ECR Minerals (LSE:ECR) rose 2.04pc on Monday following the release of a positive drilling update for its Timor gold project in Australia. The £4.5m firm, which was trading at 0.93p a share on Tuesday, said it has now begun a rock chip sampling programme at the Victoria-based asset.
More than 90 samples have already been collected and submitted to the laboratory for assay testing as part of the programme, which will include the sampling of rock dumps from old gold workings. ECR will then undertake additional sampling along Timor’s two fault zones, to determine the style of gold mineralisation present.
Historical records demonstrate that operators have produced more than 640,000oz of gold at Timor from hard-rock and alluvial sources. Of this, they have mined 220,000oz from hard-rock operations at an average grade of 14g/t gold. Two fault zones called the Shaw-McFarlane Fault Zone (SMFZ) and the Leviathan-Mariners Fault Zone (LMFZ) are responsible for the majority of this output…
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