In July, ECR told investors it was carrying out a technical review of the project after results from an initial drilling campaign provided “evidence of a significant near surface gold system”.
The review has backed up that earlier theory and suggested that there could be higher grade mineralisation a bit further below the surface, similar to the nearby 1mln ounce Fosterville mine.
As a result, ECR now plans to undertake more drilling at Blue Moon in “the coming months”.
In addition to the review, the explorer has also undertaken field mapping and soil sampling over previously unexplored areas just to the north and north-west of Blue Moon.
This work programme has identified two new prospective targets – called Red Moon and Yellow Moon – which share similarities with Blue Moon.
Further work on those two targets is due to begin shortly as ECR looks to better understand them and help determine a follow-up work programme.
Boss delighted with progress
“I am delighted with the progress our technical team have made with the review of Blue Moon,” said chief executive Craig Brown.
“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.”
He added: “Furthermore, the addition of two new targets at Red Moon and Yellow Moon is extremely exciting for the technical team and the company.
“The multiple gold targets identified to date support the rationale of the company in securing the Bailieston licence with the overall objective being the discovery of a significant and economic gold deposit.”
ECR shares rose 16.2% to just shy of a penny in early trading on Monday.