- ECR Minerals said Wednesday it had submitted nine new exploration licence applications in Austrialia covering 523 square kilometres of the Yilgarn Craton region.

The licences would be called the Windidda gold project and would, when granted, complement the company's existing gold exploration portfolio in Victoria, Australia.

The application areas had 'significant potential' to contain Archaean greenstones, which host many of Western Australia and the world’s most prolific gold deposits, the company said.

ECR’s target areas were expected to be amenable to aircore drilling across gravity-magnetic anomaly targets to enable rapid assessment of potential for gold mineralisation, the company added.

'I am particularly pleased to announce this strategic move into Western Australia, which, like Victoria, has exceptional gold exploration potential in a first world operating environment,' said Craig Brown, Chief Executive Officer of ECR Minerals.

'Greenstone-hosted gold trends in the Western Australian Yilgarn province are very tightly held and access to free ground, when it becomes available, is highly competitive.'

'We are acquiring new ground in Australia at a time when many explorers and developers are financially weakened by market conditions. This, although unfortunate for the wider resource sector, is presenting ECR with multiple highly attractive options, and we intend to take full advantage.'

At 10:11am: [LON:ECR] ECR Minerals PLC share price was +0.03p at 0.73p

Story provided by