TIDMECR
ECR MINERALS plc("ECR Minerals", "ECR" or the "Company")
AIM: ECRUS OTC: MTGDY
UPDATE ON ACTIVITIES
LONDON: 27 FEBRUARY 2015 - ECR Minerals plc is pleased to
provide the following update on its activities.
SLM Gold Project, Argentina
Following completion of the detailed geological mapping exercise
carried out in the latter part of 2014, it is planned that bulk
sampling will commence at the Maestro Agüero prospect in March
2015. The directors of ECR consider Maestro Agüero to be the most
promising prospect at SLM on the basis of exploration results to
date. The SLM project is 100% held by ECR's wholly owned subsidiary
Ochre Mining SA ("Ochre").
The results of all channel sampling by Ochre at Maestro Agüero
to date, including additional sampling completed during December
2014, are presented on a map viewable at the following link:
www.ecrminerals.com/maestro-aguero-feb2015
Ochre's channel sampling at Maestro Agüero has demonstrated the
presence of moderate to high gold grades in narrow mesothermal
quartz veins over a strike length of up to approximately 300m.
However, it is apparent that gold grades change abruptly along
strike, which is indicative of a nugget gold effect.
In order to obtain a more representative indication of grade, it
is planned that a bulk sample will be taken at Maestro Agüero in
March 2015. Collection of the bulk sample will also provide
additional information on the morphology of the veins, and the
sample itself will provide material which may be used for
metallurgical testwork. A decision will be made as to whether to
proceed with metallurgical testwork following completion of the
bulk sampling.
Potential Further Exploration at JV Prospect
The JV-14 zone, where sampling in and around historical
exploration trenches was carried out by Ochre in 2014, comprises
part of a larger prospect area, the JV prospect, containing several
other zones in which sampling, both historical and by Ochre, has
returned high grades. The JV prospect is located approximately six
kilometres south of Maestro Agüero.
Subject to positive results from bulk sampling at Maestro
Agüero, further geological mapping and channel sampling will be
considered for the JV prospect. This work would be expected to
enable a better understanding of vein continuity and grade
distribution, and identify any priority zones for bulk sampling at
the JV prospect.
Itogon Gold Project, Philippines
Further to ECR's announcement dated 22 January 2015, diamond
drilling is proceeding satisfactorily at the Itogon project, which
is presently the Company's main operational focus. Two of the seven
holes planned have been completed to date, and the third hole is
underway.
Difficult ground was encountered by the first hole, but ground
conditions for the second were significantly better, and this
enabled an improved rate of drilling. Material drilling results
will be reported when available.
Stephen Clayson, Chief Executive Officer of ECR, commented:
"The appeal of the SLM project has always lain in the idea of
relatively near term production from small deposits, and Maestro
Agüero appears to be shaping up as the most likely starting point,
although there is no certainty at present that the prospect is a
viable mining target. However, the planned bulk sampling is
expected to significantly improve our understanding of its
potential. As with all our activities, ECR's approach to the SLM
project remains one of staged investment intended to ensure that
value for money is obtained from expenditure."
The contents of this announcement have been reviewed by Richard
Watts B.Eng. Mining, Technical Director of ECR. Richard Watts is a
Fellow of the South African Institute of Mining & Metallurgy
with more than 40 years of experience in the mining industry.
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/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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