ECR inks farm-in, JV agreement with Bold Gold on high-grade Australian asset
Aim-listed ECR Minerals has signed binding conditional farm-in and joint venture (JV) agreements with Bold Gold Resources in respect of the Creswick gold project, in Australia, which define a pathway for Bold Gold to invest up to A$3-million into ECR's Creswick project towards 80% ownership.
Through the agreed staged earn-in structure, Bold Gold's contribution to the project provides ECR with substantial third-party funding to advance other prospective exploration assets within the Victorian goldfields, including the Maddens gold project in northern Queensland.
ECR's board believes that the agreements represent an important strategic milestone for the company and further demonstrates ECR's ability to unlock value across its expanded Australian gold portfolio.
Bold Gold will make an initial A$250 000 minimum exploration investment during the first 12 months of the agreements.
Creswick hosts a Dimocks Main Shale-style gold-bearing geological structure that extends for about 15 km. Prior drill programmes at the project intersected high-grade gold mineralisation on site, with results exceeding 20 g/t gold.
ECR says Bold Gold brings additional technical expertise, operational capability and funding capacity that can accelerate exploration at Creswick.
After the initial exploration investment, Bold Gold may elect to earn a 51% interest in the project by funding another A$1-million in exploration expenditure over two years before investment more to earn the balance of the project's ownership up to 80%.
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