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 (“MGH”), has purchased a property at 127 Nagambie-Rushworth Road, subject only to payment of the completion monies. The property is located within the Company’s 100% owned Bailieston license area (“Bailieston”).
It is anticipated that monies will be paid, and completion will occur, on or around 8 October 2021 and further updates will be provided at that time.
Highlights:
- The property is adjacent to the Company’s Cherry Tree Project, located within the Bailieston license area in Victoria, Australia.
- Bailieston neighbours Kirkland Lake Gold’s multi-million-ounce Fosterville gold mine. Newmont Mining have also submitted an application for an exploration license immediately to the north of the Black Cat property within the Bailieston license area.
- The property consists of 297 acres of land (no buildings at this time), within the 24 square kilometre Bailieston license area, with ample exploration opportunity and the future potential for the construction of a mine decline, processing plant and tailings dam.
- The purchase price of the property is A$750,000, which will be settled in two tranches consisting of a A$75,000 deposit, which has already been paid, and the remaining balance which is to be paid 30 days from the date of sale. The purchase will be funded by the Company’s existing cash resources. As at the close of business on 9 September 2021 the Group had £3,874.779.94 (USD equivalent $5,362,695.44) in the bank after paying the A$75,000 deposit.
Craig Brown, Chief Executive Officer commented: “Following the recent highly encouraging early results from the maiden drilling programmes at the Bailieston HR3 and HR4 (Cherry Tree Project), on behalf of the board, I am delighted to announce the purchase of a considerable land package located in close proximity to Cherry Tree. Based on the gold mineralisation, geological findings and data acquired from the Bailieston drilling campaigns to date, our board have taken the decision to proceed with ECR’s second land package acquisition.
“The size and scale of this land package ensures that, equipped with our own drilling rigs we can now ramp up our drilling and exploration activities across the territory, and when appropriate can develop our own mine decline, processing plant and tailings dam.”
“This is an exciting period of evolution for ECR as a company as we grow our presence across the Victoria Goldfields. I look forward to reporting the next developments.”
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:
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ECR Minerals plc |
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Tel: +44 (0) 20 7929 1010 |
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David Tang, Non-Executive Chairman |
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Craig Brown, Director & CEO |
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Email: |
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Website: www.ecrminerals.com |
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WH Ireland Ltd |
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Tel: +44 (0) 161 832 2174 |
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Nominated Adviser |
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SI Capital Ltd |
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Tel: +44 (0) 1483 413500 |
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Broker |
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Nick Emerson |
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Novum Securities Limited |
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Tel: +44 (0) 20 7399 9425 |
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Broker Jon Belliss |
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Blytheweigh |
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Tel: +44 (0) 207 138 3204 |
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Public Relations |
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Tim Blythe |