ECR Minerals shares jump on promising drill results from Creswick sample
ECR Minerals saw shares surged on Monday after the Australia-focused gold miner reported "promising" results from bulk sample testing at the Davey Road site of its Creswick asset
The company said that testing indicated both greater prevalence and higher grades of gold, with a significant increase in gold grades overall with the best result now 41.03g per tonne over one metre. Several other significant results included 10.26 g/t Au, 8.46 g/t Au and 6.22 g/t Au.
Sample results also showed contiguous gold over multiple metres, ECR said – notably 4.4 g/t Au average over three metres in hole 1 which was between 36 - 39 metres depth.
"These results at Davey Road are very promising indeed," said ECR's managing direct Nick Tulloch.
"As we anticipated, bulk sample analysis has provided far greater clarity on the prospect as well as indicating contiguous gold over multiple metres in depth. The higher grades now being indicated support our view that Creswick has the potential to become a very significant asset for our company."
This phase of drilling was completed on time and on budget with the second phase of drilling at Creswick's Kuboid Hill site now underway.
The stock was up 15% at 0.28p by midday GMT.
Important Legal Notice about News Sources: Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news and we may not share the views of the author or publisher. We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.
The value of investments can fall and you may get back less than you invested.