ECR Minerals PLC (LON: ECR) said it has commenced drilling operations at the Bailieston project in the Victoria Goldfields, Australia.
“ECR’s wholly owned Australian subsidiary MGA has built a strategic portfolio of exploration ground in the Victoria Goldfields with granted and application licences totalling some 1,175 square kilometres,” said chief executive Craig Brown in a statement.
“Our newly acquired drill rig, named ‘Midas’, is now in operation at its inaugural drill site the Byron prospect in the HR3 area of the Bailieston Project. This is the first of numerous planned drill locations which will be coordinated from ECR’s central exploration facility compound in the Victoria Goldfields.”
The drilling will be funded from ECR’s existing cash resources, which currently amount to around £2.95mln.