ECR Minerals PLC (LON:ECR) has completed the first hole using its own equipment at the Bailieston project in Victoria, Australia.

Assay results from the hole, which was drilled to a depth of 300m, are expected in coming weeks with the rig now starting on a second hole at the site.

Craig Brown, chief executive, said: “I am pleased to announce the completion of our first diamond drill hole utilising the company’s in-house drilling equipment, which is a notable event for the Company.

“We intend to continue drilling across various target areas within ECR license areas in the coming weeks and months.

“The presence of a 5.3 metre wide reef (drilled thickness) with visible gold in the first drill hole core is a positive development and we look forward to receipt of assay results from the laboratory as soon as possible.”

The hole intersected the Byron Main Reef at 110m, Brown added.