ECR Minerals updated the market on the company’s activities in Victoria, Australia on Wednesday.
Gold and copper explorer ECR Minerals PLC (ECR.LN) said Wednesday it has decided to prioritize the drilling of selected targets at its wholly owned Avoca and Bailieston gold projects in Victoria, Australia.
The U.K.-listed miner said it plans to drill about 550 meters in early 2017 to test prospects in the Byron area of the Bailieston project.
It is also targeting nine high-grade areas at Avoca and applying for two new exploration licenses in Victoria.
"Having recently visited the Avoca and Bailieston projects, I was impressed by the ease of access to the prospects, the obvious indications of significant historical mining activity, and the continued high level of interest and activity in the Victorian gold mining sector," said Chief Executive Craig Brown.
"This impression has been further reinforced by the recently announced merger between Newmarket Gold and Kirkland Lake Gold; the former has two operating gold mines in Victoria, including the Fosterville mine, which is located approximately 30 kilometers away from ECR's Bailieston project," he added.
ECR in September cleared itself of any significant obligations with creditors after repaying all amounts owed to a fund managed by Yorkville Advisors Global LP.