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ECR Minerals plc #ECR – Anticline Identified Close to Maori Reef Line at the Bailieston Gold Project
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
ANTICLINE IDENTIFIED CLOSE TO MAORI REEF LINE AT THE BAILIESTON GOLD PROJECT
ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to announce drilling updates across the Bailieston Project in central Victoria, Australia.
ECR Minerals plc has 100% ownership of Bailieston Project which is operated under their Australian owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
Craig Brown, Chief Executive Officer of ECR Minerals plc, commented:
“I am delighted to announce a highly significant development resulting from the aggressive drilling programmes currently underway in the Victoria Goldfields. ECR Minerals has the advantage of owning its own diamond drilling rig and, with a centralised operational hub at Bendigo, we have been able to swiftly and efficiently interpret the core samples and secure valuable data from the programmes.
As suspected by our senior geologists, logging of three diamond holes at the Maori and Dan Genders Reef at the HR3 prospect has confirmed a steep south-plunging anticline to exist sub-parallel to the Maori Reef line which hosts quartz-arsenopyrite mineralisation and elevated gold grades.
Most significantly, the data and presence of gold in the core samples confirms the south plunging anti-cline runs close to the historical mined portions of the Maori Reef. The additional drilling planned for the northern end of the zone will help us further understand the size and shape of the structure in order that we can determine next exploration steps.”
KEY POINTS
- Four initial diamond drill holes have been completed into the Maori and Dan Genders Reef lines for a total of 869.3m.
- Structural logging of three diamond holes now confirms a steep south-plunging anticline that exists sub-parallel to the Maori Reef line which hosts quartz-arsenopyrite mineralisation with elevated gold grades. 3D projections of this folding are spatially associated with high-grade historic percussion drill intersections.
PROGRESS AT BAILIESTON GOLD PROJECT
First pass diamond drilling has been completed over the Maori and Dan Genders Reef lines. A summary of these four diamond holes is as follows;
BH3DD005 was drilled to investigate the merging of the Hard Up Reef and the Maori Reef structures beneath historic gold workings. The Hard Up Reef was intersected down the hole at 62.4m and is present as strongly oxidised fracturing with silica alteration. Only elevated gold was detected from this part of the reef (0.5m @ 0.80 g/t Au). The Maori Reef was intersected at 94.8m grading (0.8m @ 0.58 g/t Au). Plotting of bedding measurements in 3D software shows the hole drilled through the nose of a fold where the Maori Reef was intersected. Increasing silica alteration with disseminated pyrite is present on the immediate western limb of this fold. Assay results show the pyrite-silica zone to carry above background gold grades (0.2-0.5 g/t Au) within the fire assay analysis of the tails of the cyanide-leachwell solution. This is indicating the pyrite is carrying a refractory gold component. Another quartz-stockwork zone was drilled through at 140m (1m @ 2.89 g/t Au). The hole ended at 174.3m.
BH3DD006 was drilled to investigate a postulated anticline through the central part of the HR3 goldfield and possibly hosting the Dan Genders Reef system. Structural logging shows the Dan Genders Reef to be hosted within west dipping sediments. Assays from this Reef returned low grades from 70.3m down-hole (0.8m @ 0.86 g/t Au). The drillhole was continued to look for the fold into east dipping sediments. This fold was intersected at a drilled depth of 225m. Accompanying this fold was bedding parallel quartz-sulphide mineralisation with assays returning (0.7m @ 1.25 g/t Au) from 224.6m. Drilling continued across the fold where another unknown narrow bedded laminated quartz vein was drilled through at 342.7m depth. This intercept was the best from this hole (0.3m @ 6.06 g/t Au) from 342.7m. This drillhole ended at 344.7m. 3D modelling of bedding shows the fold axis drilled through at 225m projects up-dip to the fold drilled through at 95m in BH3DD005. This fold plunges approximately -40 degrees to the south. The up-dip projection of this fold to surface coincides with the historic Maori mine workings and a high-grade historic percussion drill hole from a previous explorer during the late 1980’s (1m @ 34 g/t Au) from 44m depth in hole BLP136. Mineralisation associated with this fold will need to be investigated further.
BH3DD007 3D projections of quartz veins and the plunge of the fold at 225m downhole in BH3DD006 hypothesised quartz veins to potentially roll over the fold hinge and become limb-thrust hosted within the east dipping beds on the eastern side of the fold further to the north of BH3DD006. BH3DD007 drilled through the fold at a drilled depth of 185.35m. Accompanying the fold was a laminated quartz vein showing fine acicular arsenopyrite needles that assayed (0.65m @ 2.90 g/t Au) from 185.35m. A supplementary rubbly quartz zone giving off high arsenic readings using a pXRF was also drilled through at 43.9m depth. Assays from this zone shows the potential of broader, low-grade gold mineralisation in the oxide levels. Assays from 43.9m (5.3m @ 0.70 g/t Au, including 0.55m @ 1.08g/t Au from 44.65m), accompanied by lower grades ranging between 0.51 and 0.89 g/t Au. Due to poor drill recoveries within this oxide zone, BH3DD008 was collared 10m away from BH3DD007 and drilled to 96.1m. Best result was (0.8m @ 0.38 g/t Au from 37.3m).
Table 1 Summary of averaged grade mineralised drill intercepts BH3DD005-BH3DD008 (g/t Au)
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DD HOLE |
From (metres) |
Interval (metres) |
@ g/t Au |
Geological Comment |
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BH3DD005 |
140 |
1 |
2.89 |
Quartz stockwork zone |
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BH3DD006
BH3DD006 |
224.6
342.7 |
0.7
0.3 |
1.25
6.06 |
Anticline structure
Bedded laminated vein |
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BH3DD007
BH3DD007 |
185.35
44.65 |
0.65
0.55 |
2.90
1.08 |
Arsenopyrite needles
Part of broad mineralisation 5.3m @ 0.70 g/t Au from 43.9m |
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BH3DD008 |
37.3 |
0.8 |
0.38 |
Shallow re-drilled hole twinning BH3DD007 |
PHASE TWO DRILLING
Structural measurements of diamond drill core combined with 3D modelling have proved a steep south plunging anticline to now exist sub-parallel along strike to the Maori Reef line. Spatially, intense historical mined portions of the Maori Reef and high-grade percussion drill results from previous explorers coincide with the up-dip projection of the anticlinal fold.
Drilling to date has confirmed the presence of gold associated with the anticline along strike and depth to the south. Further diamond holes will be drilled in strategic positions to understand the structural controls on the high-grade portions of veins associated with this fold.
Plans for diamond drilling on the northern end of this fold zone have been submitted for approval. These plans are part of a larger campaign to drill underneath recent high-grade soil anomalies in this central and northern part of the goldfield (see previous release 15th June 2021).
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, a director of ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
MARKET ABUSE REGULATIONS (EU) No. 596/2014
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
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ECR Minerals plc |
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Tel: +44 (0)20 7929 1010 |
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David Tang, Non-Executive Chairman |
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Craig Brown, Director & CEO |
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Email: |
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Website: www.ecrminerals.com |
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WH Ireland Ltd |
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Tel: +44 (0)161 832 2174 |
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Nominated Adviser |
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SI Capital Ltd |
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Tel: +44 (0)1483 413500 |
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Broker |
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Nick Emerson |
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Novum Securities Limited Broker Jon Belliss |
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Tel: +44 (0)20 7399 9425 |
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Brand Communications Alan Green |
Tel: +44 (0) 7976 431608 |
ECR Minerals plc (ECR) – High Gold and Antimony Results from Soil Sampling, Victoria, Australia
HIGH GOLD AND ANTIMONY RESULTS FROM SOIL SAMPLING, VICTORIA, AUSTRALIA
EXPLORATION AT HR3 BAILIESTON PROJECT HIGHLIGHTS POTENTIAL UNDEVELOPED REEF LINES
ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce results from recent soil sampling undertaken within the Historic Reserve #3 (HR3) Bailieston in Victoria, Australia and 100%-owned by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
Craig Brown, Chief Executive Officer, commented:
“I am delighted to announce further positive exploration news, this time from the implementation of a soil sampling programme utilising an innovative exploration methodology (see below) at HR3 that has revealed particularly high gold grades in soils and therefore identified a new target for drilling.
The significance of these findings means we have now submitted a request for consent to undertake additional exploration drilling at the location, which is over and above initial planned drill holes in the area.
As the momentum of our two rig drill programmes continues to build, additional findings such as those announced today further demonstrate the geological prospectivity of our licence areas. I look forward to providing further updates as material exploration data is received and reviewed by the Company.”
HIGHLIGHTS
- Soil sampling has revealed high gold anomalies (up to 3.75 g/t Au) along with spatially associated antimony which is thought to be from the mineral stibnite which forms a close association with gold mineralisation.
- A total of 720 B-horizon soil samples were taken across the central and eastern part of the Bailieston Historic Reserve # 3 (HR3) between February and March 2021.
The samples were tested by portable X-ray fluorescence (“pXRF”) for anomalous pathfinder elements for gold and a selected sub-set of 229 samples have been sent for trace element analysis (TL) for Au, Ag, As, Sb, Zn, Cu and Pb.
- Results of this work show a strong spatial relationship between Au (gold), Sb (antimony) and to a lesser extent As (arsenic). Plotting of spatial Au-Sb elemental maps reveals trends which may correspond to the weathering of high grade gold shoots under shallow cover (fig. 1).
- Field mapping shows sub-cropping quartz with little to no historical workings associated with these anomalies. Plans have been submitted for approval to drill along strike to test these quartz reefs at depth.
METHODOLOGY
Soils grids were designed over known and the possible strike extensions of gold-bearing quartz reefs. A 10m x 10m spaced grid was chosen as it is known that narrow high-grade gold reefs will erode over a small spatial area into the adjacent soil.
Metal detector prospectors in central Victoria know this phenomenon creating what are known as ‘patches’ and often contain visible coarse gold. Soils have been taken from the B-horizon, often at the gravel-clay interface at a depth around 10cm. This is where the gravels have not transported too far from their source rocks.
Soils located within gullies and adjacent mullock dumps were removed due to contamination. All soils were sieved on site to < 2mm and bagged, producing a sample around 300g in weight. A total of 720 samples have been taken to date (June 2021).
All soils were systematically analysed in-house using ECR’s owned Olympus pXRF. Analysis is undertaken using three sequential beams with a 15 second count attributing to each beam. Results are evaluated for traditional pathfinder elements such as As, Ag, Pb, Zn, Cu and Sb.
Soil with moderate arsenic content (generally > 40 ppm) and soils spatially close to extensions to known reef lines were selected for further trace elemental analysis for Au, Ag, As, Pb, Zn, Cu and Sb. A total of 229 sub-samples have been selected and sent to ALS laboratories, Adelaide, South Australia. Method Au-TL44/ME-ICP44 was chosen for analysis.
A detection limit in ppm is sufficient given the proximity to possible gold sources. Any Au-TL44 results greater than 1 ppm was analysed by Au-AROR44 which is used for ‘ore grade’ analysis. A 50g charge from a 95% passing 75µm pulverise was chosen due to the likely presence of coarse gold.
RESULTS
Thirteen samples returned gold values above 0.1 g/t Au. Silver, Copper, lead and Zinc results are low within the soils.
Arsenic is traditionally used as a pathfinder element for gold mineralisation and occurs at moderate levels within soils at HR3 and is fairly distributed which will mask blind gold deposits.
Antimony (Sb) results are variable with high results correlating spatially with high gold assays (fig1)
Figure 1: https://www.ecrminerals.com/images/fig1_HR3_Au-Sb_Soils_210608.jpg
Rock chips taken during 2018 along strike of the main soil anomaly showed a visible speck of coarse gold (fig. 2). Assays for these rock chips were analysed using a small charge fire assay resulting in variable results (up to 0.32 g/t Au) reflecting how coarse gold can be missed using traditional assay methods. Furthermore, non-executive director (Adam Jones) in February 2019 has found coarse gold by using a metal detector within the shallow soils in the vicinity of the reported soil anomalies (fig 3).
Figure 2: https://www.ecrminerals.com/images/fig2_LX0819_vg__2018.jpg
Figure 3: https://www.ecrminerals.com/images/fig3_036g_nugget_HR3.jpg
Table 1 Summary of results for analysis of a 229 selected soil samples using method Au-TL44/ME-ICP44.
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Au-PREF ppm |
Ag-T L44 ppm |
As-TL44 ppm |
Cu-TL44 ppm |
Pb-TL44 ppm |
Sb-TL44 ppm |
Zn-TL44 ppm |
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Number |
229 |
229 |
229 |
229 |
229 |
229 |
229 |
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Minimum |
0 |
0.1 |
7.5 |
1.8 |
4.8 |
3 |
3 |
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Maximum |
3.75 |
0.1 |
124 |
14.9 |
28.6 |
386 |
44 |
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Mean |
0.05 |
0.1 |
46.78 |
6.68 |
10.52 |
43.47 |
9.99 |
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Lower Quartile |
0.01 |
0.1 |
33.7 |
4.7 |
8.5 |
14 |
6 |
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Median |
0.01 |
0.1 |
45.1 |
6.5 |
10.4 |
24 |
9 |
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Upper Quartile |
0.02 |
0.1 |
56.8 |
8.25 |
12.2 |
51 |
12 |
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STD-deviation |
0.26 |
0 |
21.61 |
2.52 |
3.17 |
54.96 |
5.99 |
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CV |
5.53 |
0 |
0.46 |
0.38 |
0.3 |
1.26 |
0.6 |
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Range |
3.75 |
0 |
116.5 |
13.1 |
23.8 |
383 |
41 |
LOOKING FORWARD STATEMENT
Results from the undertaking of this work reflect a close gold-antimony spatial relationship with a low to moderate arsenic undertone within the Bailieston goldfield. Further soil analysis for pathfinder elements will be undertaken on other tenements now under increased exploration activity within central Victoria such as Creswick, near Ballarat.
The outcome of this work will greatly increase the chances of finding blind sub-surface gold bearing reefs that have been missed by previous explorers.
To our current knowledge, this is the first-time geochemical analysis has been undertaken at such a high standard within these tenements.
Plans have been submitted for approval to drill underneath and along strike of these anomalous soils. Once approved, this drilling will be a continuation of the current drilling program that is underway on nearby HR4, Cherry Tree.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, a director of ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
MARKET ABUSE REGULATIONS (EU) No. 596/2014
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
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ECR Minerals plc |
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Tel: +44 (0)20 7929 1010 |
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David Tang, Non-Executive Chairman |
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Craig Brown, Director & CEO |
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Email: |
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Website: www.ecrminerals.com |
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WH Ireland Ltd |
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Tel: +44 (0)161 832 2174 |
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Nominated Adviser |
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Novum Securities Limited Broker Jon Belliss |
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Tel: +44 (0)20 7399 9425 |
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SI Capital Ltd |
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Tel: +44 (0)1483 413500 |
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Broker |
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Nick Emerson
ECR Minerals plc (ECR) Update on Creswick Gold Project, Victoria, Australia
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ECR Minerals plc (LON: ECR), the precious metals exploration and development company, is pleased to announce the results of further analysis of samples from reverse circulation (RC) drilling completed earlier this year at the Creswick gold project in Victoria, Australia. The Creswick project is 100% held by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”). HIGHLIGHTS
Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “These results confirm the presence of nuggety gold mineralisation in the Dimocks Main Shale (DMS) at Creswick, some of which is very high grade. MGA’s tenement position at Creswick covers approximately 7 kilometres of the DMS trend, and our drilling earlier this year only tested approximately 300 metres of this. We therefore believe there is significant potential upside in the project, and we are now considering how best to build on the results obtained from Creswick to date to create value for ECR shareholders. Creswick is one of five projects owned by ECR within the Victoria goldfields and forms part of what is rapidly becoming a highly significant and strategic portfolio in the region.” FURTHER INFORMATION The initial results of RC drilling at Creswick by MGA were announced on 8 May 2019, and there was evidence that the results were subject to a nugget effect. In order to assess the significance of this effect, MGA’s consultants devised a testing program using gravity and electrostatic concentration (GEC) on full bags of RC drill cuttings, which would constitute the whole sample recovered from each metre of drilling (less sub-samples obtained at the time of drilling via a splitter mounted on the drill rig). In nuggety gold systems, increasing sample size increases the chance of nuggets being captured in the sample, and thus being appreciated as part of the gold endowment of the system. Typically, only a small sub-sample of the drill cuttings generated by each metre of RC drilling is analysed (assayed) for gold. In the case of MGA’s 2019 RC drilling at Creswick, two sub-samples of approximately 2 kilograms were obtained from the rig-mounted splitter, out of up to approximately 30 kilograms of cuttings per metre. The first sub-sample was sent for assay by the Leachwell method at Gekko Systems, an independent laboratory in Victoria, and the results were announced on 8 May 2019. Using the GEC method on the full bags, MGA was able to subject larger, more representative sample sizes to analysis. More details regarding the GEC testing process are given in ECR’s announcement dated 27 August 2019, which can be viewed at the following link: https://polaris.brighterir.com/public/ecr_minerals_plc/news/rns/story/xq2j1qx In parallel, 74 duplicate sub-samples obtained at the time of drilling via the rig-mounted splitter have been analysed by the Leachwell method at Gekko Systems. This has been done to enable comparison with the assay results (obtained by the same method) for the first set of sub-samples, which will assist in classifying the nugget effect as extreme, major or minor. RESULTS OF ANALYSIS A total of 129 ‘full-bag’ samples were analysed using the GEC process.
Table 1: Assay results for all intervals with at least one result >0.1 g/t gold
x = below detection COMPETENT PERSON STATEMENT The information in this announcement that relates to exploration results is based on information compiled by Dr Rodney Boucher of Linex Pty Ltd. Linex Pty Ltd provides geological services to Mercator Gold Australia Pty Ltd, including the services of Dr Boucher, who has a PhD in geology, is a Member and RPGeo of the Australian Institute of Geoscientists and is a Member of the Australasian Institute of Mining and Metallurgy. Dr Boucher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Boucher consents to the inclusion in the announcement of the material based on his information in the form and context in which it appears. MARKET ABUSE REGULATIONS (EU) No. 596/2014 The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain. FOR FURTHER INFORMATION, PLEASE CONTACT:
ABOUT ECR MINERALS PLC ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015 and is available for download from ECR’s website. ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near-term production. View source version on businesswire.com: https://www.businesswire.com/news/home/20191105005606/en/ |
As investors await ECR’s Creswick assay results, Windidda survey confirms potential for Gold.
Anticipation builds on Creswick Assay results
ECR’s investors are eagerly awaiting the remaining assay results to be revealed from the whole-of-bag testing process at the Company’s Creswick Gold project.
If the partial assay results released on the 27th August 2019 are anything to go by, then investors definitely have something to be hopeful about. The 17 samples tested demonstrate a substantial increase in average gold grades.
The remaining 113 samples, which are expected to be released in the near future will provide an important insight into Creswick’s potential million ounce resource. So be sure to keep your eyes peeled for any announcements over the coming weeks.
Windidda Gold Project – Farm-In offer and Positive GeoPhysics survey
It’s not just Creswick grabbing attention though. ECR revealed at the end of September that they had been approached by a listed mineral exploration company to farm into their Windidda Gold Project in Western Australia.
Whilst ECR have decided not to proceed with the farm-in, another company looking to come on board is certainly an encouraging indication of the project potential.
ECR may also be expecting some better offers to come to the table. Given how sought after licenses are in the Yilgarn Craton, not to mention difficult to come by, such a development wouldn’t necessarily come as a surprise given that the area is home to around 30% of the world’s known gold reserves.
The decision to retain 100% ownership is also an indication of ECR’s own strong belief in its value and confidence in its ability to go it alone.
“We were fortunate to get the licences at the Yilgarn Craton, given the area’s excellent reputation” CEO Craig Brown told Mining Maven
“The permissions we have applied for currently are covered by a layer of other rocks, but, most importantly, underneath have significant exposure to that same critical greenstone belt that our peers are utilising successfully. The idea is that we want to drill down through the upper layers into the greenstone, where the large majority of the gold deposits in the Yilgarn Craton are contained. There has been some geophysics completed in the past that boast very positive indications for our work,” he added. 
On the back of this, ECR commisioned Western GeoPhysics to process and interpret existing airborne magnetic and ground gravity data. The survey results announced mid October 2019 noted that the depths to magnetic sources were shallowest on a highly magnetic trend striking NNW-SSE in the western half of the Windidda project area. Added to this, previous gold intersections drilled by North Ltd (NL) in 1998-2000 coincide with the highly magnetic units in the NL Bermuda project area, which lies outside the Windidda project area to the south.
This magnetic and mineralised ‘Bermuda’ trend projects into Windidda exploration licence application E38-3369, and the modelling results indicate shallow feasible drill targets there.
“The results of the study by Western Geophysics are most encouraging and demonstrate real potential for the discovery of gold mineralisation”, said Brown.
“The under-cover greenstone exploration model has been successfully tested to date by Greatland Gold at its Ernest Giles project located approximately 125km east of ECR’s Windidda gold project.”
Gold price rally could continue into the long-term
The push by ECR throughout the year to develop and expand its gold exploration activities could not have been timed better. 2019 has been a fantastic year for the precious metal. The gold spot price has rallied by over 25% during the past year, currently hovering around $1,505 per ounce and predicted to continue delivering long-term growth.
Several geopolitical and economic issues across the world have contributed to this incline and are likely to shape prices further.
From a volatile oil market, escalating concerns regarding the US-China trade war, ongoing Brexit uncertainty, talk of a global recession, negative bond yields and falling interest rates – all these are resulting in investors turning towards gold.
Speaking on Palisade Radio, Resource Maven’s Gwen Preston, discusses how global currencies are in a race to the bottom as countries compete for trade, and central banks continue to cut interest rates. She points to the uncertainty facing investors today, and how, as a result they are seeking a safe haven’ which is likely to be gold.
According to Gwen, “Gold can perform and is performing already against the strong US Dollar. When gold performs against a strong US dollar, it is the mark of a real gold bull market. So I think that is something to grant a lot of confidence to gold moves so far.’
Bloomberg’s October commodity update also expect gold’s rally to long continue, predicting that it will beat other commodities and reach record highs.
“Gold will remain at the top of the precious metals leaderboard, and its performance [will] accelerate into year-end. A definitive reversal in weakening global economic conditions should be needed to reverse this trend, yet further woes in 4Q appear the greater risk,” writes Bloomberg Intelligence senior commodity strategist Mike McGlone.
Looking beyond this, Frank Holmes CEO at US Global Investors predicts that extremely dovish monetary policies around the world and economic conditions could propel gold prices much higher, possibly even reaching $10,000 oz over the long-term.
ECR a potential steal
Such long-term predictions will certainly please the ECR board. Should the remaining assays from their Creswick site prove positive, the company might well undergo a substantial upward re-rating.
Unlike many of its peers though, ECR mitigates risk across a broad and diverse spread of projects. Hopes and aspirations are high for the Windidda Gold Project, as well as their three additional sites in Victoria, all of which are under active exploration.
ECR CEO Craig Brown certainly believes the company is well undervalued. “If ECR was listed on the ASX our market cap would be 3-4 times higher” said Brown after a recent ShareTalk evening. Sat at just 0.77p I’d have to agree with him. Either way, ECR’s story is one to keep an eye on.
Harry Dacres-Dixon
References:
- Brand Communications – ECR Minerals #ECR – Australian Gold – Business Update
- The Motley Fool – Brexit it or not here’s why I’m keeping an eye on the gold market
- Gwen Preston – The Fundamentals for Gold & Gold Stocks are Outstanding
- Kitco – Gold prices to follow palladium to record highs – Bloomberg Intelligence
- Share Talk – Craig Brown Snapshots
ECR Minerals: ‘Nuggety Nature’ of its Site in Australia gives Hope to this Hard-Working Gold Seeker
ECR Minerals Victoria Goldfields projects set to take flight
- Creswick a strategic priority
- Golden Nuggets
- Foot on the pedal at Timor Gold Project
- Time to jump on board
AIM Listed Australia-focussed mining company ECR Minerals (AIM: ECR) now has active exploration and development works underway at three projects within the Victorian goldfields region, including Bailieston, Creswick and Timor.
Developments in June and July have ensured that investors remain firmly focussed on progress thanks to a raft of exciting announcements from both Creswick and Timor projects.
Creswick a strategic priority, with potential to host multi-million ounce gold deposit
ECR Minerals Creswick gold project is evolving quickly, with ECR looking to rapidly advance the project to a JORC compliant resource.
ECR’s CEO Craig Brown said the company will be “allocating resources to this project in a prioritised manner” with internal modelling suggesting that Dimocks Main Shale..”is large enough to potentially host a multi-million ounce gold deposit”.
There is plenty of long standing geological and anecdotal evidence supporting this view. The Dimocks Main Shale (DMS), a 15km-long geological feature containing a vast amount of alluvial and deep lead gold, has been historically responsible for contributing a large proportion of gold production in the Victoria region. And it just so happens that approximately 7km of ECR’s Creswick licences and applications incorporate the DMS feature.
Back in February ECR completed 1,687 metres of reverse circulation drilling, which targeted multiple quartz vein orientations. Results in May reportedly exceeded expectations, with quartz identified in over a third of the ground drilled.
Golden Nuggets
However, it was the ‘nuggetty’ nature of gold mineralisation at the site which grabbed the Company’s attention. It is now thought that the ‘nuggety’ gold mineralisation could have dramatically increased the likelihood of understated assays in ECR’s samples to date, with the chance of capturing a gold nugget in any drilled meter smaller as the nuggets size increases.
To help provide a clearer picture, ECR announced on the 11th June that they would be significantly ramping up their assessment, particularly given the strong possibility that coarse gold was missed from previously assayed 2kg samples from a 30kg bag.
In line with advice from tendering laboratories, ECR have devised a structured approach to systematically test 640 sample bags (each close to 30 kg).
Bags found to contain metal will be removed from site for “whole-of-bag” testing. ECR stated that the process will now incorporate multiple steps, including sieving, detecting, gold particle analysis, gravity concentration and assaying to determine the size distribution and grade of the coarse and fine gold within the sample.
The Company has every reason to be hopeful. On May 8th, a sample bag trial demonstrated gold of 11.8 g/t from whole-of-bag gravity concentration, some 528% greater than the 1.88 g/t gold returned from assay of the initial 2kg sub-sample.
“Creswick is a unique project and the assessment of in-situ gold mineralisation requires bespoke project management and technical application”, said Craig Brown.
“I am delighted that our first metal detecting of bags has already highlighted metal content, which we expect is reflective of nugget gold mineralisation as samples from depth are unlikely to contain other detectable metals.”
CEO site visit
As Creswick continued to make rapid progress, Craig Brown visited the site in June.
He commented; “Subject to the ongoing results of our work, and assuming positive exploration outcomes, we are seeking to rapidly advance Creswick toward a JORC compliant resource.”
JORC is a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results.
In the same announcement on June 21st, ECR revealed that in a bid to get the project into full flight, the Company have rented a large aircraft hangar and house in Nagambie for the sample storage, supervised preparation and drying of bulk samples. They’ve also shipped in technical lab equipment to help get the assays done.
Meanwhile, gold panning in the vicinity of the recent drill hole locations had produced visible fine gold as seen opposite. While it may not look that impressive, panning evidence such as this is an important indication of gold in the area.
Resource Geologist Appointment
Just three days after Craig Brown arrived on site, ECR announced the appointment of Keith Whitehouse, of Australian Exploration Field Services Pty Limited, as a consultant resource geologist.
With over 40 years’ experience in the provision of technical services to the resources industry, Keith Whitehouse looks to be the ideal appointment at this juncture, particularly given that he has extensive experience in resource modelling, JORC and NI 43-101 reporting, business development, data management and associated IT solutions. In addition to all this, he has extensive experience in Victoria, being a former Chair and current committee member of the Central Victoria branch of AusIMM.
Of the appointment, Craig Brown commented: “Keith’s knowledge and experience will be applied immediately with regard to our ongoing work at Creswick, where we are seeking to quantify gold mineralisation in a manner that, if applicable, can be embodied within a JORC compliant resource.
In addition Keith’s skills will be of further value in respect of other projects in our Victorian portfolio, especially those where knowledge and experience relevant to resource modelling in a nuggetty environment are required.”
Foot on the pedal at Timor Gold Project, with modern processing set to offer great potential.
Although, at present Creswick is a priority, the Company is working hard to progress the other sites in the Victoria region.
On June 25th, it was announced that gold exploration activities had commenced at the Timor Gold Project in Victoria, with Craig Brown stating that he was confident that modern mining processing techniques could open up significant gold production opportunities at the old Timor mines.
“It is evident that most of the historical gold mines have not been developed fully at depth and that processing challenges stopped production in some cases, including certain remarkably high-grade gold deposits where production grades of up to 217 g/t or 7 oz/t are recorded” Brown added.
Timor Rock Chip Sampling 
Most recently, on July 15th ECR announced that 91 samples have been collected from Timor and submitted to the laboratory for assay testing. These were taken from two major fault zones, both with a long history of producing gold. The Shaw-McFarlane Fault Zone (“SMFZ”) in particular is reported to have consistently produced high grade gold mines along its length.
Samples will include those taken from rock dumps from old gold workings, with the objective of the process to understand the type of mineralisation present.
ECR were also delighted to announce that a 2.2kg gold nugget worth an estimated value of circa $200,000 had been discovered in an old alluvial channel approximately 5 km from the boundary of the Timor gold licence area during a gold prospecting documentary.
The news came as a huge encouragement to the directors, supporting their ongoing belief in the untapped potential of the primary mineralisation in the area – with these the nuggets likely to have a local, primary source.
Gold production records for the area have also bolstered confidence at ECR. The Maryborough goldfield to the south of their site has produced over 640,000 ounces of gold from hard-rock and alluvial sources, with 220,000 ounces mined from hard-rock operations at an average grade of 14g/t gold.
Time to jump on board
With active exploration and development underway at these highly prospective projects within the Victorian goldfields – Creswick, Timor and of course Bailieston, – now looks like a better time than ever to board the ECR flight. Tickets are also cheap, with the stock having seen a small dip across June.
There are many other voices across the industry with similar views. Jonathan Goodman, executive chairman of Dundee Corp insists that now is the time to be buying gold mining stocks when prices are deflated instead of waiting until everything is on its way up. In fact Goodman believes that Gold miners currently offer the ‘best value since 2010’. See his interview here with The Street.
With news expected across all three of ECR’s projects in the coming weeks and an internal review of ECR’s Avoca and Moormbool Projects to be with investors soon, this stock has its engines already turning on the runway. Don’t miss the flight.
By Harry Dacres-Dixon
ECR Minerals (ECR) Update – Timor Gold Project – Australia
ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to provide an update in respect of exploration activities at the Timor Gold Project (the “Project”) in Victoria, Australia. The Timor Gold Project is one of five projects held by ECR in the Victorian Goldfields region.
The Company has now commenced the rock chip sampling programme which will include the sampling of rock dumps from old gold workings on the licence area. The sampling will be undertaken along the two fault zones and the objective will be to establish the style of gold mineralisation present.
In total 91 samples have been collected from Timor and submitted to the laboratory for assay testing.
The Company has noted a recent gold prospecting documentary that was filmed in the Victorian Goldfields, Australia close to some of the Company’s licence areas.
During the documentary the team working near Dunolly, approximately 5 km from the boundary of the Timor gold licence area discovered a 2.2kg gold nugget in an old alluvial channel with an estimated value of circa $200,000.
Whilst this discovery has not been independently verified by the Company and there is no guarantee that any more such nuggets will be found in the area, the directors are very encouraged by the discovery which they believe validates their ongoing belief in the untapped potential of the primary mineralisation in the area; the nuggets have to have a local, primary source.
While gold nuggets are not the ECR objective in discovering a new economic primary gold deposit at Timor, they do form an added occasional bonus to the overall economics, especially when they form part of a rich high grade ore shoot.
A map showing the approximate location of the discovery in relation to the Company’s licence areas may be viewed through the following link on the Company’s website:
https://www.ecrminerals.com/images/2019/image-1.png
Craig Brown, Chief Executive Officer commented: “I am pleased to confirm that the rock dump sampling from old workings is now underway at the Timor Gold Project and look forward to the findings from this work.
We are aware of many prospectors searching for gold in and around the Company’s licence areas, and that includes the Timor gold project. This is interesting and demonstrates the potential of our ground.
However, it is worth noting that should ECR make a discovery within its licence areas, it would be seeking to implement a significant commercial gold production operation which has a different scale to that seen in local prospecting and for which extensive preparatory planning and execution would be needed.
I look forward to providing further market updates in respect of Timor and our other Victoria gold fields interests, including Creswick where significant work is underway at present testing whole of reverse circulation sample bags for gold.”
Background to the Timor Gold Project:
Timor Gold project is located in Victoria Australia and held under exploration licence EL006278;
Historical records demonstrate that the Maryborough goldfield has produced over 640,000 ounces of gold from hard-rock and alluvial sources, with 220,000 ounces mined from hard-rock operations at an average grade of 14g/t gold. (See references below).
Two major fault zones have been identified on the Project, namely the Shaw-McFarlane Fault Zone (“SMFZ”) and the Leviathan-Mariners Fault Zone (“LMFZ”), which are responsible for the majority of the hard-rock gold production.
The SMFZ has been shown to have consistently produced high grade gold mines along its length with Shaw’s Reef, McFarlane’s Reef and Havelock Monte Christo having recorded production at average grades ranging from 22g/t gold to 217 g/t gold with certain operations having been impacted by metallurgical challenges. (See references below.)
Opportunities exist within the SMFZ to identify and process gold mineralisation at potentially very high grade by applying modern processing techniques to resolve processing challenges that limited production many years ago.
The LMFZ hosts a large number of variably sized reefs that occur within the fault zone. These reefs are associated with diorite dykes and generally offer larger gold targets, albeit at lower grade compared to the SMFZ and historical mining records demonstrate that mining activities were often to relatively shallow depths.
Most of the LMFZ is under shallow alluvial cover which produced a considerable amount of gold in the early days of the Maryborough gold rush of the 1850s.
Both the SMFZ and the LMFZ have potential for modern open cut and underground mining techniques, because of the scale of the deposits present.
A program of reconnaissance rock dump sampling from the old workings is to be undertaken initially, along the two fault zones, to establish the style of gold mineralization.
Subject to the findings from the sampling programme this may be followed by a grid-based GPS pXRF survey for antimony and arsenic as pathfinders to gold mineralization where outcrop or shallow cover exists.
Thereafter a scout Rotary Air Blast (“RAB”) drilling program on the best developed targets may be undertaken.
Further information to follow as each step of the exploration programme is implemented and the results interpreted.
COMPETENT PERSON STATEMENT
This announcement has been reviewed by Neil Motton BAppSc (Hons), MAusIMM (CP), FSEG, a geological consultant to the Company’s wholly owned subsidiary Mercator Gold Australia Pty Ltd with more than 30 years of professional experience. Mr Motton is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
MARKET ABUSE REGULATIONS (EU) No. 596/2014
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
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ECR Minerals plc |
Tel: +44 (0)20 7929 1010 |
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David Tang, Non-Executive Chairman |
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Craig Brown, Director & CEO |
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Email: |
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Website: www.ecrminerals.com |
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WH Ireland Ltd |
Tel: +44 (0)161 832 2174 |
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Nominated Adviser |
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Katy Mitchell/James Sinclair-Ford |
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SI Capital Ltd |
Tel: +44 (0)1483 413500 |
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Broker |
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Nick Emerson |
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ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Limited has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, Australia and the Windidda Gold Project in the Yilgarn Region, Western Australia.
ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015 and is available for download from ECR’s website.
ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near-term production.
References:
HOWITT, A.M., 1913. The Maryborough goldfield. Geological Survey of Victoria Memoir 11. Department of Mines, Victoria, 76 pp.
Whitelaw, H.S., 1899, Antimony Ores in Victoria. Geological Survey of Victoria Special Report.
ANON., Undated. Leviathan Gold Mines, Maryborough. Map showing Mining Lease areas, locations of shafts, reefs, alluvial leads composite level plans for mines, etc. Plan No 1757/B/1.
ANON, 1888, Lands held under Leases for Gold Mining, Shaw’s & Mariner’s Reef, Maryborough. Register for Mining Registrar for March, 1888.
Mining Maven: Gold Nuggets, Discoveries, and Greenstone Potential: A Breakdown of ECR Minerals’ Australia Drilling Progress
Download the report here: ECR Report – Jun 2019
Introduction
This year has seen ECR Minerals (LSE:ECR) launch an extensive exploration campaign across the highly popular Australian state of Victoria as it continues its search for multi-million-ounce gold deposits. Early signs of success have supported a substantial increase in the company’s share price from 0.75p to 1p, despite a harsh commodity market backdrop and weak investor sentiment in the UK, where it is based. Here, we break down ECR’s progress and plans at each of its Victoria prospects and outline its activity across the rest of Australia.
ECR Minerals (ECR) – Result of AGM
LONDON: 23 April 2019 – The board of directors of ECR Minerals plc (the “Directors”) are pleased to announce that at the Company’s annual general meeting held today all resolutions were passed.
ABOUT ECR
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Limited has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, Australia and the Windidda Gold Project in the Yilgarn Region, Western Australia.
ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015 and is available for download from ECR’s website.
ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near-term production.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0)20 7929 1010 | |
| David Tang, Non-Executive Chairman | ||
| Craig Brown, Director & CEO | ||
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Email: |
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Website: www.ecrminerals.com |
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| WH Ireland Ltd | Tel: +44 (0)161 832 2174 | |
| Nominated Adviser | ||
| Katy Mitchell/James Sinclair-Ford | ||
| SI Capital Ltd | Tel: +44 (0)1483 413500 | |
| Broker | ||
| Nick Emerson |
ECR Minerals (AIM:ECR) Windidda Gold Project Update – Yilgarn Region Australia
ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce the Company has commenced processing and interpretation of airborne and ground geophysics in respect of the Company’s 100% owned Windidda gold project (the “Project”) in Western Australia.
Readers are advised to consult the Company’s previous announcement outlining the submission of licence applications by the Company to form the Windidda gold project:
https://polaris.brighterir.com/public/ecr_minerals/news/rns/story/rgkd6zw
Highlights:
- Consultants instructed by ECR are now completing geophysical data processing and modelling to determine structural trends within, and the depth to, an interpreted buried Archaen greenstone belt at the Project;
- As reported in January 2019 nine new licence applications which comprise the Windidda Project have been submitted covering approximately 1,600 square kilometres of the Yilgarn Craton;
- The application areas have been identified as a potential greenstone hosted orogenic gold exploration opportunity with significant potential to contain Archaen greenstones buried beneath cover;
- The under cover greenstone exploration model has been successfully tested to date by Greatland Gold (LON:GGP) at its Ernest Giles project located approximately 125km east of ECR’s Windidda gold project;
- The processing and interpretation of airborne and ground geophysics is an important element in the determination of high profile drill targets, expected to be amenable to cost effective air core drilling enabling the rapid assessment of the potential for gold mineralisation.
Craig Brown, Chief Executive Officer commented: “I am pleased to announce that we have launched the next crucial stage in the development of our understanding of scale of the Windidda gold project.
The work being undertaken will greatly assist our understanding of the Project and help us to focus on the higher profile target areas for follow up drilling.
The feedback from this work will be available to the Company shortly and will enable us to advance our operational planning, including the development of key drill targets in our search for high impact gold mineralisation.”
COMPETENT PERSON STATEMENT
Information disclosed in this announcement has been reviewed by Samuel Garrett Non-executive Director of ECR Minerals and a Competent Person within the meaning of Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and for the purposes of the AIM Rules.
Mr Garrett holds a BSc (Hons) in Geology and an MSc in Economic Geology from the University of Tasmania. He is a member of the Australian Institute of Geoscientists and a member of the Society of Economic Geologists (USA).
MARKET ABUSE REGULATIONS (EU) No. 596/2014
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0)20 7929 1010 | |
| David Tang, Non-Executive Chairman | ||
| Craig Brown, Director & CEO | ||
| Email:
info@ecrminerals.com |
||
| Website: www.ecrminerals.com | ||
| WH Ireland Ltd | Tel: +44 (0)161 832 2174 | |
| Nominated Adviser | ||
| Katy Mitchell/James Sinclair-Ford | ||
| SI Capital Ltd | Tel: +44 (0)1483 413500 | |
| Broker | ||
| Nick Emerson |
ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Limited has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, Australia and the Windidda Gold Project in the Yilgarn Region, Western Australia.
ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015 and is available for download from ECR’s website.
ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near-term production.