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Erris Resources switches attention to Scotland with gold asset option

Snapshot

  • Erris is exploring for zinc at Abbeytown in Ireland and gold in Sweden.
  • Looking for a partner for Abbeytown project
  • Taken acreage in Scotland to look for gold
Miners

Quick facts: Erris Resources PLC

Price: 4.65 GBX

LSE:ERIS
Market: LSE
Market Cap: £1.44 m
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We are delighted to have signed the option agreement with GreenOre to advance highly prospective gold targets in central Scotland.

Anton du Plessis, chief executive

 

What it owns

Ireland

Erris Resources PLC (LON:ERIS) holds six licence areas covering an area of 159sq km, which comprise the Abbeytown Project in County Sligo.

The area is a proven mineral district, centred on the old lead-silver mine of Abbeytown.

Abbeytown is a brownfields exploration project with underground access and evidence of mineralisation extending southwards from the historic workings.

In addition, there is regional exploration potential at Skreen, Lugawarry, and Streamstown, all within 15km of Abbeytown.

Erris this year acquired 18 contiguous prospecting licences prospective for base metal mineralisation in County Galway.

Scotland

Exploration is underway to take the Loch Tay Gold Project to an inferred resource of 250,000 ounces of the yellow metal having concluded due diligence work on the project.

In doing this it will earn an 80% share of the Scots prospect, which is around 27 miles from the permitted Cononish mine, owned by ScotGold Resources that also sits on the Grampian gold belt.

In concluding its due diligence work, Erris has identified two high priority targets – Glen Almond and Ardtalnaig.

A 10 gram nugget was discovered in the Glen Almond river in July 2019 by a team from the University of Leeds.

Sweden/Finland

Brännberg comprises five permits acquired via a direct application from the government and a sixth permit (Grundtrask #7) acquired from Beowulf Mining.

A partnership with Centerra ended in December 2019.

Norway

In October, Erris has exploration permits for gold prospects in Norway at two sites: Mauken and Gautelis.

 

How it's doing

Initial work at Loch Tay has identified two high priority targets – Glen Almond and Ardtalnaig.

The former returned two high-grade narrow vein samples from separate veins, grading 10 grams per tonne (g/t) of precious metal or greater. A sample taken from a historic dump on the latter provided readings of 9.39g/t of gold, 8.37g/t of silver, 1.75% lead and 8.98% zinc.

The company described as “encouraging” the discovery of new outcropping high-grade gold mineralisation at Glen Almond.

 

What the boss says: Anton Du Plessis, chief executive

"This [Loch Tay]  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."

 

Inflexion points

  • Looking for partners to help carry the load at Abbeytown
  • Has four years to prove resource at Loch Tay
  • Sampling to continue at Galway to better understand potential

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