TIDMECR
28 September 2018
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
SAMPLING PROGRAMME RESULTS - BAILIESTON GOLD PROJECT
AUSTRALIA
ECR Minerals plc (LON:ECR) the precious metals exploration and
development company is pleased to announce the assay results of the
first batch of rock chip sampling undertaken at the Company's HR3
project at Bailieston (the "Project") in Victoria, Australia.
Further information in respect of this sampling programme was
provided in the Company's 14 September 2018 announcement, further
details of which can be found in the following link:
https://polaris.brighterir.com/public/ecr_minerals/news/rns/story/xlm86pr
Highlights:
-- 76 rock chip samples submitted to the laboratory with assays
confirming 22 samples contained gold mineralisation with gold
grades
ranging from 0.5 g/t to 67.4 g/t (2.17 ounces per ton);
-- Because some of the samples returned high grades, resampling was
conducted for 14 mineralised samples in line with QA/QC
procedures
with repeat analysis demonstrating consistent results and gold
grades
ranging from 1.4 g/t to 75.5 g/t (2.4 ounces per ton);
-- The samples provide evidence of gold at surface across five target
areas, albeit at an early stage of exploration, and demonstrate
the
potential prospectivity of the Company's exploration ground,
in
addition to the existing gold mineralised key targets at
Creswick and
Blue Moon. But at this stage there is no indication it is
economic;
-- These results compare to previous sampling of quartz veins plus the
surrounding sedimentary rocks host rocks that tested the
hypothesis
that low-grade mineralisation may be found in the wall rock.
The
earlier results showed that the samples containing quartz veins
were
consistently higher, reaching 23 g/t Au. Further information
in
respect of historical sampling is provided below;
-- Further assay results are awaited in respect of the second group of 74
rock chip sample assays and those results will be announced to
the
market when received.
Craig Brown, Chief Executive Officer of ECR Minerals plc,
commented: "I am extremely pleased to announce the results of the
first batch of rock chip sample assays from the latest programme at
Bailieston.
Whilst still early stage, the results complement the positive
exploration progress at Blue Moon and the recognition of the
potentially large gold system at Creswick announced 25/09/2018.
Overall we are building a suite of mineralised targets in our
Victoria projects and this is strongly supporting the conviction of
the Company's technical team as to the potential of the area
covered by the Company's licence tenements. Although at this stage
there can be no guarantee that the gold is economically
extractable.
Further announcements are anticipated in the near term in
respect of the balancing Bailieston sampling programme and across
the Victoria, Australia interests."
Further information in respect of the Project Area and
Historical Sampling
The Bailieston project area contains multiple reefs, including
the Bryon, Scoulars and Maori Reefs that were drilled by the
Company in 2017 (results provided in an announcement on 24 July
2017 ). These three reefs and adjacent reefs were sampled. From
historic reporting and the Company mapping, these reefs are
fault-hosted. Where observed, faults are up to 70 cm wide and
contain quartz veins to 15 cm parallel to the faults and stockwork
quartz within the fault zone and in the hanging wall and footwall
sandstones and shales adjacent to the faults. However, due to the
varying quality of the exposure in the open workings, it is not
always possible to ascertain if the sampled material is from within
the fault or in the hanging wall or footwall.
151 rock chip and mullock samples have been previously taken in
the project area, although not all were undertaken by the Company
and therefore not all the results can be verified. In the 1980's
Gold Mines of Kalgoorlie collected 16 samples with results reaching
2.1 g/t. A comprehensive sampling program in 2014 contained results
reaching 23 g/t.
A summary of the sources of historical sampling is provided
below:
-- 15 samples by Metals Exploration Ltd (later Gold mines of Kalgoorlie).
Reported in the EL1616 Annual Technical Report September
1986;
-- 49 samples by Sierra Minerals, EL4719 Sept 2006 ATR;
-- 6 samples by Flitegold Ply Ltd (later Currawong Resources, later
Mercator Gold), EL5433 Sept 2013 ATR;
-- 62 samples by Flitegold Ply Ltd (later Currawong Resources, later
Mercator Gold), EL5433 Sept 2014 ATR plus an additional sample
that
was not submitted;
-- 1 sample by Flitegold Ply Ltd (later Currawong Resources, later
Mercator Gold), EL5433 Sept 2015 ATR;
-- 13 samples by Flitegold Ply Ltd (and reported by Mercator Gold),
EL5433 Sept 2016 ATR including the best assay of all the
sampling of
23 g/t.
The Company's own sampling program included testing of quartz
veins plus the surrounding sedimentary host rocks. The samples
containing the quartz veins were consistently higher grade. The
results from this work is shown in Figure 9.5 of a Competent
Persons Report to the Company announced on 20th April 2016.
However, Figure 9.5 does not distinguish between the samples that
have quartz from those that do not and was assayed by three
differing laboratories. The current round of sampling therefore
aims to gain a consistent set of samples, assayed by only one
laboratory.
Mineralised Sample Table
SampleID Easting (m) Northing (m) Au Au(R)
LX0764 326,524 5,931,330 67.4 75.5
LX0770 326,707 5,931,382 20.8 22.5
LX0767 326,706 5,931,382 18.4 18.5
LX0765 326,520 5,931,319 13.9 15.2
LX0766 326,516 5,931,320 13 15
LX0758 326,479 5,931,407 8.33
LX0759 326,477 5,931,407 7.38 7
LX0757 326,487 5,931,405 6.81 7.96
LX0756 326,483 5,931,397 3.18 3.27
LX0769 326,691 5,931,344 2.31 2.38
LX0816 326,775 5,931,017 1.78 1.62
LX0745 326,317 5,931,411 1.4
LX0793 326,466 5,931,245 1.36 1.53
LX0800 326,553 5,931,211 1.31 1.56
LX0782 326,441 5,931,342 1.21 1.36
LX0805 326,650 5,931,101 1.18
LX0794 326,462 5,931,245 1.15
LX0768 326,658 5,931,316 0.97
LX0788 326,427 5,931,281 0.72
LX0747 326,362 5,931,402 0.64
LX0778 326,627 5,931,615 0.53
LX0750 326,360 5,931,399 0.5
Table 1.Assay results of 22 samples greater than 0.5 g/t Au from
the 76 rock chip samples submitted (MGA 94 Zone 55)
Tested by: On Site Laboratory Services (ISO 9001 Registered),
Bendigo, Australia
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
Australian 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.
ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR's
wholly owned Australian subsidiary Mercator Gold Australia has 100%
ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor
gold exploration licences in central 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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
David Tang, Non-Executive Chairman
Craig Brown, Director & CEO
Email:
info@ecrminerals.com
Website:www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
Katy Mitchell/James Sinclair-Ford
Optiva Securities Ltd Tel: +44 (0)203 137 1902
Broker
Graeme Dickson
SI Capital Ltd Tel: +44 (0)1483 413500
Broker
Nick Emerson
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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180928005165/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
September 28, 2018 06:25 ET (10:25 GMT)
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