ECR Minerals plc Drilling Commences at Itogon Gold Project, Philippines
22 January 2015 - 7:24PM
UK Regulatory
TIDMECR
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
AIM: ECR
US OTC: MTGDY
DRILLING COMMENCES AT ITOGON GOLD PROJECT, PHILIPPINES
LONDON: 22 JANUARY 2015 - ECR Minerals plc is pleased to
announce that the second phase of drilling by the Company at the
Itogon gold project, Philippines commenced today. ECR is the
operator of the Itogon project and has the right to earn a 50%
interest therein. The objectives of the drilling programme were
summarised in the Company's announcement dated 22 December
2014.
Stephen Clayson, Chief Executive Officer of ECR, commented:
"2014 was a full year of exploration by ECR at the Itogon
project, and the results have demonstrated that epithermal gold
mineralisation is widespread within the main prospect area,
comprising at least three subparallel mineralised structures over a
strike length of 400m within a zone up to 250m wide at surface. Our
first phase of drilling, which was completed in April 2014, as well
as multiple phases of sampling within artisanal workings, indicates
that the mineralisation occurs over a vertical extent of 250m, and
remains open at depth.
The Itogon project is located within an established mining
district in the Philippines, which is a country with an important
mining industry and, in general, a relatively low cost of
operations. Grid power is available close to the project, and the
area is easily accessible by sealed and unsealed roads from Baguio
City some 15km distant.
It is intended that the programme of diamond drilling now
underway will answer key geological questions with regard to the
mineralised structures identified to date, and evaluate the
continuity of grade in the mineralised zones intercepted by
previous drilling. These zones include a surficial zone of
supergene enrichment, prior intercepts from which include 16m at
17.14g/t gold from 1m (with 2m at 119.53 g/t gold from 8-10m) in
drill hole ERC008 and 30m at 1.63g/t gold from surface in drill
hole ERC004.
Also worthy of follow up are deeper intercepts including 33m at
1.13g/t gold from 86m in drill hole ERC006, 7m at 5.33g/t gold from
138m (with 2m at 15g/t gold from 138m) in drill hole ERC005, and,
in hole ERC002, 15m at 3.29g/t gold from 82m (with 2m at 18.25g/t
from 92m) plus 17m at 1.57g/t gold from 101m (with 3m at 5.45g/t
gold from 103m). In addition, there may be scope for the current
programme to identify new mineralised structures."
Drilling results contained in this news release are extracted
from the Company's new release dated 29 May 2014 and should be read
in conjunction therewith. All widths given in this news release are
apparent width.
ABOUT ECR
ECR is a mineral exploration and development company with, among
other interests, the right to earn a 50% interest in the Itogon
gold project in the Philippines. Itogon is an advanced exploration
project located in a gold and copper mining district in the north
of the Philippines.
ECR has a 100% interest in the SLM gold project in La Rioja
Province, Argentina, the exploration strategy for which is to
delineate multiple medium to high grade, low tonnage deposits
suitable for advancement to production on a relatively low capital,
near term basis.
ECR continues to review potential new investments on a highly
selective basis, with a concentration on precious, base and
strategic metals projects in Asia and South America.
FOR FURTHER INFORMATION PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
Paul Johnson, Non-Executive Chairman
Stephen Clayson, Director & CEO
Richard (Dick) Watts, Technical Director
Email: info@ecrminerals.com
Website: www.ecrminerals.com
Cairn Financial Advisers LLP Tel: +44 (0)207 148 7900
Nominated Adviser
Jo Turner/Liam Murray/Emma Earl
Daniel Stewart & Company plc Tel: +44 (0)20 7776 6550
Broker
Colin Rowbury
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such
statements may be subject to a number of known and unknown risks,
uncertainties and other factors that could cause actual results or
events to differ materially from current expectations. There can be
no assurance that such statements will prove to be accurate and
therefore actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward looking statements. Any
forward looking statements contained herein speak only as of the
date hereof (unless stated otherwise) and, except as may be
required by applicable laws or regulations (including the AIM Rules
for Companies), the Company disclaims any obligation to update or
modify such forward looking statements as a result of new
information, future events or for any other reason.
This information is provided by Business Wire
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