A mineral consulting and exploration company is acquiring 80 per cent of a firm that hopes to exploit gold deposits in Perthshire.
Erris Resources – which also has a portfolio of zinc and base metals projects in Ireland and gold projects in Scandinavia – flagged the “option agreement” signed with GreenOre Gold to explore for gold on the area covered by the Loch Tay Licence in Perthshire.
Erris said the deal provides it with a “low-risk option for discovery on an exciting and new gold project within a stable jurisdiction”.
The project area comprises 237 square kilometres of “highly prospective” ground in the so-called Grampian gold belt, with two priority target areas – Ardtalnaig and Glen Almond – identified as having “excellent” potential based on the presence of historic workings.
Erris Resources also noted that a ten-gram nugget in the Glen Almond river in the Glen Almond target area was discovered in July by a team from the University of Leeds.
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Erris Resources’ chief executive Anton du Plessis said the deal provides the firm with new gold targets that have not previously been tested, but which are located in the gold belt.
He also noted that the area already hosts important gold deposits such as Curraghnihalt, which was acquired by New York-based Orion Resource Partners, and Cononish, which is some 40 kilometres away and aims to pour its first gold next year.
The latter is the focus of ScotGold, the Aim-quoted company aiming to launch Scotland’s first commercial gold mine.
Du Plessis added: “Importantly, land access agreements have already been signed, which allow work to proceed on the priority targets with the aim of advancing exploration to drill target definition in 2020.”
GreenOre says Scotland has been “overlooked” by exploration companies.