TIDMECR
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
Initial Drilling Success of 'Phase two' Drilling at HR3.
ECR Minerals plc (LON: ECR), the gold exploration and
development company focussed on gold exploration in Australia, is
pleased to update shareholders on its initial successful results
from recently commenced 'phase 2 drilling' within HR3 at
Bailieston, Victoria, Australia.
ECR Minerals plc has 100% ownership of the Bailieston Project
(EL5433), which is operated under its Australian wholly owned
subsidiary Mercator Gold Australia Pty Ltd ("MGA").
ECR Chairman David Tang commented: "We are pleased with the
excellent results from hole BH3DD009 at HR3. As this intensive
drilling campaign continues, so our understanding of the Maori
Anticline continues to grow. With a clear picture of the HR3
goldfield structure starting to emerge, it is tragic that Craig
Brown is no longer with us to see these latest developments. I do
know that all employees and directors at ECR and Mercator Gold are
working hard to ensure that Craig's vision for ECR's flagship
projects come to fruition. We look forward to sharing further assay
results and data with shareholders as they are released by the
labs."
"It is our intention to appoint a new CEO in due course, and in
this regard our search has already begun. In the interim a
committee of directors, including myself, Trevor Davenport and Adam
Jones will continue to drive the business forward."
SUMMARY:
-- Following receipt of the necessary permissions, drilling has re-commenced
within the HR3 Goldfields utilising two diamond drill rigs.
-- Initial results have been received with the first hole completed,
(BH3DD009) returning 0.7m @ 28.06g/t Au from 52.7m depth from the Maori
Reef.
-- Gold values correlate well to high arsenic and antimony (stibnite) pXRF
values - proof of their importance as pathfinder elements within the
Bailieston area.
-- Drilling highlights the importance of the Maori Anticline as an important
up-coming target.
PHASE TWO DRILLING HR3
Whilst drilling at Creswick and Cherry Tree 'HR4' mid-year, MGA
submitted plans to government authorities requesting permission to
drill from additional sites within the HR3 goldfield area. After
meeting regulatory requirements, permission was granted early
October 2021. Once drilling at nearby Cherry Tree and at the
Creswick tenements had completed, drill rigs were mobilised to HR3
to commence phase two drilling. Drilling is being undertaken by two
diamond drill rigs, one by a contractor and the second rig being
MGA's owned and operated 'Midas' drill rig. The contract rig is
currently drilling broad holes perpendicular to the strike of the
main mineralised systems throughout the HR3 goldfield and has
approximately 250m of drilling to complete. Follow-up drilling is
being undertaken by the 'Midas' drill rig and will continue to the
end of the year.
A total of twelve drill sites have been approved across HR3. The
sites have been well planned to ensure optimum drill coverage
across the remainder of the goldfield. Particular focus will be
directed at gathering structural data by use of diamond drilling to
reconstruct the central and eastern mineralised systems known as
the Scoulers and Maori Reefs. Extensions to the north and south of
the goldfield boundaries will also be drilled. Drilling will also
delineate structures drilled by previous historic percussion
drilling during the 1980's period.
To date, a total of 1478m of 'phase two' drilling has been
completed at HR3. Between the two drill rigs, good meterage has
been drilled (up to 80m per shift). Geological logging and
interpretation will continue to the end of the year. A summary of
drilling locations and their progression is shown in the link
below;
Figure 1
BH3DD009
Phase two drilling commenced with BH3DD009 across the central
portion of the Maori Reef. Drilling was targeted to follow up the
down-dip of an historical Reverse Circulation drillhole
intersection which returned 1m @ 11 g/t Au. BH3DD009 was successful
in drilling mineralisation between 47m and 56.7m depth and the best
intersection was 0.7m @ 28.06 g/t Au from 52.7m depth.
Drill core is routinely analysed for pathfinder elements during
geological logging using an in-house pXRF unit to trace pathfinder
elements associated with gold mineralisation. pXRF results are not
used for reporting resources, only for tracing the pathways for
gold mineralisation fluids. Plotting of antimony (Sb) and arsenic
(As) pXRF results correlates spatially with the initial high-grade
gold intercepts. A similar zone of high Sb and As has been
identified in other drillholes on the same section as BH3DD009 and
on the projection of the Maori Reef structure (see fig 2). Gold
assay are pending for these drillholes (BH3DD010 and BH3DD011) and
whilst the XRF results can not be relied upon, we are anticipating
good results.
The following is a link to a section sketch showing the main
geological features of BH3DD009 and the spatial association of
antimony and arsenic.
Figure 2
MAORI ANTICLINE
Drilling and subsequent 3D modelling of drillholes BH3DD005,
BH3DD006 and BH3DD007 earlier this year revealed a moderate south
plunging fold to exist underneath and along strike of the Maori
Reef workings. This has been termed the Maori anticline.
Observations show the historic mined portion of the Maori Reef
coincides with the projected up-dip of the anticline near surface.
The Maori Reef has been intersected midway between BH3DD009 and the
historical workings by an historic percussion drill hole named
BLP136. BH3DD009 intercepted 1m @ 34 g/t Au from 44m depth. These
observations show the significance of the anticline. The drill rig
is currently being set up to test this unexplored gap of the Maori
anticline.
A long-section looking east through the anticline is shown in
the link below;
Figure 3
Table 1. Summary of initial drill intercepts containing
reportable levels of gold greater than 1 g/t Au for BH3DD009
BH3DD009
From (m) To (m) Grade (g/t Au) Interval (m)
47 48 0.6 1
48.2 48.8 0.40 0.6
48.8 49.1 1.70 0.3
49.1 49.6 2.49 0.5
50.5 51.5 0.61 1
51.5 52.4 1.08 0.9
52.4 52.7 1.90 0.3
52.7 53.4 28.06 0.7
53.4 54.2 1.14 0.8
54.2 54.6 0.93 0.4
54.6 55.1 0.46 0.5
55.1 55.7 0.77 0.6
55.7 56.7 0.25 1
57.7 58.7 0.17 1
58.7 59.2 0.14 0.5
59.2 60.2 0.43 1
FUTURE WORK
The initial results for drill holes BH3DD010 and BH3DD011 are
due shortly. Samples from these two holes are currently being
processed at the laboratory, and we expect to deliver regular
drilling updates in the run up to the Christmas period. While these
results are still early in the campaign, the identification of the
Maori anticline and its association with high-grade gold
mineralisation will now be the main focus for the next drilling
campaign.
Early observations of HR3 drill cores are revealing exciting
structures that appear to correlate across the HR3 goldfield.
Re-construction will be key to identifying gold mineralisation
patterns. A 10cm solid antimony vein was observed in recently
drilled BH3DD019 around 143m depth, and is on trend to be on the
northerly strike of the Maori Reef at depth. MGA's Bendigo-based
geology department will continue to gather and assimilate project
data.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, a director of
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.
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
Email: info@ecrminerals.com
Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0) 161 832 2174
Nominated Adviser
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited Tel: +44 (0) 20 7399 9425
Broker
Jon Belliss
Blytheweigh Tel: +44 (0) 207 138 3204
Public Relations
Tim Blythe
ABOUT ECR MINERALS PLC
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 eight licence
applications outstanding including two licence applications lodged
in eastern Victoria. (Tambo gold project). MGA is currently
drilling at both the Bailieston (EL5433) and Creswick (EL6148)
projects and has an experienced exploration team with significant
local knowledge in the Victoria Goldfields and wider region.
https://mercatorgold.com.au/
ECR also owns 100% of an Australian subsidiary LUX Exploration
Pty Ltd ("LUX") which has three licence applications covering 900
km2 covering a relatively unexplored area in Queensland,
Australia.
https://luxexploration.com/
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 has earned a 25% 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:
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CONTACT:
ECR Minerals plc
SOURCE: ECR Minerals plc
Copyright Business Wire 2021
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