Europe-focused explorer Erris Resources has entered into an option to acquire 80% of the Loch Tay gold and base metals project in Scotland.
The option agreement with GreenOre allows Erris to explore for gold on the area covered by the Loch Tay licence, in Perthshire.
“This gives us exposure to new gold targets that have not previously been tested, but which are located in the highly prospective Grampian gold belt that already hosts some important gold deposits such as Curraghinalt, which was acquired by New York-based Orion Resource Partners in a C$537-million buy-out of TSX/Aim-listed Dalradian Resources in June 2018, and Cononish, which is only 40 km away and that aims to pour its first gold next year,” said Erris CEO Anton du Plessis.
Curraghinalt, in Northern Ireland, is a 6.09-million-ounce deposit at 13.6 g/t gold and Cononish, in Scotland, hosts 266 000 oz at 13.4 g/t gold.
Erris has identified two priority target areas, Ardtalnaig and Glen Almond, as having excellent gold potential based on the presence of historic workings, mineralised outcrops and alluvial gold occurrences.
The company believes that the joint venture terms with GreenOre give Erris a low risk option for discovery on an exciting and new gold project within a safe jurisdiction.
“Erris believes that the Loch Tay project has significant potential for discovery of an economic gold resource.”
Erris has until January 18 to complete a due diligence review of the project, after which it will have the option to earn 80% of the Loch Tay project by defining a minimum inferred resource of 250 000 oz gold, within four years.