(Sharecast News) - ECR Minerals said on Thursday that laboratory assay results from the Butterfly Creek prospect had identified a new drill-ready gold target at its wholly owned Lolworth project in North Queensland.
The AIM-traded firm said the results defined a 200-metre north-northeast trending gold corridor, with a peak soil assay of 3,510 parts per billion gold and 16 samples returning more than 100 parts per billion gold.

It said the anomaly was not detected by earlier pXRF analysis and highlighted the value of laboratory fire assay in identifying gold systems at Lolworth.

Chief geologist Adam Jones said the results were "some of the most exciting soil results we've generated at Lolworth to date" and reinforced the view that Lolworth was developing into a district-scale gold system.

At 1530 BST, shares in ECR Minerals were down 4.55% at 0.21p.

Reporting by Josh White for Sharecast.com.

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