TIDMECR
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
Update on Drilling Progress at (HR4) 'Cherry Tree'
ECR Minerals plc (LON: ECR), the gold exploration and
development company focussed on gold exploration in Australia, is
pleased to update shareholders on drilling progress at historic
reserve number 4, otherwise known as 'Cherry Tree', which is part
of the Company's Bailieston Project.
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").
Craig Brown, Chief Executive Officer of ECR Minerals plc,
commented: "I am delighted to announce a significant step forward
for the Bailieston project, with the near completion of drilling at
HR4 (Cherry Tree). With 1545 metres of diamond drilling completed
as shown in Fig 1, MGA now have a more detailed understanding of
the prospect, proving up the historic percussion drilling results
that showed broad low-grade mineralisation zones with occasional
high-grade intercepts."
"Once the final HR4 drill hole has been completed, MGA will
return to complete drilling at the HR3 'Byron' area. In addition
MGA are awaiting the final drill results from our recently
completed diamond drilling at Creswick (EL6184). The final four
drill holes are adjacent to the high-grade intercepts already
reported from CSD003 (0.95m @ 9.93 g/t Au from 84.2m and 0.95m @
23.58 g/t Au from 89.05m) (see announcement dated July 19(th)
2021). I look forward to reporting further drilling results from
HR3 and Creswick in the coming weeks."
SUMMARY:
-- A total of 1545 metres of diamond drilling has been completed to date at
the Cherry Tree prospect. The company is currently drilling the final
drillhole (BCTDD010) before moving back to complete drilling of the HR3
'Byron' area.
-- Visual examination of drill core BCTDD009 shows the most intense
quartz-sulphidic vein drilled to date at Cherry Tree.
-- Orientated diamond core has delineated sulphidic fault zones containing
broad low-grade gold mineralisation emanating from a central anticlinal
hinge zone.
DRILLING TO DATE
A total of 1545 metres of diamond drilling has been undertaken
to date at Cherry Tree. Drilling has been completed using the
Company's owned and operated drill rig named 'Midas'. This is the
first time that diamond drilling has been done within this deposit.
Previous shallow percussion drilling was done in the late 1980's by
earlier explorers where results showed broad low-grade zones of
mineralisation accompanied by occasional high-grade (> 7 g/t Au)
intercepts are present. The aim of the recent drilling by 'MGA' was
to test the structural trends associated with the historic
percussion drilling. For this aim, MGA has been successful.
Refer to figure 1 link below for locations described in the
following paragraphs.
https://www.ecrminerals.com/images/fig1_plan_bct_update_211021.png
GEOLOGICAL OVERVIEW
The Cherry Tree prospect was the subject of intense, shallow
hard-rock mining from the 19(th) Century where miners selectively
took out the narrow quartz filled fault veins. Historic records
show these veins can often grade over 50 g/t Au. Mapping of
historic workings at surface show a system of faults to strike in a
WNW direction from a centralised anticlinal fold. This anticline
links the HR3 (Byron) prospect, 2km to the NNW where first-pass
drilling was undertaken by MGA in the first half of the current
year. The Cherry Tree mines are located at a bend within this
anticline (refer to fig1). It is likely that brittle deformation in
fine grain sandstones within this bend led to development of the
WNW fault zones and subsequent gold mineralisation. Gold is closely
associated with arsenopyrite, thus arsenic is a good local
pathfinder element for gold mineralisation.
DRILL HOLE SUMMARY
Drilling of the first diamond holes in Cherry Tree (BCTDD001,
BCTDD002 and BCTDD003) have been reported previously (see
announcements dated August 10(th) 2021). In summary, BCTDD001 was
successfully drilled to identify the central anticline position.
BCTDD002 and BCTDD003 were drilled to test the down-dip of a WNW
fault system located in the central portion of the goldfield. Best
results were from BCTDD003 (0.5m @ 11.02 g/t Au from 98.85m).
Drilling has continued across WNW fault zones at different points
along the anticline, with the current hole (BCTDD010) being near
complete. Drilling shows broad zones of low-grade
mineralisation.
Summary of all drill intercepts containing reportable levels of
gold greater than 1 g/t Au for holes BCTDD004 - BCTDD008.
BCTDD004
From (m) To (m) Grade (g/t Au) Interval (m) Comment
63 64 0.12 1
125 126 0.17 1 Fault Zone
130 131 0.12 1 Arsenopyrite
144.5 145.5 0.18 1 Perpendicular QV
177 178 0.18 1 QV
198 199.1 0.13 1.1 Fault Zone
BCTDD005
From (m) To (m) Grade (g/t Au) Interval (m) Comment
30.6 32 0.14 1.4 0.6m of core loss
41.35 42.3 0.13 0.95 100ppm As pXRF*
55.4 57.1 0.11 1.7 0.8m core loss
80 81.1 0.13 1.1
103.2 104.2 0.12 1 QV
127 128 0.21 1 QV with disseminated pyrite
*pXRF (portable x-ray fluorescence-in house analysis)
BCTDD006
*Currently awaiting the results from the last 24 samples of this
hole*
There are two broad zones of mineralisation within this
hole.
1. 42.1m - 48.6m (6.1m @ 0.63 g/t Au) or 3.89 grams over 6.1m (gram x
length)
2. 49.6m -- 52m (2.4m @ 1.49 g/t Au) or 3.57 grams over 2.4m (gram x length)
From (m) To (m) Grade (g/t Au) Interval (m) Comment
32.3 33.1 0.13 0.8 QV (Fault)
42.1 43 0.27 0.9 Fault Zone 1
43 43.9 0.12 0.9 Fault Zone 1
44.3 45.4 0.13 1.1 Fault Zone 1
45.4 46.5 1.74 1.1 Fault Zone 1
46.5 47.5 1.24 1 Fault Zone 1
47.5 48.6 0.22 1.1 Fault Zone 1
49.6 50.5 3.39 0.9 Fault Zone 2
50.5 51.1 0.48 0.6 Fault Zone 2
51.1 52 0.26 0.9 Fault Zone 2
59 60 0.13 1
60 61 0.4 1
89 89.8 0.15 0.8 QV (Fault)
131 132 0.29 1
159 160 0.12 1
The following holes were drilled around the highest grade and
broad mineralised intercepts found in BCTDD003. The mineralisation
is associated with a fault zone that has been mined near surface at
1m wide).
BCTDD007
*Currently awaiting 17 assay results for this hole*
From (m) To (m) Grade (g/t Au) Interval (m) Comment
50.6 51.1 0.11 0.5
51.1 52.1 0.15 1
58.2 59 0.14 0.8
64 65.6 0.24 1.2
BCTDD008
*Only the first 17m of this hole has been assayed to date*
Another Fault zone present at the top of this hole: 5.4m @ 0.69
g/t Au or (3.71 gram metres)
From (m) To (m) Grade (g/t Au) Interval (m) Comment
0.3 1.1 1.14 0.8 Near surface faulting
4.8 6 0.13 1.2
8.2 9.1 0.14 0.9 Fault Zone 1
9.1 10 0.14 0.9 Fault Zone 1
13.6 15.3 0.17 1.7 Fault Zone 1
15.3 16.3 2.92 1 Fault Zone 1
16.3 17.2 0.28 0.9 Fault Zone 1
BCTDD009
Drilling of BCTDD002, BCTDD003, BCTDD007 and BCTDD008 showed
that the WNW fault is more open (dilated) as we drill further west
away from the anticline. A solid sulphidic quartz vein over 2m wide
was drilled through at 146.5m depth. Geological logging and
sampling of BCTDD009 is currently in progress, see figure 2 link
below for detailed image of BCTDD009 core samples.
https://www.ecrminerals.com/images/fig2_bctdd009_quartz.jpg
FORWARD LOOKING STATEMENTS
Whilst drill results to date at Cherry Tree have been
disappointing of late, it must be emphasised that structural
interpretation of the Cherry Tree deposit has only been achieved
through completing diamond drilling across multiple fault zones.
Drilling of the last hole (BCTDD009) is showing a remarkable
improvement in vein quality and size as we drill west of the
anticline. For the time being, pending results, the drill rig will
be moved to more promising sites at the north end of the HR3
(Byron) reserve where soil sampling is revealing strong
arsenic-antimony anomalies on surface.
MGA are also awaiting the final drill results from our recently
completed diamond drilling at Creswick (EL6184). The final four
holes were drilled adjacent to the high-grade intercepts in CSD003
(0.95m @ 9.93 g/t Au from 84.2m and 0.95m @ 23.58 g/t Au from
89.05m). MGA staff have begun to sample the soils surrounding the
projected outcrop of this quartz vein. If the results are positive,
it will assist in delineating the plunge of mineralisation, which
it is hoped will provide MGA with a better selection of future
drill targets.
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
Craig Brown, Director & CEO
Email:
info@ecrminerals.com
Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0) 207 2201666
Katy Mitchell/Andrew de Andrade
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 and Creswick 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:
https://www.businesswire.com/news/home/20211025005323/en/
CONTACT:
ECR Minerals plc
SOURCE: ECR Minerals plc
Copyright Business Wire 2021
(END) Dow Jones Newswires
October 25, 2021 03:10 ET (07:10 GMT)
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