They are 100%-owned by ECR’s wholly owned Australian subsidiary Mercator Gold Australia.
“Our drilling at Bailieston continues successfully using our in-house diamond drill rig and we look forward to assay results of recent holes, particularly following the initial geological review of the drill core. Additionally, soil sampling from the HR3 [Historic Reserve #3] area has identified very high gold grades in soils, further supporting the geological modelling and drill targeting,” said chief executive Craig Brown in a release.
“With our strong cash position we have been able to expand drilling operations and have now commenced drilling at Creswick using external contractors. We are very excited by the potential scale of the opportunity at Creswick and a larger scale drill programme at the project is something we have been eager to undertake.”
In 2019 exploration drilling was undertaken at Creswick targeting gold mineralisation associated with quartz veins hosted in the Dimocks Main Shale.
Mercator has engaged a contractor for a minimum of 1,200 metres of diamond drilling at Creswick, and the first drill hole in this programme is now underway.
It is planned to drill around 10 holes from drill sites located on State Forest land within exploration licence EL006184.
Meanwhile, drilling is ongoing in the HR3 area of the Bailieston project using ECR’s own diamond drill rig.
Assay results and final geological interpretations are currently awaited in respect of four further holes.
Mercator has received the results from laboratory analysis of 229 soil samples taken across the central and eastern part of the HR3 area.
The laboratory results include gold values up to 3.75 parts per million (equivalent to grams per tonne).
The results will help identify potential extensions of and potential undiscovered veins running parallel to known reef systems and further updates will be provided in due course as appropriate, the firm said.
Shares added 1% to 1.84p on Thursday morning.