ECR Minerals announced on Friday that its Australian subsidiary has been notified of the renewal of its exploration licence for a further five years.
Mercator Gold Australia's renewed EL5433 licence represents the Bailieston gold exploration project in Central Victoria, of which the company has 100% ownership, which is located in the same district as the million-ounce Fosterville gold mine owned by Kirkland Lake Gold.

Craig Brown, chief executive of ECR Minerals, said: "The renewal of EL5433 for a further five years is timely, as we are in the process of planning a drilling programme which will test multiple target areas at Bailieston. ECR is fully funded for the drilling, and we look forward to seeing the drill rig turning within the next few months."

The drilling programme, set to commence in the first half of 2018, includes proposed work at the Blue Moon and Black Cat prospects within the Bailieston licence.

Aside from the Bailieston Licence ECR subsidiary Mercator has 100% ownership of the Avoca, Moormbool and Timor gold exploration licences in Central Victoria.

ECR Minerals is a London based exploration and development company with projects in Australia, the Philippines and Argentina.

As of 0820 GMT, ECR's shares were unchanged at 1.08p.

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