TIDMECR
ECR MINERALS plc("ECR Minerals", "ECR" or the "Company")
AIM: ECRUS OTC: MTGDY
UPDATE ON EXPLORATION AT ITOGON GOLD PROJECT
LONDON: 12 MARCH 2015 - ECR Minerals plc is pleased to provide
the following update on exploration at the Itogon gold project,
Philippines. ECR is the operator of the Itogon project and has the
right to earn a 50% interest therein.
Progress of Drilling
Three diamond drill holes (EDD001, EDD002 and EDD003) have been
completed since the current drilling programme commenced on 22
January 2015. A fourth hole, EDD004, is more than three quarters
complete.
EDD004 did not form part of the programme as initially planned
and as announced by the Company on 22 December 2014, but has been
designed subsequently to follow up positive indications from the
logging of core from EDD002.
Following completion of EDD004, the drill rig will be moved to
the ERC002 drill pad. There it is planned that the rig will attempt
to extend ERC002 and intercept a structure which was intercepted at
depth by EDD002 and which is thought to be of geological
significance.
ERC002 is a 150m reverse circulation (RC) hole drilled in April
2014 as part of ECR's first drilling programme at Itogon. ERC002
returned wide intercepts at depth (15m at 3.29g/t gold from 82m,
with 2m at 18.25g/t from 92m; and 17m at 1.57g/t gold from 101m,
with 3m at 5.45g/t gold from 103m).
Excluding EDD004, 439.5m has been drilled to date in the current
programme, as summarised in Table 1 below. The target depth of
EDD004 is 120m. The Company therefore remains well within its
budgeted number of metres for this programme (990m).
Table 1:
2015 Diamond Drilling at
Itogon Gold Project, Philippines
Holes Completed to 12 March 2015
Hole Plan Depth
ID ID*
EDD001 Plan 206.3
001
EDD002 Plan 112.0
025
EDD003 Plan 121.2
015
EDD004 n/a Target 120m
* Refers to designation in ECR's announcement dated 22 December
2014
Decisions regarding further drilling in the current programme
will be made on the basis of evolving geological interpretations
and assay results as they become available.
Core samples from EDD001 and EDD002 are at ECR's chosen
independent laboratory for analysis. Core samples from EDD003 will
be despatched to the laboratory shortly.
Images of the current drilling programme at Itogon may be viewed
at:http://www.ecrminerals.com/itogon-drilling-mar2015
Channel Sampling Results
A vein striking approximately NW and dipping approximately 45
degrees to the SW was exposed in the preparation of the EDD002
drill pad. The vein was sampled over 10m of strike using six 1m
channel samples, each 2m apart.
Assay results from the six channel samples are reported in Table
2 below. The directors of ECR consider the grades to be
encouraging.
Table 2:
February 2015 Channel Sampling
on EDD002 Drill Pad
Itogon Gold Project, Philippines
From To Apparent Width Grade
(m) (m) (m) (g/t gold)
0.0 1.0 1.0 2.97
0.0 1.0 1.0 0.61
0.0 1.0 1.0 1.63
0.0 1.0 1.0 0.93
0.0 1.0 1.0 14.62
0.0 1.0 1.0 7.83
Stephen Clayson, Chief Executive Officer of ECR, commented:
"Today's announcement is intended to keep shareholders up to
date with progress at Itogon, and I hope illustrates the great
effort being focused on the current drilling programme to ensure
that maximum effect is obtained. We look forward to reporting
material results of drilling when they are available."
QA/QC
Sampling was carried out under geological supervision. A secure
chain of custody was maintained in the transport and storage of all
samples, which were shipped to and analysed by Intertek Testing
Services Philippines, Inc. ("Intertek"), an internationally
accredited independent analytical laboratory in Metro Manila.
Upon arrival at Intertek samples were sorted, dried, crushed,
split, and a fraction was pulverised. The method of analysis for
gold was fire assay (50g charge) with AAS finish.
QA/QC measures including the use of blanks and standards were
implemented by Intertek in relation to the analysis of the samples.
The assay data reported is considered acceptable in the context of
these measures.
Assay values have been expressed in this announcement as g/t
(grams per tonne) gold but are received from the laboratory
expressed as ppm (parts per million) gold. For the purposes hereof
ppm gold and g/t can be considered equivalent.
Review by Competent Person
This announcement has been reviewed by Andrew Tunningley MAusIMM
(CP), a geologist with the consultancy Exploration Alliance, which
has been engaged by ECR in connection with the Itogon gold
project.
Drilling results for ERC002 contained in this announcement are
extracted from the Company's announcement dated 29 May 2014 and
should be read in conjunction therewith. All widths given in this
announcement are apparent width.
About the Itogon Project
Exploration by ECR to date, including reverse circulation (RC)
drilling completed in April 2014, indicates that gold
mineralisation in the main prospect area at the Itogon project is
hosted by generally north-west trending, south-west dipping to
subvertical epithermal veins, with a subordinate set of generally
north-east trending veins.
ECR's drilling has confirmed mineralisation over a strike length
of 400m and a vertical extent of 250m, open along strike and down
dip. The width of the overall mineralised zone at surface,
demonstrated by channel sampling, is up to 250m (notwithstanding
sections between vein zones which may be unmineralised).
The epithermal veins are composed of grey and white,
saccharoidal and vuggy quartz with associated clay, calcite,
pyrite, galena, sphalerite, chalcopyrite, and vein breccia, hosted
by moderately to strongly oxidised and argillised medium grained
diorite. Individual veins rarely exceed 1m wide and tend to occur
as approximately 0.2m wide, closely spaced, sheeted veins within
the altered zones. Establishing the continuity of the vein zones
between intercepts at surface, in underground workings and by
drilling is an important exploration objective. The highest gold
grades are typically associated with multiple narrow, 1-2m wide
occurrences of sheeted quartz veins and quartz vein breccia, with a
mineralised selvedge grading approximately 0.30g/t gold or higher
associated with these structures.
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.
GLOSSARY
AAS: atomic absorption spectroscopy
adit: an opening driven horizontally into the side of a mountain or hill for providing access to a mineral deposit
alteration: the chemical response of rocks to hydrothermal solutions causing mineralogical change
argillic clay rich assemblages dominated by low temperature clays such as kaolinite, smectite, and interlayered illite-smectite; these are formed by low temperature (<230°C), acid to neutral, low salinity hydrothermal fluids
alteration:
assay: a test performed on a sample of ores or minerals to determine the amount of valuable metals contained
Au: gold
breccia: coarse (usually >2 mm) fragmental rock, consisting of generally angular clasts of one or more lithologies; a complexly veined rock can have a brecciated appearance (if veins are multi-generational and/or branching), but it is important to differentiate between the two; veins are generally linear or sinuous, whereas a breccia matrix is highly irregular
channel a sample composed of pieces of rock that have been cut out of a small trench or channel
sampling:
chlorite: a group of platy, monoclinic, usually greenish minerals; associated with and resembling the micas; widely distributed as alteration products of ferromagnesian minerals
epidote: a green monoclinic mineral
drussy: pertaining to an insoluble residue or encrustation of quartz crystal
epithermal: mineralisation produced by near surface hydrothermal fluids related to igneous activity; originally defined as having formed in the range 50-300°C
fault: a break in the Earth's crust caused by tectonic forces which have moved the rock on one side with respect to the other
footwall: the rock on the underside of a vein or ore structure
g: grams
galena: a grey metallic mineral; has a perfect cubic cleavage; soft and very heavy; principal ore of lead
g/t: grams per tonne
hanging the rock on the upper side of a vein or ore deposit
wall:
hematite: a common iron mineral; occurs in rhombohedral crystals, in reniform masses or fibrous aggregate; deep red earthy forms; an alteration product in hydrothermal systems
illite: a general name for a group of mica like clay minerals that are widely distributed in argillic altered rocks
kg: kilogram
km: kilometre
m: metre
massive: said of rocks of any origin that are more or less homogenous in texture or fabric; also said of a mineral deposit especially of sulphides, characterized by great concentration of ore in one place as opposed to a disseminated or vein type deposit
MDL: method detection limit
outcrop: an exposure of rock or mineral deposit that can be seen on surface, that is, not covered by soil or water
oxidation: a chemical reaction caused by exposure to oxygen which results in a change in the chemical composition of a mineral
portal: the entry to an underground or sub surface access such as an adit, decline or tunnel
ppm: parts per million
propylitic chlorite-epidote-calcite alteration assemblage
alteration:
RL: reduced level; calculated elevation in relation to a particular datum
saccharoidal: granular aggregates of equant crystals having the appearance of sugar in hand specimen
selvedge: the area of the point of contact between a vein and the surrounding rock
silicification: a hydrothermal alteration assemblage dominated by silica
smectite: mineral commonly found in argillic altered rocks
sphalerite: a yellow, brown, or black, isometric mineral with a perfect dodecahedral cleavage and a resinous to adamantine lustre; widely distributed ore of zinc; commonly associated with galena in epithermal veins
stringer: a narrow vein or irregular filament of a mineral or minerals traversing a rock mass usually of limited strike and dip compared to a vein
supergene: mineralisation enriched by the re-precipitation of sulphides and oxides by descending acidic groundwater which has leached the surface zone of an ore deposit
trenching: cutting of a narrow, shallow ditch across a mineral showing or deposit to obtain channel or other samples or to observe geology
t: tonne
vein: material which was chemically deposited by fluids within a rock fracture; veins exhibit a range of textures and minerals, depending primarily on the temperature, depth, and composition of the fluid and host rock; may also contain a small amount (<10%) of entrained host rock and/or vein clasts
vein rock consisting predominantly of vein fragments (<10% host rock clasts) in a chemically deposited matrix; clasts are generally sub angular, and supported in a matrix of generally similar vein minerals (such as quartz, chalcedony), which may be banded and enclose open cavities
breccia:
vug: open cavity within a rock, usually in a vein or breccia cement, which is lined by euhedral prismatic crystals that project into the cavity
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