Erris Gold Resources Ltd has started its first drill programme at its Lead Trial precious metals prospect within the Loch Tay licence in Perthshire, Scotland.
SCALE DEFINITION
The drill rig mobilised earlier this week to the site where results last November showed high grade gold with a mineralised footprint extending over 4.5 km2.
The company said that there was also evidence of several mineralised fault structures capable of hosting a resource in excess of Erris’ minimum exploration target of 250,000 oz gold.
Drilling results will help prepare the company for a major drill campaign later in 2021 to define the true scale of the hydrothermal system and its gold distribution.
Erris conducted an extensive ground magnetic survey, mapping, soil sampling and deep overburden sampling before beginning this week’s drill programme.
ERRIS GOLD RESOURCES
Erris is a new private company formed last year from a corporate realignment of the Loch Tay project, following the Erris Resources plc-Deutsche Lithium reverse takeover which created Zinnwald Lithium plc.
The Loch Tay project was considered to be too early at exploration stage to support the costs of a listed company, and that it would be better developed on a standalone basis and as a private enterprise.
Erris had an initial cash balance of €400,000 together with the business, assets and existing operational staff.
Shareholders include Canadian company Osisko Development Corp, which holds a 15.13% interest.
Erris’ other projects include joint ventures with GreenOre Gold plc at Corrie Buidhe silver mine and the Loch Tay project.
A 2019 agreement gave Erris the option of earning 80% of the Loch Tay project on the discovery of a quarter million ounce gold deposit.
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