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 (“MGA”), has purchased a property at 35 Brewing Lane, Springmount, Australia (the “Property”), subject only to the payment of the completion monies. The Property is located within the Company’s existing 100% owned Creswick license area.
It is anticipated that monies will be paid, and completion will occur, on or around 27 September 2021, and further updates will be provided at that time.
- The property consists of 16 acres, within the 45 square kilometre Creswick license area in Victoria, Australia
- The property is held over three titles
- The Property will provide a base for activities across the license area as ECR advances its drilling programmes and, when appropriate will be the site for development for the mine decline
- The purchase price of the property is AUD500,000, which is to be settled in two tranches, consisting of a AUD$$50,000 deposit which has already been paid and the balance to be paid on 27 September 2021. The purchase will be funded by the Company’s existing cash resources. The Group has £4,222,940 in cash after paying the deposit. This is the equivalent of USD5,824,631.
Craig Brown, Chief Executive Officer commented: “Following the positive progress of the drilling programme at Creswick, we are pleased to announce the purchase of the Brewing Lane property (subject only to payment of the settlement monies) which sits in our existing license area. Following completion we intend that the property will provide the Company with an operational base and, in future, can be developed as a site for the decline access to existing, and potential, vein mineralisation.
“Earlier this year, we reported strong results from the [ongoing/current] drilling programme at the Creswick license which has continued to delineate gold mineralisation along strike, with all assayed holes returning gold (see announcement dated 19 July 2021). Of particular significance are holes CSD003 and CSD004 which returned 9.93 g/t and 23.58 g/t gold, respectively.”
“I remain enthused by the pace of developments at Creswick, Bailieston and our other assets, and look forward to receiving the remaining assay results at Creswick and reporting on progress.”
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:
ECR Minerals plc
Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman
Craig Brown, Director & CEO
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