LONDON--(BUSINESS WIRE)--
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
Highest grade Gold intercept yet revealed below Soil Anomaly at HR3, Bailieston
ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to provide an update on drilling at HR3 including the highest grade Gold intercept yet below the soil anomaly drilled by hole BH3DD027.
ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433) which contains the gold prospects known as HR3, Cherry Tree, Blue Moon and Black Cat. The projects are operated by ECR’s Australian wholly owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
ECR Chairman David Tang commented: “A significant amount of work has gone into the drilling programme at HR3, and I am delighted that having seen encouraging and consistent gold grades in the assay results to date, today’s result has provided our best intercept yet. Our team hoped that the ground under Hard-Up Reef would reveal a solid result – and it didn’t disappoint!”
“I look forward to working with our new CEO Andrew Haythorpe and Geologist Adam Jones as we build the results from BH3DD027 into the Maori Anticline target model.”
ECR CEO Andrew Haythorpe added: “As the new CEO my work for the next few weeks entails getting my feet under the proverbial desk. Regardless, given my previous experience as geologist and mining company CEO, along with David and Adam I am very pleased to see the HR3 prospect return the best assay result to date. I look forward to speaking with shareholders as the year progresses.”
HIGHLIGHTS:
- ECR Minerals has received the highest single assay result to date from the drilling at Bailieston with 0.2m @ 52.5 g/t Au from 126.3m depth in hole BH3DD027 (reported drilled thickness).
- Hole BH3DD027 represents assays received from the first of two holes initially drilled into the Hard-Up Reef underneath a previously identified soil anomaly.
- Drilling continues in HR3 (Bailieston) strengthening the Maori Anticline target model with multiple narrow mineralised structures observed.
The following statements can be referenced to the following link, a plan showing the location of hole BH3DD027 and recently drilled targets awaiting results;
https://www.ecrminerals.com/images/2022/Fig1_220421
BH3DD027
ECR Minerals announced the identification of four soil anomalies respectively named (A, B, C and D) in the vicinity of the projected Scoulers and Hard-Up Reef lines (see RNS dated 23rd December 2021 “Bailieston (HR3) Soil Sampling Strengthens Mineralisation Model”). Two initial drillholes (BH3DD026 and BH3DD027) were drilled underneath soil anomaly ‘A’. Results for hole BH3DD027 have now been received with the results pending for BH3DD026.
ECR is both pleased and proud to report the best gold intercept to date at Bailieston with 0.2m @ 52.5 g/t Au from 126.3m depth (BH3DD027). This intercept is supported by lower grade foot-wall and hanging-wall mineralisation located between 124 metres and 127 metres drilled depth. Geological interpretation confirms this mineralisation coincides with the Hard-Up Reef. Visible Antimony sulphide (Stibnite) is also present within the shear zone. The best intercept of 52.5 g/t Au ties in with a laminated quartz vein with a stibnite-sulphide shear zone grading at 1.76 g/t Au. All anomalous grades are reported in Table 1 below.
Although mineralisation between 124 metres and 127 metres has a represented drilled width of 3 metres, the low-dip angle of mineralisation to the drill core represents the true width of mineralisation at approximately 0.79 metres, demonstrating that at least some of the mineralisation at HR3 will likely be of a high-grade, narrow-vein style gold deposit.
Table 1. Summary of drill intercepts containing reportable levels of gold greater than 0.1 g/t Au for BH3DD027 (*highlights in bold).
BH3DD027
From |
To |
Grade
|
Interval (m) |
Comment |
35.7 |
36.4 |
0.41 |
0.7 |
|
49.8 |
50.8 |
0.19 |
1 |
|
65 |
65.75 |
0.23 |
0.75 |
|
88.2 |
89 |
0.43 |
0.8 |
|
124 |
124.6 |
0.13 |
0.6 |
|
124.6 |
125 |
0.58 |
0.4 |
|
125 |
125.6 |
0.51 |
0.6 |
Start of mineralised zone |
125.6 |
125.9 |
0.47 |
0.3 |
|
125.9 |
126.3 |
1.76 |
0.5 |
Shear Zone with visible Stibnite |
126.3 |
126.5 |
52.50 |
0.2 |
Visible Stibnite (Hard-Up Reef) |
126.5 |
127 |
1.57 |
0.5 |
End of mineralised zone |
CHANGE OF ASSAY METHOD
Visible Stibnite (Antimony Sulphide) has been observed to occur in some of the drillholes into the Maori Anticline. As gold has been the primary mineral of interest, earlier assay results from the drilling have not been analysed for the Antimony content. Until recently, the preferred assay method has been to leach the bulk 2 kg drill sample using a cyanide solution. This is followed by fire assay of the residual tails from the solution, thereby tracing any potential undissolved coarser gold particles. With the increasing importance of Stibnite, the Company has refined the assay method to include such metals as Antimony. Additionally, all samples will have an initial 50g fire assay with only bulk leaching amendable to samples that show trace gold levels. This will save costs and speed up results without compromising quality of the assay.
CURRENT DRILLING PROGRESS
Drilling has now been completed into selected zones of both the upper and north end of the known Maori Reef. Geological logging is confirming our understanding of the Maori Anticline and how the main Reef systems consist of narrow stibnite-sulphide veining propagating up through the fold. Recently drilled BH3DD034 suggests gold mineralisation is still open along strike to the north. Assay results from this drilling will assist in follow-up drilling as needed.
Currently, the drilling programme is designed to investigate Scoulers Reef and associated soil anomalies which run along strike, parallel to the Maori Anticline. Some of the drillholes will be extended to target the Maori Anticline at depth to aid geological interpretation.
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 |
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David Tang, Non-Executive Chairman |
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Andrew Haythorpe, CEO |
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Email: info@ecrminerals.com |
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Website: www.ecrminerals.com |
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WH Ireland Ltd |
Tel: +44 (0) 207 220 1666 |
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Nominated Adviser |
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Katy Mitchell / Andrew de Andrade |
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SI Capital Ltd |
Tel: +44 (0) 1483 413500 |
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Broker |
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Nick Emerson |
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Novum Securities Limited |
Tel: +44 (0) 20 7399 9425 |
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Broker Jon Belliss |
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Blytheweigh |
Tel: +44 (0) 207 138 3204 |
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Public Relations |
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Tim Blythe |
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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.
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.
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 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.