ECR Minerals PLC shares rose on Monday after the company said it identified visible gold at the BH3DD012 hole at its Bailieston project.

Shares were trading 5.6% higher at 1.32 pence each on Monday midday in London.

The gold explorer with assets in Australia said that it drilled a series of four holes at its Bailieston project in Victoria, Australia.

The Bailieston project is wholly owned by the company and contains the gold prospects known as HR3, Cherry Tree, Blue Moon and Black Cat.

ECR Minerals continued that it received gold results for the hole BH3DD012 at the HR3 gold prospect and was able to identify five zones of mineralisation in it.

The company noted that it is seeing the benefits of utilising its own diamond drill rig operated by an in house drill team now. Its team has been drilling an average of roughly 35 meters of good quality core per day, reducing the drill meterage rate compared to contracting out the work, it said.

Looking ahead, ECR Minerals plans to move the drill rig up on the low ridgeline to begin initial drilling into the Scoulers Reef and under the other soil anomalies identified along this ridge.

“A significant amount of work has gone into the drilling programme at HR3, and I am delighted to note that following on from the results at hole BH3DD019, we continue to see encouraging and consistent gold grades in BH3DD012 and visible gold in BH3DD034. Importantly we continue to build on our understanding of the Maori Anticline and the regional gold trend ahead of an infill drilling programme,” Chair David Tang commented.

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