoing results of our work, and assuming positive exploration outcomes, we are seeking to rapidly advance Creswick toward a JORC compliant resource.”

Brown said the company had been “thorough” in its planning, including the development of the sample testing programme, with that expected to provide a solid foundation for the further advancement of Creswick.

“I believe that this project at Creswick subject to further exploration and positive drill results will add significant value for shareholders.

“I would like to thank our team and partners for all their work and progression on this major project.

“I look forward to providing further project updates as they become available for our shareholders.”