ECR’s current focus is on exploration for gold in Central Victoria, Australia, where the Company’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) is the holder of the Avoca (EL5387) and Bailieston (EL5433) exploration licences following their acquisition from Currawong Resources Pty Ltd in 2016. MGA was granted two additional exploration licences, Timor (EL006278) and Moormbool (EL006280) in 2017.
A map of the licences can be viewed here. A copy of a technical report prepared in April 2016 by Snowden Mining Industry Consultants in respect of the Avoca and Bailieston projects can be downloaded here.
Victoria as a state has an exceptional history of gold production, as well as hosting numerous successful present-day mining operations. MGA’s on the ground activities in Victoria are being led by Dr Rodney Boucher, who has extensive geological experience in Victoria, including many years of involvement with Perseverance Corporation, the original developers of the million-ounce Fosterville gold mine which is now owned by Kirkland Lake Gold. The Fosterville mine is located in the same district as MGA’s Bailieston and Moormbool licences.
MGA has accumulated tax losses estimated to total approximately AUD 66 million from its past trading, and these tax losses are expected to be available for offset against any taxable profits made in future.
The results of drilling completed at the Bailieston project in June 2017 support further exploration, and the results of an interpretation and targeting study using open-file geophysical data covering the Avoca, Bailieston, Moormbool and Timor projects are very encouraging. The results of this study were announced in December 2017. For the latest updates on exploration, please see the regulatory announcements below.
Related News Releases
|Update on Availability of JORC Report and Communications Update||29-Mar-2016|
|Acquisition of Avoca and Bailieston Gold Projects by Mercator Gold Australia||03-Mar-2016|
|Placing of Shares and Update||18-Nov-2015|
|Release of Mercator Gold Australia from Administration||04-Dec-2014|
|Update on Mercator Gold Australia||10-Nov-2014|
|Update on Mercator Gold Australia||14-Oct-2014|
|Update on Mercator Gold Australia||15-Sep-2014|
|Update on Mercator Gold Australia||27-Aug-2014|
|Update on Mercator Gold Australia||15-Jul-2014|
|Update on Mercator Gold Australia||04-Jul-2014|
|Update RE Itogon Gold-Silver Project, Mercator Gold Australia and Review of Potential New Projects||30-Aug-2013|
|Mercator Gold Australia Update||08-Aug-2013|
|Update on Activities||22-Oct-2012|