Proactive Investors - ECR Minerals PLC (LON:ECRE) said it is going to revisit its assets in Victoria after the success of Southern Cross Gold at its Sunday Creek project and the restart of exploration to the north of Bendigo by Falcon Resources.
"With an infield work programme advancing this is the right time to re-evaluate ECR's gold assets at Creswick and Bailieston for the Australian summer field season," it said.
Drilling permissions have been approved by the relevant governmental authorities and the board is currently negotiating contracts and pricing with a local drilling company with a target of commencing before the Christmas holiday period.
Drilling will be funded from the company's existing cash resources.
ECR added that four of its directors have also agreed to shares in lieu of salary for £40,000 in total (£10,000 each), with the new equity to be issued around March 2024.
Mike Whitlow, ECR chief operations officer, commented: "The latest positive news within our postcode speaks for itself. We take great encouragement from the recent announcements reported by our peers and we believe that ECR has sufficient upside opportunities in Victoria to warrant a return to drilling."
"I am also pleased that our strategy is being further supported by members of the board who are continuing our ethos of aligning themselves with our shareholders and conserving the company's cash resources."