TIDMECR
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
New Parallel Gold System Identified at Creswick, Victoria.
ECR Minerals plc (LON: ECR), the exploration and development
company focused on gold in Australia, is pleased to announce
updated soil sampling results from the on-going geochemistry
exploration on EL006184 at Creswick, Victoria, Australia. These
results highlight a potential new parallel gold system within the
Dimocks Main Shale (DMS).
ECR Minerals plc has 100% ownership of the Creswick Project
within licence areas EL006184 and EL006907, which resides 14km
north-east of the City of Ballarat, Victoria, Australia. License
EL006907 also links Creswick to the Ballarat East-Nerrina
Goldfield. The Company is exploring a number of parallel-gold
mineralisation trends that are believed to extend 10km south
towards Ballarat.
ECR CEO Andrew Haythorpe commented: "With so much investor
interest focussed on Creswick, it is gratifying to see the project
move into a new and exciting phase of development. My visit to
Creswick with Adam Jones earlier this year and the subsequent
success from the re assay of the drill core confirmed to me that
our asset has considerable potential to host gold at several
locations."
"Today's soil geochem results and the subsequent new gold system
identified confirm beyond doubt that Creswick is host to a gold
system that warrants an extended and detailed exploration
campaign."
"We will continue to employ LIDAR Geochem across our Creswick
tenements as we draw up a list of drill targets in 2023. I look
forward to reporting back to you very shortly with further
progress."
HIGHLIGHTS
-- Soil geochemistry results identify the presence of anomalous gold in a
potential new gold system 500m east of the Dimocks Main Shales.
Figures related to this announcement can be viewed as
follows:
Figure 1: Location map
https://www.ecrminerals.com/images/2022/fig1_CDY_Location-plan_221220.png
Figure 2: Plan of Davey Road Workings
https://www.ecrminerals.com/images/2022/fig2_DaveyRd_221220.png
Figure 3: Plan of Davey South prospect
https://www.ecrminerals.com/images/2022/fig3_DaveyRd-Sth_221220.png
CRESWICK LIDAR IMAGERY
Recently, LIDAR imagery covering ECR's Creswick exploration
tenements became publicly available. The imagery reveals the
surface terrain, which otherwise is hidden underneath thick forest
canopy and undergrowth. Additional historical alluvial gold
workings along the numerous creek drainages within the tenement
have been revealed in creeks 500m to the east of the Dimocks Main
Shale trend (DMS), which was recently drilled throughout 2021 (see
Figure 1 above for location). Although the primary source of the
alluvial gold has not yet been discovered, ECR geologists quickly
identified possible locations for a primary gold source on the
hillslopes above these alluvial workings. The field team have
recently finished soil sampling on these hillslopes and the first
announced results are detailed below.
PARALLEL GOLD SYSTEM IDENTIFIED
Two main areas have been identified with anomalous gold,
respectively named the Davey Road Workings and the South Davey (see
Figure 1 above).
The Davey Road Workings consist of historical trenches and
shallow shafts with a strike length of 150 metres. Two worked
alluvial gullies lead up to the outcrop from the west (see Figure 2
above). A soil sampling grid was completed over the extent of the
workings, aiming to identify gold near the surface through its
presence within the surrounding soil. Results to date show gold is
present within soils located at the north end of the old gold
workings, and these anomalies also coincide with shallow pits and
trenches on the land. The historical workings gradually get deeper
to the south of the site, potentially indicating a south plunging
gold system. Additional duplicate soil samples were taken and
panned down by gravity separation to check for visible gold. A
number of fine visible gold samples were present within the soils,
correlating with the laboratory samples returning gold
concentration above 0.11 ppm Au. The extent of the anomaly is
highlighted in red in (see Figure 2 above).
The South Davey prospect is located approximately 600m along
strike to the south of the Davey Road workings (see Figure 1
above). Historical alluvial workings heading east from Jackass
Gully lead up to this area, showing where previous prospectors were
searching for the primary gold source without success. Results to
date again show gold is present within these soils with the best
anomaly located on the north end (see Figure 3 above). Duplicated
samples are also showing the presence of visible fine gold within
the anomalous area. An example of the fine gold is shown in (see
Figure 3 above).
Table 1. Anomalous Soil Samples (=> 0.11 ppm Au), Davey Road
Workings and South Davey.
SampleID Grid Easting Northing Au_ppm
CDY360 GDA94_Z54 759837.9 5853958 16.50
CDY470 GDA94_Z54 759870.9 5853954 8.54
CDY457 GDA94_Z54 759845.1 5853909 0.73
CDY330 GDA94_Z54 759882.9 5853502 0.66
CDY369 GDA94_Z54 759865.8 5853969 0.38
CDY370 GDA94_Z54 759878.9 5853975 0.33
CDY385 GDA94_Z54 759887.3 5853988 0.23
CDY464 GDA94_Z54 759868.5 5853936 0.19
CDY361 GDA94_Z54 759845.6 5853960 0.16
CDY376 GDA94_Z54 759875.8 5853982 0.11
NEXT STEPS
The results to date have proven up our exploration methods using
LIDAR imagery and targeted soil geochemistry, and have narrowed
down a potential location for the primary source of gold
mineralisation. As we prepare a shortlist of drill targets across
the best anomalies for a 2023 Creswick drilling campaign, our
'LIDAR Geochem' approach will be applied across all of our Creswick
tenements in the coming months. ECR now has 10km of strike along
what we believe is the most prospective ground towards
Ballarat.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Technical
Director of Exploration at ECR Minerals plc. Adam Jones is a
professional geologist and is a Member of the Australian Institute
of Geoscientists (MAIG). He is a qualified person as that term is
defined by the AIM Note for Mining, Oil and Gas Companies.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman
Andrew Haythorpe, CEO
Email: info@ecrminerals.com
Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0) 207 220 1666
Nominated Adviser
Katy Mitchell / Andrew de Andrade
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited Tel: +44 (0) 20 7399 9425
Broker
Jon Belliss
Brand Communications Tel: +44 (0) 7976 431608
Public & Investor Relations
Alan Green
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company.
ECR's wholly owned Australian subsidiary Mercator Gold Australia
Pty Ltd ("MGA") has 100% ownership of the Bailieston and Creswick
gold projects in central Victoria, Australia, has six licence
applications outstanding which includes one licence application
lodged in eastern Victoria. (Tambo gold project). MGA is currently
drilling at the Bailieston Blue Moon Project (EL5433) and
undertaking geochemical exploration on the Creswick (EL6148)
project and has an experienced exploration team with significant
local knowledge in the Victoria Goldfields and wider region.
ECR also owns 100% of an Australian subsidiary LUX Exploration
Pty Ltd ("LUX") which has three approved exploration permits
covering 946 km(2) over a relatively unexplored area in Queensland,
Australia.
Following the sale of the Avoca, Moormbool and Timor gold
projects in Victoria, Australia to Fosterville South Exploration
Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor
projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold
Australia Pty Limited has the right to receive up to A$2 million in
payments subject to future resource estimation or production from
projects sold to Fosterville South Exploration Limited.
ECR holds a 70% interest in the Danglay gold project; an
advanced exploration project located in a prolific gold and copper
mining district in the north of the Philippines, which has a 43-101
compliant resource. ECR also holds a royalty on the SLM gold
project in La Rioja Province, Argentina and can potentially receive
up to US$2.7 million in aggregate across all licences.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20221221005573/en/
CONTACT:
ECR Minerals plc
SOURCE: ECR Minerals plc
Copyright Business Wire 2022
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