Source - SMW
ECR Minerals said it had identified a significant gold target below previously-identified mineralised zones at the Blue Moon project in Australia's Victoria state.

The gold grade identified near surface was modest, but the company said it noticed considerable leaching of the veinlets containing gold in oxide zones near surface.

'If the leached materials are gold-bearing sulphides, the company believes there is potential for significantly higher grades by drilling below the oxide zone,' ECR said.

'The conclusion of the technical review is that, given the significant near surface and extensive gold system identified to date, there exists potential for a significant gold discovery with deeper drilling.'

The company said it therefore expected to undertake deeper reverse circulation drilling in the coming months, subject to conclusion of land access agreements.

'It is evident that the Blue Moon target offers an opportunity to discover a significant gold deposit and that will be our prime objective in the forthcoming drill campaign,' chief executive Craig Brown said.

At 2:12pm: (LON:ECR) ECR Minerals PLC share price was +0.11p at 0.94p