London-listed ECR Minerals believes there is potential for a significant gold discovery at its Blue Moon gold project in Victoria, Australia, and will initiate a deeper reverse circulation drilling programme in the coming months to test the prospect’s potential.
The company said on Monday that its technical team had completed its review of the Blue Moon project, after a significant near surface gold system was identified in drilling in July.
In addition, ECR said it had undertaken field mapping and soil geochemical sampling over unexplored areas to the north and northwest of Blue Moon and that two new gold prospective targets – Red Moon and Yellow Moon – had been identified.
“The multiple gold targets identified to date support the rationale of the company in securing the Bailieston licence with the overall objective being the discovery of a significant and economic gold deposit,” commented CEO Craig Brown.
The market reacted favourably to the news, with ECR’s share price rising by as much as 21% on Monday to 1.02p. By midday, the stock fetched 0.96p a share.