ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that its 100% owned Australian subsidiary, Mercator Gold Holdings Pty Ltd (“MGA”), has purchased a property at 35 Brewing Lane, Springmount. The property is located within the Company’s existing 100% owned Creswick license area.
- The property consists of 16 acres, within the 45 square kilometre Creswick license area in Victoria, Australia
- The property is held over three titles
- The property will provide a base for activities across the license area as ECR advances its drilling programmes and, when appropriate will be the site for development for the mine decline
- The purchase price of the property is US$500,000, which is settled in two tranches, consisting of a US$50,000 deposit which has already been paid, with the balance to be paid on 27 September. The purchase will be funded by the Company’s existing cash resources. Currently the Group has £4,222,940 in cash after paying the deposit. This is the equivalent of USD 5,824,631.
Craig Brown, Chief Executive Officer commented: “Following the positive progress of the drilling programme at Creswick, we are pleased to announce the purchase of the Brewing Lane property which sits in our existing license area. The property will provide the Company with an operational base and, in future, can be developed as a site for the decline access to existing, and potential, vein mineralisation.
“Earlier this year, we reported strong results from the [ongoing/current] drilling programme at the Creswick license which has continued to delineate gold mineralisation along strike, with all assayed holes returning gold. Of particular significance are holes CSD003 and CSD004 which returned 9.93 g/t and 23.58 g/t gold, respectively.”
“I remain enthused by the pace of developments at Creswick, Bailieston and our other assets, and look forward to receiving the remaining assay results at Creswick and reporting on progress.”
The property was purchased from a private individual.
MARKET ABUSE REGULATIONS (EU) No. 596/2014
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
|ECR Minerals plc||Tel: +44 (0) 20 7929 1010|
|David Tang, Non-Executive Chairman|
|Craig Brown, Director & CEO|
|WH Ireland Ltd||Tel: +44 (0) 161 832 2174|
|SI Capital Ltd||Tel: +44 (0) 1483 413500|
|Novum Securities Limited||Tel: +44 (0) 20 7399 9425|
|Blytheweigh||Tel: +44 (0) 207 138 3204|
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight licence applications outstanding including two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston and Creswick projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.https://mercatorgold.com.au/
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three licence applications covering 900 km2 covering a relatively unexplored area in Queensland, Australia.https://luxexploration.com/
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.
ECR has earned a 25% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.