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Time to Fillyaboots with ECR Minerals (AIM:ECR) as Victoria Gold Projects continue to evolve and gold attracts record investments.

Time to Fillyaboots with ECR Minerals (AIM:ECR) as Victoria Gold Projects continue to evolve and gold attracts record investments.  

  • High grade assays at Timor
  • Exploration underway at Avoca
  • Whole of bag testing results at Creswick
  • Record breaking month for gold
  • Time to Fillyaboots

 For those keen on regular progress updates, Australia-focussed mining company ECR Minerals (AIM: ECR) hits the mark by keeping investors up to date with their every move on Twitter. Of late, the three major developments over August at Timor, Avoca and Creswick projects have focussed attention, driven as much as anything by the rising demand for gold amid dwindling macroeconomic conditions.

1) High grade assay results demonstrate potential for Timor Gold Project to follow in the footsteps of Maryborough goldfield

The first of these was an impressive set of rock chip sampling results at the Timor project, which gave ECR investors plenty to smile about at the beginning of the month.

High grade gold assays of 22.6 g/t and 26.3 g/t were recorded respectively from Shaw’s Reef and Anglo-Saxon Reef prospects.

Mined to 152m depth, ECR revealed that Shaw’s Reef had produced 11,465 ounces at a grade of 20.93 g/t Au. Meanwhile, four samples from the Anglo-Saxon Reef averaged 8.12 g/t Au.

Not bad eh? Well on top of that, the reconnaissance had also “discovered the Brilliant / Northumbria reef and its extensive gold workings, including an old open cut” ..according to CEO Craig Brown.

“This prospect area extends over a length of approximately 500m and is up to 80m wide and assays from 13 samples indicate widespread low-grade gold mineralisation.”

These results indicate that Timor may well follow on from the historical success of the Maryborough Goldfield.

Maryborough, which lies within the area covered by the Timor license, previously 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.

Northumbria Reef open cut

2) Avoca Exploration Underway

In addition to Timor, there was plenty of news forthcoming from ECR’s other Victoria sites. On the 14th of August the Company announced it had begun exploration at Henry’s Hill within the Avoca gold project license area.

The company now has active exploration works underway at four projects within the Victorian goldfields region, including Bailieston, Creswick, Timor and now Avoca.

“We are delighted to be highly active in the Victoria Goldfields region, at a time when the area is attracting considerable interest from larger companies and investors” commented Craig Brown.

Previously seven samples have been taken from the roadside reserve at Henry’s Hill, with three of these returning 5.1, 1.4 and 1.3 g/t gold.

With land access permission secured from the landowner and ever keen to keep the ball rolling, ECR will be commencing soil geochemistry and field mapping imminently.

3) Whole of bag testing results at Creswick:

Now for Creswick, the one we’ve all been waiting on. This is ECR’s strategic priority, with potential to be a multi-million ounce gold deposit.

Craig Brown and his team have been quick to try to progress the project and understand the impact of the nuggety nature of it’s gold deposits – conducting whole-of-bag testing in order to gain more representative results than from the original 2 kg assays.

Despite delays due to inclement weather at Victoria, ECR were happy to announce that work was underway and generating important results from the gravity and electrostatic concentration (GEC) of gold process, constructed under the guidance of the highly accredited resource geologist Keith Whitehouse.

GEC uses the dual processes of gravity and chargeability, which not only sounds rather impressive, but is capable of removing coarse, fine and ultrafine particles of gold from the RC samples.

According to Craig Brown.. “the results so far have demonstrated significant variability from the original assays, demonstrating that the small sample size can overstate and understate results.”

“Notably the original 44.63 g/t assay from the 2 kg sample from CSR006 (15-16 m) is increased to 63.03 g/t.”

To help support the process, ECR have appointed mining geologist and geometallurgist Dr Simon Dominy. With over 25 years’ experience Dr Dominy looks to be the man to help ECR evaluate their results, review the sampling process and guide future exploration & project development work at Creswick.

Gold sets record breaking highs

From a timing standpoint, ECR have hit the metaphorical bullseye considering the rapid rise in demand for safe-haven gold. Investors ploughed almost $5bn into the precious metal in August amid ongoing trade tensions and diminishing macroeconomic conditions, taking it to its highest level since April 2013.

Prices have remained high moving into September, with levels closing at US$1,551 a troy ounce on Wednesday the 4th of September. Analysts see no sign of prices dipping either.

Bloomberg Intelligence (BI) have said that US gold prices could be set for new record highs. Meanwhile Goldman Sachs upgraded its 6-month gold forecast at the beginning of August to $1,600 an ounce as trade tensions continue to escalate.

According to BI senior commodity strategist Mike McGlone:

“The dollar price of gold is on far more stable ground than it was about a decade ago. Some combination of sustained greenback strength and rapid stock-market appreciation should be necessary to suppress the metal’s price … Bottoming with the Federal Reserve’s interest-rate hike in 2015, the gold price appears to be situated for brighter days,” McGlone said in a September update.

Worsening economic data and the fast approaching Brexit deadline have also pushed the price of gold in British Pounds and Euros to new record highs.

The UK gold price in Pounds per ounce was up more than 50% from the eve of the UK’s vote to leave the EU back in June 2016, hitting £1279 on Tuesday the 3rd of September.

Time to Fillyaboots

All said, while ECR could be accused of being slightly trigger happy with their posts on Twitter, the reality is that the company have a lot to talk about.

As well as gold’s strength, with active exploration underway at four sites in Victoria and with nine exploration licences in the highly prospective Yilgarn region, ECR Minerals are certainly a company worth your attention if you’re looking to join the gold rush.

Each month the company continues to materially progress its projects, with August no exception. Timor’s high grade assay results give plenty of hope, putting a solid floor under the Company valuation, whilst recent exploration at Avoca demonstrates yet again that ECR are not resting on their laurels.

Finally, and of most importance thorough testing appears to be fully underway at Creswick, meaning ECR are moving ever closer to understanding the true value of their potential multi million ounce gold deposit. And with a market cap at just GBP3.5m, there has never been a better time to fillyaboots with this ambitious gold explorer.

By Harry Dacres-Dixon

 

Sources:

Gold Prices To Hit $1,575 In 3 Months, $1,600 In 6 Months – Goldman Sachs

Gold prices to pick off U.S. dollar high next – Bloomberg Intelligence

Investors pile into gold as trade conflict rumbles on

Gold Price Hits Fresh UK and Euro Highs as Brexit Rebels Fight No.10, German Factories Prepare for ‘No Deal’

ECR Minerals #ECR – High Grade Gold Assays – Timor Gold Project – Australia

ECR Minerals #ECR – Exploration Commences at Henry’s Hill – Avoca Gold Project – Australia

ECR Minerals plc (ECR) Progress Update – Creswick Gold Project Australia

ECR Minerals (ECR) Directorate Change

Directorate Change

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, announces that the ECR board of directors (the “Board”) has agreed to accept the resignation of Sam Garrett as a non-executive director of the Company with immediate effect.

The Board intends to appoint a replacement non-executive director as soon as is practicable.

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.

ECR Minerals plc (ECR) Progress Update – Creswick Gold Project Australia

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce a progress update from the testing of reverse circulation (“RC”) drilling sample bags taken from the Creswick gold project (the “Project”) in Victoria, Australia.

As announced on 11 June 2019 and 8 May 2019 ECR are conducting whole of bag testing in order to increase the sample size to gain more representative results than from the original 2 kg assays.

Images of recovered gold referenced in this announcement may be viewed through the following link:

https://www.ecrminerals.com/images/2019/08/22/gec_au_photos.jpg

Craig Brown, Chief Executive Officer commented: “I am pleased to update shareholders with our progress in respect of the Creswick gold project.

Establishing the testing process was technically complex and, with the extremely poor winter weather in Victoria, took us longer than anticipated.

The good news is we are up and running with an established process and test results starting to flow into the company. It is positive to see results so far that overall demonstrate increased gold in the samples. These are the early results however and a significant amount of further information is required before conclusions can be drawn.

The results so far have demonstrated significant variability from the original assays, demonstrating that the small sample size can overstate and understate results. Notably the original 44.63 g/t assay from the 2 kg sample from CSR006 (15-16 m) is increased to 63.03 g/t.

Of particular importance is that we use the data gathered from our work generally, and the test results themselves, to understand the geological structures involved and the distribution of gold mineralisation.

In this regard I would like to welcome Dr Simon Dominy FGS(CGeol) FAusIMM(CPGeo) as a consultant to the Company. Simon has extensive relevant experience evaluating high-nugget effect gold deposits and will help assess our results and guide our future work programmes.

With our testing system now established and running further announcements are expected in the near future.”

HIGHLIGHTS:

Update on Bag Testing and Gold Recovery

  • In June 2019 the Company the confirmed it was evaluating methodologies to conduct full-bag testing of RC samples from Creswick;
  • Under the guidance of Resource Geologist, Keith Whitehouse, ECR staff and contractors constructed a laboratory for gravity and electrostatic concentration of gold, referred to as GEC;
  • GEC uses the dual processes of gravity and chargeability and is capable of removing coarse, fine and ultrafine particles of gold from the RC samples and is similar to commercially available electrostatic drywashers;
  • The process of retrieving samples, setting up the lab and processing the samples has been significantly slowed by the winter weather at Creswick, however testing is now moving forward and generating results which we can incorporate into a project model to understand the geology and gold mineralisation at Creswick;
  • Samples put through the GEC are logged, dried, sieved, weighed and a shroud is wrapped around the GEC to ensure no fine material is lost. The entire process adds some time to the testing period for each bag, but is essential for reliable data collection. Separate assaying of the processed sample by an independent laboratory takes additional time;
  • The process using the GEC separates the sample into four fractions:
  • Coarse oversize material (>3mm) is sieved, metal detected and assayed separately
  • Concentrate off the GEC is assayed separately
  • Tails from the GEC are stored separately. When concentrate or oversize assays are high, the tails are assayed as well. (The tails are captured in a bucket below the GEC and because the GEC is a dry process, a considerable amount of dust is generated.)
  • Tails Dust: The entire system is enclosed and the tails dust is captured separately and selectively assayed with the remaining tails sample.
  • Gold recovered from the process is logged and weighed to contribute to the total gold recovered from each bag tested;
  • The GEC has effectively captured small particles of gold as fine as 0.07 mm (refer to image link above);
  • The first batches of concentrate and oversize material has been tested at Gekko Laboratories in Ballarat and the tails and tails dust have been subsequently tested with full results available from the first 17 samples (Table 1);
  • The results from samples tested so far are from the quartz zones around the higher grade results from CSR006 and CSR012 and a single bag from CSR010. Key findings are:
  • The CSR006 sample from 15-16 m has been upgraded from 44.63 g/t to 63.03 g/t (6% of the gold in this sample was in the tails dust and over 50% in the tails overall indicating there is a significant component of very fine gold with the nuggets)
  • Upgrades in most bags processed with downgrades in 3 bags (Table 1);
  • Microscopic examination of the recovered coarse gold shows gold particles commonly up to 2 mm and this gold is both flat/leafy and ropey (refer to image link above).
  • Nuggets recovered by prospecting nearby dumps are a lattice network of ropey gold (refer to image link above) and such a nugget may break down to smaller fragments like those seen in CSR006 following hammering during drilling;
  • The testing process remains underway and further results will be provided in due course;
  • Fundamentally the Company is seeking to understand the particle size distribution/nugget effect and which geological structures/veins preferably host gold to enable follow on work programmes to be devised with a view to ultimately ascertaining the potential for commercial production.

Appointment of Dr Simon Dominy

  • To assist with the Company’s Project review ECR has engaged Dr Simon Dominy, a mining geologist-geometallurgist with over 25 years’ experience to evaluate the results, review the sampling process and guide future exploration & project development work;
  • Dr Dominy is a Principal Advisor and Qualified Person to Novo Resources Corp. providing technical input across sampling and resource development activities for the Karratha and Beaton’s Creek conglomerate, and Egina alluvial gold projects in the Pilbara of Western Australia;
  • He has worked extensively in nuggety gold projects throughout central Victoria and Australia as well as goldfields across Europe, South America and Greenland.

HoleID

From
(m)

To
(m)

Interval (m)

Original 2 kg assay (g/t)

Full-bag test (g/t)

CSR006

13

14

1

x

X

CSR006

14

15

1

0.12

0.11

CSR006

15

16

1

44.63

63.03

CSR006

16

17

1

0.11

0.17

CSR006

17

18

1

0.15

0.18

CSR006

18

19

1

0.06

0.30

CSR006

20

21

1

x

0.12

CSR006

21

22

1

x

0.01

CSR006

22

23

1

0.39

1.38

CSR006

23

24

1

x

0.00

CSR010

85

86

1

0.27

1.32

CSR012

49

50

1

x

0.01

CSR012

50

51

1

x

0.01

CSR012

51

52

1

x

0.00

CSR012

52

53

1

2.49

2.28

CSR012

53

54

1

0.28

0.24

CSR012

54

55

1

x

0.03

Table 1. Full-bag test results and comparison to the original 2 kg Leachwell assays (x = below detection).

COMPETENT PERSON STATEMENT

The information in this announcement that relates to Exploration Results is based on information compiled by Dr Rodney Boucher of Linex Pty Ltd. Linex Pty Ltd provides geological services to Mercator Gold Australia Pty Ltd, including the services of Dr Boucher, who has a PhD in geology, is a Member and RPGeo of the Australian Institute of Geoscientists and is a Member of the Australasian Institute of Mining and Metallurgy. Dr Boucher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Boucher consents to the inclusion in the announcement of the material based on his information in the form and context in which it appears.

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.

Gold Prices To Hit $1,575 In 3 Months, $1,600 In 6 Months – Goldman Sachs

(Kitco News) – Goldman Sachs Group upgraded its gold forecast for the first time this year, upping its 3-month and 6-month projections to $1,575 and $1,600 an ounce in light of escalating trade war tensions.

Gold prices were solidly above $1,500 an ounce on Monday — a level that was hit last week for the first time since 2013.

After rising nearly 4% last week, gold’s rally is far from over, according to analysts at Goldman, who see more upside in the yellow metal.

“Gold prices have increased further as a weaker CNY sparked substantial U.S. and global growth fears. With growth worries likely to persist, gold could rise further, driven by an increased ETF allocation from portfolio managers, who continue to under-own gold. We raise our 3, 6, 12 month gold price forecasts from $1,450, $1,475, $1,475/toz to $1,575, $1,600 and $1,600/toz, respectively,” Goldman analysts said in a note.

The U.S.-China trade war has entered stage two this summer as U.S. President Donald Trump announced a 10% tariff on the remaining $300 billion worth of Chinese imports starting September 1, the note said.

“With the U.S. and China taking a harder line on trade, our economists no longer expect a trade deal before the 2020 president election—a fundamental change in view,” the analysts including Sabine Schels wrote on Wednesday.

A currency war with depreciating CNY plays a key role in trade war tensions and Goldman’s outlook for the precious metals.

“Previously, China opted for stability and defended its currency in order to facilitate the ongoing trade negotiations in the background. Now, FX appears to be playing an increasingly central role in the trade tensions,” the analysts said. “We estimate that a 10% depreciation of CNY vs USD would spell as much as 13% downside to the S&P GSCI industrial metals sub-index.”

Weaker CNY, in this case, means higher gold prices due to increased global growth fears, added Goldman.

“The depreciation of the CNY led to an increase in ‘fear’, lower long term U.S. rates, and thus a higher gold price. Thus, a substantial depreciation of the CNY could lead to more ‘fear’ regarding U.S. and global growth akin to early 2016 and should be bullish gold,” the analysts stated.

Gold’s ETF demand is also on a strong uptrend, with Goldman upping its 2019 forecast from 300 tonnes to 600 tonnes.

“Now with the DM CAI persistently low, the trade war escalating, global equities selling off and volatility spiking, it looks like our risk scenario is playing out. Indeed, gold ETFs have recently built momentum almost as strong as in 2016 and we believe that can be maintained in the short term,” the analysts said.

ECR Minerals #ECR – Exploration Commences at Henry’s Hill – Avoca Gold Project – Australia

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce the commencement of gold exploration at Henry’s Hill within the Company’s Avoca gold project.

Craig Brown, Chief Executive Officer commented: “The ECR team are excited to feed Henry’s Hill at the Avoca gold project, into the pipeline of projects under exploration in Victoria.

The Avoca Gold Project is one of five projects held by ECR in the Victorian Goldfields region, with four projects at Avoca, Bailieston, Creswick and Timor now the subject of active exploration or project development operational activity.

We are delighted be highly active in the Victoria Goldfields region, at a time when the area is attracting considerable interest from larger companies and investors.”

Highlights:

  • Previously, ECR geologists have taken 7 rock chip samples from the roadside reserve at Henry’s Hill. The samples were taken approximately 5m from each other at various intervals across shallow pits on the roadside reserve. All seven samples were independently tested by Onsite Laboratory Services.
  • Three of these samples returned 5.1, 1.4 and 1.3 g/t gold;
  • ECR have secured land access permission from the landowner and will commence soil geochemistry and field mapping imminently;
  • The soil geochemistry will be undertaken in an attempt to locate the loci of the mineralised shoot/s;
  • In addition, the work will examine the potential for the mineralisation to extend under cover to the east and the potential continuation of mineralisation to the west;
  • Geological mapping conducted in conjunction with the soil geochemistry will attempt to better define the controls on the shoots.

Henry’s Hill Background

Henry’s Hill is located within EL5387 and is 10 km north of Avoca in central Victoria.

The area to be explored is historically known as Henry’s Hill but is also known to the locals as Wolfram Hill due to the presence of the tungsten-bearing ore that was mined along with gold.

Within Henry’s Hill there are shallow historic workings in a zone over 800 m long and up to 100 m wide and which can be seen through the link below:

https://www.ecrminerals.com/images/Projects/AHH_Henrys_Hill_Google_Earth.jpg

The zone has been worked to alluvial cover to the east and so may extend an additional 200 m to the tenement boundary. The workings die out to the west potentially as the influence of the faults diminishes.

The area was mapped in 1950 by government geologist D Thomas, who identified a series of north-dipping faults dissecting NW trending sediments. The most likely geological reconstruction has these faults intersecting a north-plunging anticline under cover to the east. This relationshipis hypothesised to explain the faults diminishing to the west and will be investigated during field mapping.

The presence of tungsten is a good indicator of the influence of magmatic fluids. Granites occur at the surface to the north. Further evidence for granite-related mineralisation will be sought during the exploration work.

COMPETENT PERSON STATEMENT

The information in this announcement that relates to Exploration Results is based on information compiled by Dr Rodney Boucher of Linex Pty Ltd. Linex Pty Ltd provides geological services to Mercator Gold Australia Pty Ltd, including the services of Dr Boucher, who has a PhD in geology, is a Member and RPGeo of the Australian Institute of Geoscientists and is a Member of the Australasian Institute of Mining and Metallurgy. Dr Boucher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Boucher consents to the inclusion in the announcement of the material based on his information in the form and context in which it appears.

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.

Alan Green talks ECR Minerals #ECR, Smart Metering #SMS, Sativa Group #SATI, Feedback #FDBK & Petrel Resources #PET on Vox Markets podcast

Alan Green talks ECR Minerals #ECR, Smart Metering #SMS, Sativa Group #SATI, Feedback #FDBK & Petrel Resources #PET with Justin Waite on the Vox Markets podcast. Interview is 49 minutes and 10 seconds in.

ECR Minerals #ECR – High Grade Gold Assays – Timor Gold Project – Australia

High Grade Gold Assays – Timor Gold Project – Australia

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce the receipt of high grade gold assays from the recently completed rock chip sampling programme 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, with three projects at Bailieston, Creswick and Timor now the subject of active exploration or project development operational activity.

Craig Brown, Chief Executive Officer commented: “I am extremely pleased to announce the receipt of high-grade gold assays from the Shaw’s Reef and Anglo-Saxon Reef prospects, during a recent reconnaissance sampling program where assays of 22.6 g/t and 26.3 g/t Au were received, respectively. Both these samples are of vein quartz taken randomly from the main waste dumps created by the old underground operations of the late 1800s & early 1900s.“

“Furthermore, the reconnaissance has discovered the Brilliant/Northumbria reef and its extensive gold workings, including an old open cut. This prospect area extends over a length of approximately 500m and is up to 80m wide and assays from 13 samples indicate widespread low-grade gold mineralisation.”

Highlights:

  • Quartz vein material assayed 22.6 g/t from Shaw’s Reef main shaft waste dump, which mined to 152m depth and produced 11465 ounces at a grade of 20.93 g/t Au;
  • Quartz vein material assayed 26.3 g/t from Anglo-Saxon Reef main shaft waste dump & the four samples averaged 8.12 g/t Au. No production records are available and the mine appears to have been worked to relatively shallow depths;
  • Eighty-four (84) rock samples were collected from 19 prospects, with over half (47) of the samples being mineralised or anomalous at >0.1 g/t Au;
  • These 47 anomalous samples of quartz vein or waste rock material are from 14 separate prospects which averaged 1.8 g/t Au indicating that not only are the quartz samples mineralised but that there is a high-level background gold content of the host rocks associated with many of the prospects;
  • The maximum gold grade for these waste rock samples received is 6.49 g/t from the North British Reef, where the material assayed was a host rock slate without any quartz content, which is remarkable;
  • A number of the prospects have consistently anomalous gold grades indicating that the ore does not appear to be particularly nuggetty and that reliable grades can be expected. Further sampling is therefore required to establish the extent of the mineralisation of these particular prospects prior to drilling;
  • A number of prospects remain to be sampled within both the LMFZ and SMFZ pending access negotiations to private property;
  • Wide zones of anomalous gold mineralisation associated with old quartz reef workings that operated on a number of parallel reefs, quartz blows, ladder veins and stockworks within a corridor of up to 80m wide occur at the Brilliant/Northumbria Reefs at the northern end of the Shaw-McFarlane Fault Zone (SMFZ). This zone is about 500m in length and may extend further and therefore offers an immediate drill target with potential for open cut gold mining. Historically part of the zone was open cut with horse and cart technology (Figure 1).

A link to Figure 1 Northumbria Reef open cut:

https://www.ecrminerals.com/images/2019/07/30/northumbria-reef-open-cut.jpg

A link to Figure 2 Brilliant Reef large quartz outcrop approximately 400m south of Northumbria workings:

https://www.ecrminerals.com/images/2019/07/30/brilliant-reef-large-quartz.jpg

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 within the licence area 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.

As a result of the successful program of reconnaissance rock dump sampling from the old workings announced today, the Company is reviewing the data collected to determine the next step for this the Timor Project.

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.

ECR Minerals: ‘Nuggety Nature’ of its Site in Australia gives Hope to this Hard-Working Gold Seeker

By Malcolm Stacey | Share Prophets | Friday 26 July 2019
Hello, Share Primers. Say what you like about gold explorers, there are a few that try really hard and deserve success. It’s a risky business, prospecting, but the rewards, if they come at all, can be dazzling. And it’s a reasonable strategy to have at least some fun money in this field, given the rosy prospect that some commentators expect on this scintillating website for a rising gold price.
I’ve previously brought  to your attention ECR Minerals. (ECR). I praised, among other factors, its diligence in bringing news to shareholders. I does it almost weekly and I do not find its releases to be too over-optimistic. Not like some miners I could mention.
To recap: ECR has exploration and development underway at 3 projects in Victoria, Australia. They are Bailieston, Crewick and Timor. Crewick is currently getting most of the attention as ECR claims it has ‘potential to host  a multi-million ounce gold deposit’.
We are told – and I believe this company to be honest – ‘There is plenty of long standing geological and anecdotal evidence supporting this view.’  In the winter, ECR did a lot of drilling at Crewick. Results exceeded expectations with quartz found in  third of the drilled land. (Quartz is a jolly sign, apparently).
But it was what the company quaintly describes as the ‘nuggety’ nature of gold mineralisation on the site that we’re expected to be encouraged by. If there are nuggets then it leads to the likliehodd of understated essays in the company’s samples.
The Aim-listed prospector has so many samples to test, it has rented a large aircraft hangar in Nagambie for the storage, preparation and drying of samples. They’ve also shipped in posh lab equipment to get the assays done.
And if all this is not successful, then the outfit does have the other Australian gold projects to fall back on.
Remember, gang, that oil prices are depressed at the moment. But as many analysts fear for the global economy, that might not stay pertinent for long.
And now let’s do some sampling of our own in the Punter’s Return.

ECR Minerals Victoria Goldfields projects set to take flight 

  • Creswick a strategic priority
  • Golden Nuggets
  • Foot on the pedal at Timor Gold Project
  • Time to jump on board

AIM Listed Australia-focussed mining company ECR Minerals (AIM: ECR) now has active exploration and development works underway at three projects within the Victorian goldfields region, including Bailieston, Creswick and Timor. 

Developments in June and July have ensured that investors remain firmly focussed on progress thanks to a raft of exciting announcements from both Creswick and Timor projects.

Creswick a strategic priority, with potential to host multi-million ounce gold deposit

ECR Minerals Creswick gold project is evolving quickly, with ECR looking to rapidly advance the project to a JORC compliant resource.  

ECR’s CEO Craig Brown said the company will be “allocating resources to this project in a prioritised manner” with internal modelling suggesting that Dimocks Main Shale..”is large enough to potentially host a multi-million ounce gold deposit”

There is plenty of long standing geological and anecdotal evidence supporting this view. The Dimocks Main Shale (DMS), a 15km-long geological feature containing a vast amount of alluvial and deep lead gold, has been historically responsible for contributing a large proportion of gold production in the Victoria region. And it just so happens that approximately 7km of ECR’s Creswick licences and applications incorporate the DMS feature. 

Back in February ECR completed 1,687 metres of reverse circulation drilling, which targeted multiple quartz vein orientations. Results in May reportedly exceeded expectations, with quartz identified in over a third of the ground drilled.

Golden Nuggets

However, it was the ‘nuggetty’ nature of gold mineralisation at the site which grabbed the Company’s attention. It is now thought that the ‘nuggety’ gold mineralisation could have dramatically increased the likelihood of understated assays in ECR’s samples to date, with the chance of capturing a gold nugget in any drilled meter smaller as the nuggets size increases. 

To help provide a clearer picture, ECR announced on the 11th June that they would be significantly ramping up their assessment, particularly given the strong possibility that coarse gold was missed from previously assayed 2kg samples from a 30kg bag.

In line with advice from tendering laboratories, ECR have devised a structured approach to systematically test 640 sample bags (each close to 30 kg). 

Bags found to contain metal will be removed from site for “whole-of-bag” testing. ECR stated that the process will now incorporate multiple steps, including sieving, detecting, gold particle analysis, gravity concentration and assaying to determine the size distribution and grade of the coarse and fine gold within the sample. 

The Company has every reason to be hopeful. On May 8th, a sample bag trial demonstrated gold of 11.8 g/t from whole-of-bag gravity concentration, some 528% greater than the 1.88 g/t gold returned from assay of the initial 2kg sub-sample.

“Creswick is a unique project and the assessment of in-situ gold mineralisation requires bespoke project management and technical application”, said Craig Brown.

“I am delighted that our first metal detecting of bags has already highlighted metal content, which we expect is reflective of nugget gold mineralisation as samples from depth are unlikely to contain other detectable metals.”

CEO site visit

As Creswick continued to make rapid progress, Craig Brown visited the site in June.

He commented; “Subject to the ongoing results of our work, and assuming positive exploration outcomes, we are seeking to rapidly advance Creswick toward a JORC compliant resource.”

JORC is a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results.

In the same announcement on June 21st, ECR revealed that in a bid to get the project into full flight, the Company have rented a large aircraft hangar and house in Nagambie for the sample storage, supervised preparation and drying of bulk samples. They’ve also shipped in technical lab equipment to help get the assays done. 

Meanwhile, gold panning in the vicinity of the recent drill hole locations had produced visible fine gold as seen opposite. While it may not look that impressive, panning evidence such as this is an important indication of gold in the area. 

Resource Geologist Appointment

Just three days after Craig Brown arrived on site, ECR announced the appointment of Keith Whitehouse, of Australian Exploration Field Services Pty Limited, as a consultant resource geologist.

With over 40 years’ experience in the provision of technical services to the resources industry, Keith Whitehouse looks to be the ideal appointment at this juncture, particularly given that he has extensive experience in resource modelling, JORC and NI 43-101 reporting, business development, data management and associated IT solutions. In addition to all this, he has extensive experience in Victoria, being a former Chair and current committee member of the Central Victoria branch of AusIMM. 

Of the appointment, Craig Brown commented: “Keith’s knowledge and experience will be applied immediately with regard to our ongoing work at Creswick, where we are seeking to quantify gold mineralisation in a manner that, if applicable, can be embodied within a JORC compliant resource.

In addition Keith’s skills will be of further value in respect of other projects in our Victorian portfolio, especially those where knowledge and experience relevant to resource modelling in a nuggetty environment are required.”

Foot on the pedal at Timor Gold Project, with modern processing set to offer great potential.

Although, at present Creswick is a priority, the Company is working hard to progress the other sites in the Victoria region. 

On June 25th, it was announced that gold exploration activities had commenced at the Timor Gold Project in Victoria, with Craig Brown stating that he was confident that modern mining processing techniques could open up significant gold production opportunities at the old Timor mines. 

“It is evident that most of the historical gold mines have not been developed fully at depth and that processing challenges stopped production in some cases, including certain remarkably high-grade gold deposits where production grades of up to 217 g/t or 7 oz/t are recorded” Brown added.

Timor Rock Chip Sampling 

Most recently, on July 15th ECR announced that 91 samples have been collected from Timor and submitted to the laboratory for assay testing. These were taken from two major fault zones, both with a long history of producing gold. The Shaw-McFarlane Fault Zone (“SMFZ”) in particular is reported to have consistently produced high grade gold mines along its length. 

Samples will include those taken from rock dumps from old gold workings, with the objective of the process to understand the type of mineralisation present. 

ECR were also delighted to announce that a 2.2kg gold nugget worth an estimated value of circa $200,000 had been discovered in an old alluvial channel approximately 5 km from the boundary of the Timor gold licence area during a gold prospecting documentary. 

The news came as a huge encouragement to the directors, supporting their ongoing belief in the untapped potential of the primary mineralisation in the area – with these the nuggets likely to have a local, primary source.

Gold production records for the area have also bolstered confidence at ECR. The Maryborough goldfield to the south of their site 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. 

Time to jump on board

With active exploration and development underway at these highly prospective projects within the Victorian goldfields – Creswick, Timor and of course Bailieston, – now looks like a better time than ever to board the ECR flight. Tickets are also cheap, with the stock having seen a small dip across June.

There are many other voices across the industry with similar views. Jonathan Goodman, executive chairman of Dundee Corp insists that now is the time to be buying gold mining stocks when prices are deflated instead of waiting until everything is on its way up. In fact Goodman believes that Gold miners currently offer the ‘best value since 2010’. See his interview here with The Street.

With news expected across all three of ECR’s projects in the coming weeks and an internal review of ECR’s Avoca and Moormbool Projects to be with investors soon, this stock has its engines already turning on the runway. Don’t miss the flight. 

By Harry Dacres-Dixon

ECR Minerals #ECR – Issue of Shares for Business Services

ECR Minerals plc (LON:ECR) the precious metals exploration and development company is pleased to announce that 5,090,000 New Ordinary Shares have been issued by the Company at a deemed share price of 1.0p per share in lieu of business support, marketing and communications services valued at £50,900.

The shares are to be issued to five different and unconnected service providers covering principally investor and public relations services.

Craig Brown Chief Executive Officer of ECR Minerals plc commented: “ECR continues to aggressively pursue its Australian gold project portfolio and has experienced exploration success across its Bailieston and Creswick projects in 2019. A third project, Timor, is now activated and exploration work is progressing on the ground.

Given the range and depth of our project interests and amount of operational activity, we are focused on maintaining strong and focused market communications to ensure our message is well distributed and properly understood.

I am pleased that our service providers have today taken shares in lieu of cash for services, which we believe demonstrates their confidence in the business model..

I look forward to updating the market with further developments at the earliest opportunity.”

ADMISSION OF SHARES AND TOTAL VOTING RIGHTS

Admission of the New Ordinary Shares is expected to occur on or around 24 July 2019. Following Admission of the Financing Shares, ECR’s issued ordinary share capital will comprise 450,930,783 ordinary shares of 0.001 pence. This number will represent the total voting rights in the Company, and, following admission of both the placing and subscription shares, may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules. The new shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.

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.

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