Blue Moon – significant gold target identified below near surface mineralised oxide zone
On 6 July 2018 the Company announced a significant near surface gold system had been identified in drilling at Blue Moon and this led to a thorough review of the Blue Moon gold target by the Company’s technical team, the results of which are outlined below.
The gold grade identified near surface was modest, but the key objective of the previous drilling campaign was to confirm the presence of gold mineralisation which was achieved successfully. With gold mineralisation confirmed the work commenced to investigate the geological system enabling the Company to target future drilling seeking higher grade mineralisation, potentially of a type similar to the nearby million ounce Fosterville mine.
Upon review of the findings the Company has identified that there has been considerable leaching of the veinlets containing gold in the Blue Moon sandstone in the oxide zone near surface. If the leached materials are gold bearing sulphides, the Company believe there is potential for significantly higher grades by drilling below the oxide zone, where the significant near surface gold system was identified from the previous drill programme.
The conclusion of the technical review is that, given the significant near surface and extensive gold system identified to date and evidence of near surface leaching, there exists potential for a significant gold discovery with deeper drilling. As a result the Company expects to undertake deeper reverse circulation drilling in the coming months, subject to conclusion of land access agreements.
Two new gold targets confirmed in addition to the Blue Moon target
In addition to the work undertaken at Blue Moon the Company has undertaken field mapping and soil geochemical sampling over unexplored areas to the north and northwest of Blue Moon.
This work programme has identified two new gold prospective targets which share similar geochemistry to that confirmed at Blue Moon, notably large areas of quartz float with anomalous arsenic of similar magnitude.
The two new targets have been named Red Moon and Yellow Moon and will now be subject to further geochemical analysis to identify the extent of each anomaly and to determine a follow up work programme for each target as appropriate.
Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “I am delighted with the progress our technical team have made with the review of Blue Moon. It is evident that the Blue Moon target offers an opportunity to discover a significant gold deposit and that will be our prime objective in the forthcoming drill campaign.
Furthermore, the addition of two new targets at Red Moon and Yellow Moon is extremely exciting for the technical team and the Company. The multiple gold targets identified to date support the rationale of the Company in securing the Bailieston licence with the overall objective being the discovery of a significant and economic gold deposit.
Alongside our work in Victoria, Australia, we are actively pursuing other initiatives in Australia including the completion of due diligence in respect of the “Iceberg” project, an option over which was announced to the market on 15 August 2018.
I look forward to providing further Australian development updates.”
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 Australian 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.
ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, 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.
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|
|WH Ireland Ltd||Tel: +44 (0)161 832 2174|
|Katy Mitchell/James Sinclair-Ford|
|Optiva Securities Ltd||Tel: +44 (0)203 137 1902|
|SI Capital Ltd||Tel: +44 (0)1483 413500|
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such statements may be subject to numerous known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations. There can be no assurance that such statements will prove to be accurate and therefore actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. Any forward-looking statements contained herein speak only as of the date hereof (unless stated otherwise) and, except as may be required by applicable laws or regulations (including the AIM Rules for Companies), the Company disclaims any obligation to update or modify such forward-looking statements because of new information, future events or for any other reason.