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ECR Minerals #ECR – Australian Gold – Business Update
ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to provide a business update for shareholders covering the Company’s Australian gold interests.
Craig Brown, Chief Executive Officer commented: “During the summer months the ECR team have been heads down and working hard across multiple areas of the business and we expect to be able to provide multiple updates in respect of field exploration and corporate development activities across our business in the near future.
“Given the extent of activities and to keep shareholders informed we felt it would be opportune to provide an update of the key areas of progress, notably in respect of the Company’s Western Australia Windidda gold project and also in respect of progress at Creswick gold project which is within our large and strategic landholding in the heart of the Victoria Goldfields and where the Company has highly active operations.”
HIGHLIGHTS:
Windidda Gold Project (Western Australia)
- The Company’s wholly owned Australian subsidiary has submitted applications over 1,600 sq km of the Yilgarn Craton as announced on 2 January 2019;
- The application process is progressing, with all 9 exploration licence applications having now been advertised in line with local requirements;
- The Company is closely monitoring the tenement application process, which is being handled through a local tenement management consultant;
- ECR has been approached by a listed mineral exploration company seeking to farm into the project, and although we have not decided to proceed with this farm-in proposal at this time, we are encouraged to see the interest being shown by third parties at such an early stage.
Creswick Gold Project (Victoria)
- Whole-of-bag testing process has now been completed successfully and remaining samples have been sent to the laboratory for assay testing;
- Partial assay results released on 27 August 2019 demonstrated a substantial increase in gold grade on average in respect of the 17 samples tested;
- A further 113 samples, which for completeness included samples believed to be of lower grade, have been sent to the laboratory for assay testing with results expected to be received in the near future.
Other Gold Projects (Victoria)
The Company is highly proactive across its Victorian Goldfields projects, with the current key activities summarised below.
Blue Moon Prospect, Bailieston Gold Project
- Following a reverse circulation drilling programme at Blue Moon prospect resulting in gold grades of up to 17.87g/t ECR formally announced a new gold discovery on 1 May 2019. Blue Moon is a flagship project for the Company and we are working to agree access with landowners to enable us to continue drilling to the west where our work indicates gold mineralisation may intensify.
HR3 Area, Bailieston Gold Project
- Preparation of a detailed 3D geological model for the HR3 area has been undertaken over the summer months and is nearing completion. When complete the model is expected to generate numerous high priority drilling targets.
Henry’s Hill Gold Prospect – Avoca Project
- Geological mapping and soil geochemistry has been completed in line with the Company’s announcement of 14 August 2019 with approximately 200 samples collected during the field exploration. Geochemical analysis of the samples is to be undertaken shortly.
Timor Gold Project
- On 6 August 2019 the Company announced the results of rock chip sampling with grades of up to 22.6 g/t. The data gathered from the rock chip sampling programme, together with historic exploration data, has confirmed the prospectivity of the Timor gold project and the Company is now reviewing a potential drill programme over the key target areas.
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: info@ecrminerals.com |
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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.
Time to Fillyaboots with ECR Minerals (AIM:ECR) as Victoria Gold Projects continue to evolve and gold attracts record investments.
Time to Fillyaboots with ECR Minerals (AIM:ECR) as Victoria Gold Projects continue to evolve and gold attracts record investments.
- High grade assays at Timor
- Exploration underway at Avoca
- Whole of bag testing results at Creswick
- Record breaking month for gold
- Time to Fillyaboots
For those keen on regular progress updates, Australia-focussed mining company ECR Minerals (AIM: ECR) hits the mark by keeping investors up to date with their every move on Twitter. Of late, the three major developments over August at Timor, Avoca and Creswick projects have focussed attention, driven as much as anything by the rising demand for gold amid dwindling macroeconomic conditions.
1) High grade assay results demonstrate potential for Timor Gold Project to follow in the footsteps of Maryborough goldfield
The first of these was an impressive set of rock chip sampling results at the Timor project, which gave ECR investors plenty to smile about at the beginning of the month.
High grade gold assays of 22.6 g/t and 26.3 g/t were recorded respectively from Shaw’s Reef and Anglo-Saxon Reef prospects.
Mined to 152m depth, ECR revealed that Shaw’s Reef had produced 11,465 ounces at a grade of 20.93 g/t Au. Meanwhile, four samples from the Anglo-Saxon Reef averaged 8.12 g/t Au.
Not bad eh? Well on top of that, the reconnaissance had also “discovered the Brilliant / Northumbria reef and its extensive gold workings, including an old open cut” ..according to CEO Craig Brown.
“This prospect area extends over a length of approximately 500m and is up to 80m wide and assays from 13 samples indicate widespread low-grade gold mineralisation.”
These results indicate that Timor may well follow on from the historical success of the Maryborough Goldfield.
Maryborough, which lies within the area covered by the Timor license, previously 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.
Northumbria Reef open cut
2) Avoca Exploration Underway
In addition to Timor, there was plenty of news forthcoming from ECR’s other Victoria sites. On the 14th of August the Company announced it had begun exploration at Henry’s Hill within the Avoca gold project license area.
The company now has active exploration works underway at four projects within the Victorian goldfields region, including Bailieston, Creswick, Timor and now Avoca.
“We are delighted to be highly active in the Victoria Goldfields region, at a time when the area is attracting considerable interest from larger companies and investors” commented Craig Brown.
Previously seven samples have been taken from the roadside reserve at Henry’s Hill, with three of these returning 5.1, 1.4 and 1.3 g/t gold.
With land access permission secured from the landowner and ever keen to keep the ball rolling, ECR will be commencing soil geochemistry and field mapping imminently.
3) Whole of bag testing results at Creswick:
Now for Creswick, the one we’ve all been waiting on. This is ECR’s strategic priority, with potential to be a multi-million ounce gold deposit.
Craig Brown and his team have been quick to try to progress the project and understand the impact of the nuggety nature of it’s gold deposits – conducting whole-of-bag testing in order to gain more representative results than from the original 2 kg assays.
Despite delays due to inclement weather at Victoria, ECR were happy to announce that work was underway and generating important results from the gravity and electrostatic concentration (GEC) of gold process, constructed under the guidance of the highly accredited resource geologist Keith Whitehouse.
GEC uses the dual processes of gravity and chargeability, which not only sounds rather impressive, but is capable of removing coarse, fine and ultrafine particles of gold from the RC samples.
According to Craig Brown.. “the results so far have demonstrated significant variability from the original assays, demonstrating that the small sample size can overstate and understate results.”
“Notably the original 44.63 g/t assay from the 2 kg sample from CSR006 (15-16 m) is increased to 63.03 g/t.”
To help support the process, ECR have appointed mining geologist and geometallurgist Dr Simon Dominy. With over 25 years’ experience Dr Dominy looks to be the man to help ECR evaluate their results, review the sampling process and guide future exploration & project development work at Creswick.
Gold sets record breaking highs
From a timing standpoint, ECR have hit the metaphorical bullseye considering the rapid rise in demand for safe-haven gold. Investors ploughed almost $5bn into the precious metal in August amid ongoing trade tensions and diminishing macroeconomic conditions, taking it to its highest level since April 2013.
Prices have remained high moving into September, with levels closing at US$1,551 a troy ounce on Wednesday the 4th of September. Analysts see no sign of prices dipping either.
Bloomberg Intelligence (BI) have said that US gold prices could be set for new record highs. Meanwhile Goldman Sachs upgraded its 6-month gold forecast at the beginning of August to $1,600 an ounce as trade tensions continue to escalate.
According to BI senior commodity strategist Mike McGlone:
“The dollar price of gold is on far more stable ground than it was about a decade ago. Some combination of sustained greenback strength and rapid stock-market appreciation should be necessary to suppress the metal’s price … Bottoming with the Federal Reserve’s interest-rate hike in 2015, the gold price appears to be situated for brighter days,” McGlone said in a September update.
Worsening economic data and the fast approaching Brexit deadline have also pushed the price of gold in British Pounds and Euros to new record highs.
The UK gold price in Pounds per ounce was up more than 50% from the eve of the UK’s vote to leave the EU back in June 2016, hitting £1279 on Tuesday the 3rd of September.
Time to Fillyaboots
All said, while ECR could be accused of being slightly trigger happy with their posts on Twitter, the reality is that the company have a lot to talk about.
As well as gold’s strength, with active exploration underway at four sites in Victoria and with nine exploration licences in the highly prospective Yilgarn region, ECR Minerals are certainly a company worth your attention if you’re looking to join the gold rush.
Each month the company continues to materially progress its projects, with August no exception. Timor’s high grade assay results give plenty of hope, putting a solid floor under the Company valuation, whilst recent exploration at Avoca demonstrates yet again that ECR are not resting on their laurels.
Finally, and of most importance thorough testing appears to be fully underway at Creswick, meaning ECR are moving ever closer to understanding the true value of their potential multi million ounce gold deposit. And with a market cap at just GBP3.5m, there has never been a better time to fillyaboots with this ambitious gold explorer.
By Harry Dacres-Dixon
Sources:
Gold Prices To Hit $1,575 In 3 Months, $1,600 In 6 Months – Goldman Sachs
Gold prices to pick off U.S. dollar high next – Bloomberg Intelligence
Investors pile into gold as trade conflict rumbles on
ECR Minerals #ECR – High Grade Gold Assays – Timor Gold Project – Australia
ECR Minerals #ECR – Exploration Commences at Henry’s Hill – Avoca Gold Project – Australia
ECR Minerals plc (ECR) Progress Update – Creswick Gold Project Australia
ECR Minerals #ECR – Exploration Commences at Henry’s Hill – Avoca Gold Project – Australia
ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce the commencement of gold exploration at Henry’s Hill within the Company’s Avoca gold project.
Craig Brown, Chief Executive Officer commented: “The ECR team are excited to feed Henry’s Hill at the Avoca gold project, into the pipeline of projects under exploration in Victoria.
The Avoca Gold Project is one of five projects held by ECR in the Victorian Goldfields region, with four projects at Avoca, Bailieston, Creswick and Timor now the subject of active exploration or project development operational activity.
We are delighted be highly active in the Victoria Goldfields region, at a time when the area is attracting considerable interest from larger companies and investors.”
Highlights:
- Previously, ECR geologists have taken 7 rock chip samples from the roadside reserve at Henry’s Hill. The samples
were taken approximately 5m from each other at various intervals across shallow pits on the roadside reserve. All seven samples were independently tested by Onsite Laboratory Services. - Three of these samples returned 5.1, 1.4 and 1.3 g/t gold;
- ECR have secured land access permission from the landowner and will commence soil geochemistry and field mapping imminently;
- The soil geochemistry will be undertaken in an attempt to locate the loci of the mineralised shoot/s;
- In addition, the work will examine the potential for the mineralisation to extend under cover to the east and the potential continuation of mineralisation to the west;
- Geological mapping conducted in conjunction with the soil geochemistry will attempt to better define the controls on the shoots.
Henry’s Hill Background
Henry’s Hill is located within EL5387 and is 10 km north of Avoca in central Victoria.
The area to be explored is historically known as Henry’s Hill but is also known to the locals as Wolfram Hill due to the presence of the tungsten-bearing ore that was mined along with gold.
Within Henry’s Hill there are shallow historic workings in a zone over 800 m long and up to 100 m wide and which can be seen through the link below:
https://www.ecrminerals.com/images/Projects/AHH_Henrys_Hill_Google_Earth.jpg
The zone has been worked to alluvial cover to the east and so may extend an additional 200 m to the tenement boundary. The workings die out to the west potentially as the influence of the faults diminishes.
The area was mapped in 1950 by government geologist D Thomas, who identified a series of north-dipping faults dissecting NW trending sediments. The most likely geological reconstruction has these faults intersecting a north-plunging anticline under cover to the east. This relationshipis hypothesised to explain the faults diminishing to the west and will be investigated during field mapping.
The presence of tungsten is a good indicator of the influence of magmatic fluids. Granites occur at the surface to the north. Further evidence for granite-related mineralisation will be sought during the exploration work.
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:
|
ECR Minerals plc |
Tel: +44 (0)20 7929 1010 |
|
David Tang, Non-Executive Chairman |
|
|
Craig Brown, Director & CEO |
|
|
Email: |
|
|
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.