LONDON (ShareCast) - (Sharecast News) - Exploration and development company ECR Minerals has identified a new gold system at its wholly-owned Blue Moon gold prospect in Central Victoria, Australia.
Drilling at Blue Moon, based on technical work by ECR that had indicated the potential for an extensive mineralised system, confirmed the presence of gold mineralisation at the site.

Assay results provided evidence of a "significant near-surface mineralised system", with large mineralised gold intercepts up to 39.5 metres just 24.2 metres from the surface of hole BBM003 in a host rock sandstone that outcrops at the surface.

All three holes intercepted gold mineralisation, support the frim's hypothesis that Blue Moon was a disseminated gold system comparable to some of the mineralisation exploited at the nearby Fosterville mine.

Craig Brown, ECR Minerals' chief executive, said, "Australia in general and Central Victoria region continues to experience a gold exploration boom and ECR are building a material presence in that region."

"The results today provide an exciting opportunity for the company and we are keen to push ahead with our work to ascertain the size and nature of the mineralised system we have identified," added Brown.

As of 1040 BST, ECR shares had shot up 26.58% to 1p.

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