Erris Gold Resources announced it had started deep overburden sampling ahead of scout drilling at the Lead Trial gold prospect within the Loch Tay licence in Perthshire, Scotland.
PROGRAMME
Lead Trial, near Scotgold Resources’ Cononish mine, is a high grade prospect centred on a magmatic-hydrothermal system adjacent to the Loch Tay Fault which is a major crustal-scale structure.
Erris plans to obtain a sample near the bedrock interface for mapping and investigation of gold-bearing structures.
Once pandemic restrictions ease, the company intends to mobilise a rig to carry out a scout drill programme.
The initial drill programme will help prepare for a major drill programme later in 2021 to define the true scale of the hydrothermal system and its gold distribution.
VISIBLE GOLD
Erris said that results from channel sampling during November 2020 confirmed visible gold in two boulders, RX2960 and RX2996, which previously returned high-grade gold in chip samples.
The company took 39 samples over 19 separate channels, cleaned a number of key outcrops to make them better exposed, and took samples from a selection of large boulders representing prospective vein targets.
Channel sampling of two outcrops and the boulders confirmed that quartz vein material within the structures is the main host for higher grade gold while lower grade gold occurs in silicified and sulphide-bearing breccia and altered wallrock.
FUNDRAISE
During its work programme, the company also raised £841,590 before expenses through an open offer and share subscriptions.
Participants comprised 61% of existing shareholders and the balance from new investors including 12.6% from an institutional investor.
Erris Gold Resources is a new private gold-focused company formed as a result of the spinout of the Loch Tay project from Erris Resources plc following the reverse takeover by Deutsche Lithium which created Zinnwald Lithium plc.