Business
Property purchase within in the Bailieston License Area
Property purchase within in the Bailieston License Area.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n \nProperty purchase within in the Bailieston License Area\n\nECR Minerals plc\n\n \n\n \n13 September 2021\n\n \n ECR MINERALS plc\n \n \n (“ECR Minerals”, “ECR” or the “Company”)\n \n \n Property purchase within in the Bailieston License Area\n \n \nECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that its 100% owned Australian subsidiary, Mercator Gold Holdings Pty Ltd (“MGH”), has purchased a property at 127 Nagambie-Rushworth Road, subject only to payment of the completion monies. The property is located within the Company’s 100% owned Bailieston license area (“Bailieston”).\n\n \nIt is anticipated that monies will be paid, and completion will occur, on or around 8 October 2021 and further updates will be provided at that time.\n\n \n Highlights:\n \n \n \nThe property is adjacent to the Company’s Cherry Tree Project, located within the Bailieston license area in Victoria, Australia.\n\n \nBailieston neighbours Kirkland Lake Gold’s multi-million-ounce Fosterville gold mine. Newmont Mining have also submitted an application for an exploration license immediately to the north of the Black Cat property within the Bailieston license area.\n\n \nThe property consists of 297 acres of land (no buildings at this time), within the 24 square kilometre Bailieston license area, with ample exploration opportunity and the future potential for the construction of a mine decline, processing plant and tailings dam.\n\n \nThe purchase price of the property is A$750,000, which will be settled in two tranches consisting of a A$75,000 deposit, which has already been paid, and the remaining balance which is to be paid 30 days from the date of sale. The purchase will be funded by the Company’s existing cash resources. As at the close of business on 9 September 2021 the Group had £3,874.779.94 (USD equivalent $5,362,695.44) in the bank after paying the A$75,000 deposit.\n\n \n \n Craig Brown, Chief Executive Officer commented:\n “Following the recent highly encouraging early results from the maiden drilling programmes at the Bailieston HR3 and HR4 (Cherry Tree Project), on behalf of the board, I am delighted to announce the purchase of a considerable land package located in close proximity to Cherry Tree. Based on the gold mineralisation, geological findings and data acqu...