TIDMECR
AIM: ECRUS OTC: MTGDY
ECR MINERALS plc("ECR Minerals", "ECR" or the "Company")
DRILL RESULTS - BAILIESTON GOLD PROJECT, AUSTRALIA
LONDON: 24 July 2017 - The directors of ECR Minerals plc are
pleased to announce the results of the recently completed reverse
circulation (RC) exploration drilling programme at the Bailieston
gold project in Victoria, Australia.
HIGHLIGHTS
* A total of 592 m RC drilling completed in June 2017, for a
total of seven holes.
* Three targets tested, being the old Byron Shaft workings, the
Scoulars trend and the Maori trend.
* Results for the Scoulars and Maori trends are consistent with
the geological model, whilst drilling around the Byron Shaft did
not intersect the target mineralisation. All three targets warrant
continued exploration along the identified geochemical
anomalies.
Craig Brown, CEO of ECR, commented:
"The drilling successfully confirmed our overall geological
model for the Bailieston project, and we look forward to planning
the next phase of exploration, building on these first-pass
results. We are currently looking at the results in the context of
ECR's wider strategy in Victoria, where the Company now has 100%
ownership of four Exploration Licences containing numerous gold
prospects, and will update shareholders in due course regarding
next steps."
RESULTS OF DRILLING
The drilling programme was designed as a low-cost verification
of the geological model for the Bailieston project as a whole.
Hence, the programme was limited to six shallow drill holes with
one deeper hole. Although no high-grade mineralisation was
intersected, this is not unexpected given the relatively small size
of the programme and the fact that it was spread over three
prospects.
The mineralisation at the Byron Shaft appears to be a short zone
of high grade mineralisation that ends abruptly at the southern end
where the two drillholes on this target were placed. Drillhole
MGARC02 intersected a cavity at 141 m downhole as well as weak
mineralisation at 125 m downhole. It is interpreted that the cavity
intersected at 141 m was the southern extension of the old workings
where a narrow extension of the Byron Shaft mineralisation was
mined.
o Drillhole MGARC02: 1 m at 0.93 g/t Au from 125 m downhole
Drilling on the Scoulars trend confirmed the Company's
geological model. Drillholes MGARC04 and MGARC05 intersected
broader and shallow low-grade mineralisation in a zone interpreted
to be several hundred metres long. Two of the three exploratory
drillholes at Scoulars intersected gold mineralisation:
o MGARC04: 9 m at 0.48 g/t Au from 15 m downhole including 1 m
at 1.13 g/t
o MGARC04: 6 m at 0.57 g/t Au from 34 m downhole including 1 m
at 1.25 g/t
o MGARC05: 13 m at 0.85 g/t Au from 10 m downhole including 4 m
at 1.46 g/t
o MGARC05: 2 m at 3.16 g/t Au from 47 m downhole
Drilling on the Maori trend provided the highest grade results
with drillhole MGARC07 intersecting 2 m at 6.21 g/t Au with lower
grade mineralisation either side in a zone associated with some old
workings:
o MGARC07: 4 m at 3.29 g/t Au from 39 m downhole including 2 m
at 6.21 g/t
COMPETENT PERSONS STATEMENT
The information in this announcement that relates to Exploration
Targets, Exploration Results, Mineral Resources or Ore Reserves is
based on information compiled by Mr Ivor W O Jones, a Competent
Person who is a Fellow and Chartered Professional (Geology) of The
Australasian Institute of Mining and Metallurgy. Mr Jones is
Executive Director and Chief Operating Officer of ECR and a
full-time employee of the Company. Mr Jones 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'. Mr Jones consents to the
inclusion in the announcement of the material based on his
information in the form and context in which it appears.
ABOUT ECR
ECR is a mineral exploration and development company. ECR's
wholly owned Australian subsidiary Mercator Gold Australia has
acquired 100% ownership of the Avoca, Bailieston, Moormbool and
Timor gold projects in Victoria, 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.
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.
GLOSSARY
Au: gold
g/t: grams per tonne
m: metre
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
William (Bill) Howell, Non-Executive Chairman
Craig Brown, Director & CEO
Ivor Jones, Director & COO
Email: info@ecrminerals.com
Website: www.ecrminerals.com
Cairn Financial Advisers LLP Tel: +44 (0)20 7213 0880
Nominated Adviser
Emma Earl / Jo Turner
Optiva Securities Ltd Tel: +44 (0)203 137 1902
Broker
Graeme Dickson
FlowComms Tel: +44 (0)7891 677 441
Investor Relations
Sasha Sethi
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such
statements may be subject to numerous 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 because of new information,
future events or for any other reason.
Table 1Collar and target information for the June 2017
Bailieston drilling
Hole ID Date GPS Easting GPS Azimuth Dip Depth Target
drilled Northing
MGARC01 16/06/2017 326363 5931327 60 60 75 m Byron
MGARC02 17/06/2017 326322 5931321 60 60 164 m Byron
MGARC03 14/06/2017 326355 5931532 62 60 75 m Scoulars
MGARC04 21/06/2017 326459 5931414 58 60 60 m Scoulars
MGARC05 16/06/2017 326503 5931326 50 60 60 m Scoulars
MGARC06 21/06/2017 326615 5931371 53 55 80 m Maori
MGARC07 22/06/2017 326635 5931319 60 60 78 m Maori
Table 2Intersections of mineralisation from the June 2017
Bailieston drilling
Location Hole ID From (m) To (m) Length (m) Grade (g/t Au)
Byron Shaft MGARC01 No significant intersections
Byron Shaft MGARC02 141 141.5 0.5 Cavity
Byron Shaft MGARC02 125 126 1 0.93
Scoulars trend MGARC03 No significant intersections
Scoulars trend MGARC04 15 24 9 0.48
including 1 1.13
Scoulars trend MGARC04 34 40 6 0.57
including 1 1.25
Scoulars trend MGARC05 10 23 13 0.85
including 4 1.46
Scoulars trend MGARC05 47 49 2 3.16
Maori trend MGARC06 No significant intersections
Maori trend MGARC07 39 43 4 3.29
including 2 6.21
Section 1 Sampling Techniques and Data (JORC CODE, 2012 EDITION
- TABLE 1)
Criteria Classification Code explanation Commentary
Sampling techniques Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate Reverse circulation ('RC') drilling has been used to obtain 1 m samples from which 4 to 5 kg of sample was taken. The 4-5kg sample was split
to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples and a 1.2 kg subsample fully pulverised, and a 50 g charge initially fire assayed. Subsequently, 1 kg was reassayed using a bulk leach.
should not be taken as limiting the broad meaning of sampling.Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.Aspects of the determination of mineralisation
that are Material to the Public Report.In cases where 'industry standard' work has been done this would be relatively simple (eg
'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.
Drilling techniques Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple RC holes were completed with a 5 inch face sampling hammer.
or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).
Drill sample recovery Method of recording and assessing core and chip sample recoveries and results assessed.Measures taken to maximise sample recovery and ensure representative nature of the RC total sample was collected before any preparation. There is no information on whether or not there is a relationship between sample recovery and grade.
samples.Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical Each 1m chip sample was systematically logged. Samples have not been photographed as yet.
studies.Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.The total length and percentage of the relevant intersections logged.
Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken.If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet RC samples were split using a 3 stage Jones riffle splitter in order to obtain a 4-5 kg sub-sample. Where samples were wet, a tube was used to collect as good a
or dry.For all sample types, the nature, quality and appropriateness of the sample preparation technique.Quality control procedures adopted for all sub-sampling sample as possible. Nearly all samples were collected dry. Very few samples were wet. The Bendigo sample preparation facility was inspected by Ivor Jones
stages to maximise representivity of samples.Measures taken to ensure that the sampling is representative of the in situ material collected, including during a 2017 site visit and found to be suitable for purpose. Select samples were also assayed using a bulk leach to test for appropriateness of the size
for instance results for field duplicate/second-half sampling.Whether sample sizes are appropriate to the grain size of the material being sampled. of the subsample being assayed and a much larger sample being assayed. There was very little difference between the bulk assay and the fire assay technique.
Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.For 1 in every 25 samples was blank material, 1 in every 25 samples was a CRM. 62 pulp samples ( 10%) were re-assayed using a BLEG technique.
geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make Based on the analysis of the results from the QAQC processes, it can be concluded that sample assay determination accuracy
and model, reading times, calibrations factors applied and their derivation, etc.Nature of quality control procedures adopted (eg standards, blanks, and precision is within accepted industry standards and contamination during sample preparation was not an issue. It is the author's opinion that the sample preparation and assay determinations provided by On-Site assay laboratory are acceptable.
duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.
Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel.The use of twinned holes.Documentation of There has been no twinned holes or other verification of data reported here. There has been no adjustment to the assays.
primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.Discuss any adjustment to assay data.
Location of data points Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.Specification of the grid system used.Quality and adequacy of topographic control. Collar locations were recorded by GPS measurements. Down-hole surveys were systematically performed every 30m. Geographical data were obtained
and reported according to the UTM zone 55S (WGS84). Elevation and accurate coordinates will be determined when the collars are surveyed.
Data spacing and distribution Data spacing for reporting of Exploration Results.Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity Data spacing varies between 50 m and 200 m along strike. Data spacing and distribution is not sufficient for the evaluation of mineral resources. Sample compositing has been applied for exploration results reporting.
appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.Whether sample compositing has been applied.
Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.If the relationship between Drilling was performed towards the northeast whilst the mineralisation is northwest-southeast striking. Drilling intersects the mineralisation at a relatively high angle and is not expected to cause any issues in the evaluation of the project.
the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
Sample security The measures taken to ensure sample security. Samples were individually bagged and sealed in larger bags of 10; the bags were under the direct supervision of ECR until they were delivered to the laboratory, and always on the same day as the sample was drilled.
Audits or reviews The results of any audits or reviews of sampling techniques and data. There has been no external review of the sampling and assaying procedures.
Section 2 Reporting of Exploration Results (JORC CODE, 2012
EDITION - TABLE 1)
Criteria Classification Code explanation Commentary
Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or material issues with third parties The Bailieston project falls within ECR's Bailieston (EL5433) tenement. The tenement largely falls within Crown Land.
such as joint ventures, partnerships, overriding royalties, native title interests, historical EL5433 is due for renewal in March 2018. EL5433 is subject to a royalty agreement with Currawong Resources Pty Ltd.
sites, wilderness or national park and environmental settings.The security of the tenure held at the
time of reporting along with any known impediments to obtaining a licence to operate in the area.
Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. Work completed by earlier companies has been used to guide the Company's exploration on
the Maori trend. However, exploration has been very limited on the Scoulars trend.
Geology Deposit type, geological setting and style of mineralisation. Mineralisation appears to be a disseminated style of mineralisation associated with disseminated and oxidized hematite with minor quartz.
Drill hole Information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill Drill hole information has been tabulated as a part of this report.
holes:easting and northing of the drill hole collarelevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collardip and
azimuth of the holedown hole length and interception depthhole length.If the exclusion of this information is justified on the basis that the information is
not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and Exploration results have been averaged over the entire intersection of interest using a value of 0.2 g/t
cut-off grades are usually Material and should be stated.Where aggregate intercepts incorporate short lengths of high grade results to define the limits of the low-grade intersections. There are no metal equivalent values considered.
and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such
aggregations should be shown in detail.The assumptions used for any reporting of metal equivalent values should be clearly stated.
Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Results.If the The drill intercepts are interpreted to have intersected the mineralised packages at a high angle.
geometry of the mineralisation with respect to the drill hole angle is known, its nature
should be reported.If it is not known and only the down hole lengths are reported, there should
be a clear statement to this effect (eg 'down hole length, true width not known').
Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. A plan of the Bailieston project area showing geochemical results and interpretations has been made available previously.
These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.
Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low This has been incorporated in the tabulation of the results in this report.
and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.
Other substantive exploration data Other exploration data, if meaningful and material, should be reported including (but not limited A plan of the Bailieston project area showing geochemical results and interpretations has been made available previously.
to): geological observations; geophysical survey results; geochemical survey results; bulk
samples - size and method of treatment; metallurgical test results; bulk density, groundwater,
geotechnical and rock characteristics; potential deleterious or contaminating substances.
Further work The nature and scale of planned further work (eg tests for lateral extensions or depth Exploration should continue along the geochemical anomalies to test for any significant mineralisation. Whilst
extensions or large-scale step-out drilling).Diagrams clearly highlighting the the grade at Scoulars is relatively low, the mineralisation is relatively thick and shallow. It is recommended
areas of possible extensions, including the main geological interpretations and that this mineralisation is further tested to see if a bulk low grade resource can be identified. Follow-up drilling
future drilling areas, provided this information is not commercially sensitive. on the Maori trend should also be considered. Additional exploration should cover the Byron Shaft area.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170723005033/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
July 24, 2017 02:00 ET (06:00 GMT)
Ecr Minerals (LSE:ECR)
Historical Stock Chart
From Apr 2024 to May 2024
Ecr Minerals (LSE:ECR)
Historical Stock Chart
From May 2023 to May 2024