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Acquisition of Avoca and Bailieston Gold Projects by Mercator Gold...
Acquisition of Avoca and Bailieston Gold Projects by Mercator Gold....
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n Acquisition of Avoca and Bailieston Gold Projects by Mercator Gold \n Australia\n \n \n \n \n\n \n ECR Minerals plc\n \n \n\n \n \n \n ECR MINERALS plc\n \n \n (“ECR Minerals”, “ECR” or the “Company”)\n \n \n AIM: ECR\n \n \n US OTC: MTGDY\n \n \n ACQUISITION OF AVOCA AND BAILIESTON GOLD PROJECTS\n \n \n BY MERCATOR GOLD AUSTRALIA\n \n \n LONDON: 3 MARCH 2016 - The directors of ECR Minerals plc (the \n “Directors”) are pleased to announce that the Company’s wholly owned \n Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has \n entered into a deed of assignment and assumption (the “Deed”) with \n Currawong Resources Pty Ltd (“Currawong”) for the acquisition by MGA of \n 100% ownership of the Avoca and Bailieston gold projects (the \n “Projects”) located in Victoria, Australia.\n \n \n HIGHLIGHTS\n \n \n * Currawong has identified significant exploration potential for \n mesothermal quartz vein hosted gold and related placer-style ‘deep lead’ \n gold mineralisation at Avoca, and epithermal ‘Carlin’ style disseminated \n or sheeted vein hosted gold mineralisation at Bailieston\n \n \n * An opportunity exists to generate relatively near term revenue from \n reprocessing of historical mine dumps at the Avoca project (subject to \n confirmation as described below)\n \n \n * A JORC Code-compliant technical report in relation to the Projects is \n being prepared by Snowden Mining Industry Consultants, and is expected \n to be published by ECR during March 2016 (the “Report”)\n \n \n * The consideration for the acquisition comprises up to AUD 250,000 in \n ECR shares (based on certain milestones described below), and a net \n profits interest royalty of 20% in respect of mine dumps and 10% in \n respect of other deposits (royalty capped at AUD 3.5M)\n \n \n * The acquisition remains conditional on the necessary Victorian \n government authorisations and registration of the transfer the Projects \n to MGA\n \n \n The Projects comprise two exploration licences issued by the state \n government of Victoria: EL5387 (Avoca project), granted on 25 January \n 2012 and expiring on 24 January 2017, currently covering 115 graticular \n sections; and EL5433 (Bailieston project) granted on 28 March 2013 and \n expiring on 27 March 2018, currently covering 79 graticular sections. A \n graticular section occupies 1” by 1” o...