TIDMECR
15 July 2019
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
Update - Timor Gold Project - Australia
ECR Minerals plc (LON:ECR), the precious metals exploration and
development company, is pleased to provide an update in respect of
exploration activities at the Timor Gold Project (the "Project") in
Victoria, Australia. The Timor Gold Project is one of five projects
held by ECR in the Victorian Goldfields region.
The Company has now commenced the rock chip sampling programme
which will include the sampling of rock dumps from old gold
workings on the licence area. The sampling will be undertaken along
the two fault zones and the objective will be to establish the
style of gold mineralisation present.
In total 91 samples have been collected from Timor and submitted
to the laboratory for assay testing.
The Company has noted a recent gold prospecting documentary that
was filmed in the Victorian Goldfields, Australia close to some of
the Company's licence areas.
During the documentary the team working near Dunolly,
approximately 5 km from the boundary of the Timor gold licence area
discovered a 2.2kg gold nugget in an old alluvial channel with an
estimated value of circa $200,000.
Whilst this discovery has not been independently verified by the
Company and there is no guarantee that any more such nuggets will
be found in the area, the directors are very encouraged by the
discovery which they believe validates their ongoing belief in the
untapped potential of the primary mineralisation in the area; the
nuggets have to have a local, primary source.
While gold nuggets are not the ECR objective in discovering a
new economic primary gold deposit at Timor, they do form an added
occasional bonus to the overall economics, especially when they
form part of a rich high grade ore shoot.
A map showing the approximate location of the discovery in
relation to the Company's licence areas may be viewed through the
following link on the Company's website:
https://www.ecrminerals.com/images/2019/image-1.png
Craig Brown, Chief Executive Officer commented: "I am pleased to
confirm that the rock dump sampling from old workings is now
underway at the Timor Gold Project and look forward to the findings
from this work.
We are aware of many prospectors searching for gold in and
around the Company's licence areas, and that includes the Timor
gold project. This is interesting and demonstrates the potential of
our ground.
However, it is worth noting that should ECR make a discovery
within its licence areas, it would be seeking to implement a
significant commercial gold production operation which has a
different scale to that seen in local prospecting and for which
extensive preparatory planning and execution would be needed.
I look forward to providing further market updates in respect of
Timor and our other Victoria gold fields interests, including
Creswick where significant work is underway at present testing
whole of reverse circulation sample bags for gold."
Background to the Timor Gold Project:
Timor Gold project is located in Victoria Australia and held
under exploration licence EL006278;
Historical records demonstrate that the Maryborough goldfield
has produced over 640,000 ounces of gold from hard-rock and
alluvial sources, with 220,000 ounces mined from hard-rock
operations at an average grade of 14g/t gold. (See references
below).
Two major fault zones have been identified on the Project,
namely the Shaw-McFarlane Fault Zone ("SMFZ") and the
Leviathan-Mariners Fault Zone ("LMFZ"), which are responsible for
the majority of the hard-rock gold production.
The SMFZ has been shown to have consistently produced high grade
gold mines along its length with Shaw's Reef, McFarlane's Reef and
Havelock Monte Christo having recorded production at average grades
ranging from 22g/t gold to 217 g/t gold with certain operations
having been impacted by metallurgical challenges. (See references
below.)
Opportunities exist within the SMFZ to identify and process gold
mineralisation at potentially very high grade by applying modern
processing techniques to resolve processing challenges that limited
production many years ago.
The LMFZ hosts a large number of variably sized reefs that occur
within the fault zone. These reefs are associated with diorite
dykes and generally offer larger gold targets, albeit at lower
grade compared to the SMFZ and historical mining records
demonstrate that mining activities were often to relatively shallow
depths.
Most of the LMFZ is under shallow alluvial cover which produced
a considerable amount of gold in the early days of the Maryborough
gold rush of the 1850s.
Both the SMFZ and the LMFZ have potential for modern open cut
and underground mining techniques, because of the scale of the
deposits present.
A program of reconnaissance rock dump sampling from the old
workings is to be undertaken initially, along the two fault zones,
to establish the style of gold mineralization.
Subject to the findings from the sampling programme this may be
followed by a grid-based GPS pXRF survey for antimony and arsenic
as pathfinders to gold mineralization where outcrop or shallow
cover exists.
Thereafter a scout Rotary Air Blast ("RAB") drilling program on
the best developed targets may be undertaken.
Further information to follow as each step of the exploration
programme is implemented and the results interpreted.
COMPETENT PERSON STATEMENT
This announcement has been reviewed by Neil Motton BAppSc
(Hons), MAusIMM (CP), FSEG, a geological consultant to the
Company's wholly owned subsidiary Mercator Gold Australia Pty Ltd
with more than 30 years of professional experience. Mr Motton is a
qualified person as that term is defined by the AIM Note for
Mining, Oil and Gas Companies.
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.
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
SI Capital Ltd Tel: +44 (0)1483 413500
Broker
Nick Emerson
ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR's
wholly owned Australian subsidiary Mercator Gold Australia Pty
Limited has 100% ownership of the Avoca, Bailieston, Creswick,
Moormbool and Timor gold exploration licences in central Victoria,
Australia and the Windidda Gold Project in the Yilgarn Region,
Western 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.
References:
HOWITT, A.M., 1913. The Maryborough goldfield. Geological Survey
of Victoria Memoir 11. Department of Mines, Victoria, 76 pp.
Whitelaw, H.S., 1899, Antimony Ores in Victoria. Geological
Survey of Victoria Special Report.
ANON., Undated. Leviathan Gold Mines, Maryborough. Map showing
Mining Lease areas, locations of shafts, reefs, alluvial leads
composite level plans for mines, etc. Plan No 1757/B/1.
ANON, 1888, Lands held under Leases for Gold Mining, Shaw's
& Mariner's Reef, Maryborough. Register for Mining Registrar
for March, 1888.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190715005338/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
July 15, 2019 05:55 ET (09:55 GMT)
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