ECR Minerals has started its exploration drilling programme at its Bailieston licence in Victoria, Australia.
It said the initial drill programme would test the most significant prospects at the high-priority Byron target within Bailieston licence area.
ECR said it was planning to undertake a high-quality low-cost exploration programme to test extensions to the known mineralisation at Byron and generate additional targets for a more comprehensive programme.
Chief executive Craig Brown said: "The board of ECR are very excited to begin our exploration programme in the Victorian Goldfields; our Bailieston project located in the Australian state of Victoria, one of the world's most prolific gold producing regions, is not only in close proximity to two significant operating gold mines but the region has a long history of producing high-grade material from underground workings.
"Within Bailieston, our first high priority drill targets remain in the proximity of the historic Byron mine where we have identified several areas proximal to old workings with good production figures as highly prospective targets worthy of immediate testing.
"ECR has made significant strides forward in recent months and the Board strongly believe that our Australian exploration programme in this highly prospective district, capably led by Ivor Jones, ECR's chief operating officer and member of the JORC committee, is the first step to really beginning to build value for shareholders.
"Following two successful rounds of funding, one with our strategic Chinese investor Shenyang, we are fully funded for our current exploration programme and beyond. We look forward to updating the market as we test these exciting areas at the drill bit and continue rolling out our programme across our other Australian licence areas."
At 8:50am: (LON:ECR) ECR Minerals PLC share price was -0.08p at 1.78p