LONDON (ShareCast) - (Sharecast News) - Gold explorer and developer ECR Minerals updated the market on drilling on HR3 in Australia on Friday, including the highest grade gold intercept yet below the soil anomaly drilled by hole BH3DD027.
The AIM-traded firm said it received the highest single assay result to date from the drilling at Bailieston, with 0.2 metres at 52.5 grams of gold per tonne from 126.3 metres depth in hole BH3DD027.

It said the hole represented assays received from the first of two holes initially drilled into the hard-up reef underneath a previously-identified soil anomaly.

Drilling was continuing in HR3, strengthening the 'Maori Anticline' target model with multiple narrow mineralised structures observed.

ECR Minerals plc has 100% ownership of the Bailieston project, which contains the gold prospects HR3, Cherry Tree, Blue Moon and Black Cat.

The projects are operated by ECR's wholly-owned subsidiary Mercator Gold Australia.

"A significant amount of work has gone into the drilling programme at HR3, and I am delighted that having seen encouraging and consistent gold grades in the assay results to date, today's result has provided our best intercept yet," said chairman David Tang.

"Our team hoped that the ground under Hard-Up Reef would reveal a solid result - and it didn't disappoint!"

Chief executive officer Andrew Haythorpe added that, as the company's new CEO, his work for the next few weeks would entail getting his feet under the proverbial desk.

"Regardless, given my previous experience as geologist and mining company CEO, along with David and Adam I am very pleased to see the HR3 prospect return the best assay result to date.

"I look forward to speaking with shareholders as the year progresses."

At 1527 BST, shares in ECR Minerals were up 1.07% at 1.42p.

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