Nine of the 12 RC holes completed for 1718m had significant gold intersections.

Highlighted intersections included 2m at 17.87 grams per tonne gold within a zone of 15m at 3.81gpt gold from 51m; 3m at 3.88gpt within a zone of 11m at 2.42gpt from 169m; 1m at 2.15gpt at the top of a zone of 16m at 0.28gpt from 85m; 2m at 1.4gpt within a zone of 14m at 0.54gpt from 132m; 1m at 1.94gpt from 138m and 5m at 0.46gpt from 152m; and 5m at 1.09gpt from 97m.

ECR said the results indicated the host sandstone was thicker and the gold grades significantly higher on the westerly section, and any further exploration would look to follow the system to the west, subject to agreeing access with landowners.

Previous drilling in July last year resulted in a significant near-surface gold intercept and evidence of a near surface mineralised gold system, with a significant intersection of 39m at 0.3gpt gold from 24.2m reported.

CEO Craig Brown said the drilling results had confirmed Blue Moon as a new gold discovery.

"Within this follow-up program, we have reported gold grades of up to 17.87gpt gold over 2m from 57m and have significantly increased our knowledge of the geology at Blue Moon," he said.

"With the knowledge gained from the RC program we believe that the gold mineralisation intensifies further west and now have a clear action plan to follow the system."

Blue Moon is west of Nagambie and one of a number of Victorian projects held by ECR.

ECR is capitalised at just £3.12 million.