Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
ECR Minerals (LON: ECR) share price has edged higher on Thursday after announcing it has applied for three new strategic licence applications to add new exploration opportunities in Queensland, Australia.
The three exploration permit licence applications have been submitted in North Queensland, Australia, by LUX Exploration Pty Ltd, a 100%-owned Australian subsidiary of ECR Minerals.
The application area represents 300 sub-blocks covering 900km within the Lolworth Range, 200km WSW of Townsville and 30km north from Pentlands, North Queensland, Australia.
ECR said the area contains metamorphic rocks of the Charters Towers Province that host historical large gold producing centres such as Charters Tower and Ravenswood.
Craig Brown, CEO of ECR, commented: “The strong cash position enjoyed by ECR Minerals has not only enabled us to launch aggressive drilling programmes across our existing properties, but has also facilitated full utilisation of in-house and advisory resources to identify, investigate and potentially acquire new opportunities to expand our Australian exploration portfolio.
“Today’s announcement manifestly demonstrates that capability. We are currently operating two diamond drill rigs at the Bailieston and Creswick projects in Victoria, Australia, both of which are delivering considerable amounts of drill core for technical review, processing and assay testing.
“We believe the ongoing drilling operations and the upcoming implementation of drilling across multiple high-profile gold targets will expose ECR to potential new gold discoveries.”
ECR Minerals' share price is trading 1.35% higher on Thursday, at 1.88p.
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