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ECR Minerals #ECR – Windidda Gold Project Presentation – Yilgarn, Western Australia
ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce it has today released a new presentation covering the Windidda gold project in Western Australia, details of which were released in the Company’s announcement of 3 January 2019 entitled “Strategic Gold Licence Applications – Yilgarn Region Australia”.
The presentation may be viewed through the following links:
PDF version:
PowerPoint version:
PRESENTATION HIGHLIGHTS:
- The Windidda gold project consists of nine exploration licence applications submitted by ECR’s 100%-owned operating vehicle Mercator Gold Australia Pty Ltd and covering a large ground area of approximately 1,600 square kilometres in the Yilgarn Craton, Australia;
- The area under application covers the southern margin of the Canning Basin, which has been interpreted, based on available gravity and magnetic data, to overlie the northern margin of the Archean Yilgarn Craton;
- The Yilgarn Craton is host to around 30% of the world’s known gold reserves and produces around two thirds of all gold mined annually in Australia;
- The Windidda project is targeting regional gravity-magnetic anomalies and potential under-cover Archaean greenstone hosted gold mineralisation, an exploration model that has been successfully tested by Greatland Gold plc (LON:GGP) at its Ernest Giles project located approximately 125 kilometres east of ECR’s Windidda project;
- Further updates will be made in due course regarding the progress of licence applications, continuing project review and exploration planning.
Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “ECR Minerals is building its strategic gold exploration portfolio at what the directors believe is a fascinating time in the gold industry, underlined by the acquisition of Goldcorp Inc. by Newmont Mining Corp. announced this week.
Larger companies within the sector are often in search of new gold discoveries to replace reserves as they are mined, potentially putting proactive junior gold explorers in a prime position should they be able to identify highly prospective territory, achieve a discovery and/or build strategic knowledge through exploration.
ECR has already identified a large, but early stage, gold system at its Creswick project in Victoria, Australia and is working to advance that project as rapidly as possible. The Windidda project diversifies ECR’s interests into Western Australia and the highly prospective Yilgarn Craton, which the directors believe is amply demonstrated by the presentation linked above. Following the financings completed in 2018, ECR is able to move forward confidently with new initiatives like the Windidda gold project.”
COMPETENT PERSON STATEMENT
Information disclosed in this announcement has been reviewed by Samuel Garrett, 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).
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0)20 7929 1010 | |
| David Tang, Non-Executive Chairman | ||
| Craig Brown, Director & CEO | ||
|
Email: |
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| 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 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.
Why The Panic ? Ask Ye Not.
This year copper has fallen a further 17%. Last week it traded at $2.30 per lb. having fallen 5% in just two weeks. Poor German manufacturing data led to a fall of 3.1% in one day alone
.But things are changing. Chinas manufacturing index has risen off its August lows. This year supply and demand for copper are expected to be back in balance whilst in 2016 there is expected to be a deficit of 130,000 tonnes, growing over the next 12 years to an expected annual shortage of 10m. tonnes.
Gold fell by 6% in five days, back below the magic $1100 per oz, after Janet Yellen said there was a distinct possibility that US interest rates would rise in December. The dollar has already risen 11.3% this year. Obviously Yellen has not a clue about the damage which vague statements and talk of possibilities can do when they are issued by the Fed.
The result is that hedge funds are now ready to sell 430 tonnes of gold and the share of Goldcorp, the worlds largest gold miner have fallen to $11.65, the lowest since 2004.
Steel prices in China dropped to near record lows, down 7.6% in a month. China forges 46% of the worlds steel and consumes more than 75% of the worlds sea borne iron ore trade. Except for a tiny, tiny fall so far this year, which is expected to have righted itself by the end of the year, Chinese iron ore consumption has risen six fold since 2000. It has not fallen once in any year since 2000.
So why the panic ?
The three big Australian ore miners are doing enormous damage – but only to themselves, although they are too thick to realise it. They raised output and cut prices in the middle of a so called slump and and also cut costs, hoping they would bankrupt the competition but the cost cutting was not enough to make up for the price cuts and to make matters worse the competition joined them with increased output and lower prices.
Why the panic ? Ask Vale, Rio Tinto, BHP Billiton and Janet Yellen – they seem to be experts at creating it.
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The Decimation Of The Mining Industry
The shares of Goldcorp, the worlds most valuable mining company, have fallen by 75% since 2011 and are now worth a miserly $13.10 compared to $55, four and a half years ago. Yesterday alone they fell over 10% following publication of the company’s third quarter results.
The hopes of only a few weeks ago that gold would begin to lead the mining industry as a whole back on the road to recovery, have been dashed by the Feds recent announcement that it is leaving interest rates untouched, at least for now. Since the announcement, hedge funds have been bailing out of gold futures, big time, with the result that gold is only just holding its head above $1140 per oz. A break below that would indicate a reversal of the rising trend seen over the past few weeks.
Even potash which was seen as the answer to enabling the worlds ever burgeoning population to be fed, has not escaped the mayhem. Potash corporation, the worlds biggest fertiliser producer, has slashed its current year forecasts and will sell less than expected due to a mixture of weak demand and weak prices.
Mining finance has virtually come to a stop with only 12 deals of over $12 m.announced in September, to companies worth less than $500m.
The result of the devastation is that the worlds 2,684 listed mining companies are now worth less than the combined value of Apple and Google.
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