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ECR Minerals #ECR – Significant Update – Creswick Gold Project Australia

ECR Minerals plc (LSE:ECR), the precious metals exploration and development company, is pleased to provide an update in respect of the Company’s exploration programme at the Creswick gold project (the “Project”) in Victoria, Australia.

Highlights:

  • The Company has completed 1,687 metres of reverse circulation drilling in 17 holes at the Creswick gold project targeting multiple quartz vein orientations within the Dimocks Main Shale (“DMS”);
  • Drilling identified more extensive quartz than anticipated, in a zone exceeding 60m in width (more than twice the 25m width expected) with quartz identified in over one third of the 1,687 metres drilled;
  • The majority of drill results have now been received and are being reviewed by the Company’s technical team. Of the 17 holes drilled the Company has identified gold mineralisation in all holes so far with grades in 9 holes ranging from 0.6 g/t gold to 44.63 g/t gold (1.44 oz per tonne);
  • Technical review of the drill programme and assay results has confirmed elements of the complex geology at Creswick and confirmed that the gold mineralisation is ‘nuggetty’ in nature;
  • Nuggetty gold distribution can lead to understated assays, as the larger the nuggets the less the chance they will be captured in the drilled metre. Compounding the problem is only a small portion of each reverse circulation sample bag is actually tested. Conversely results can be overstated if the nugget happens to be captured in the small sample;
  • ECR has therefore commenced a process of gravity concentration tests from whole of bag samples from the reverse circulation drilling and will release results as the more representative whole of sample bag analyses are conducted;
  • From a trial sample bag tested from hole CSR011 a nugget has been found in the previously untested portion of the sample and overall the sample has demonstrated gold of 11.8 g/t from whole-of-bag gravity concentration, some 528% greater than the 1.88 g/t assay result;
  • Until further extensive whole-of-bag tests have been completed the results of the assays from the drilling program may be unreliable as indicators of true grade at this stage;
  • The work undertaken indicates that we believe there is potential for a very substantial gold deposit within the DMS as highlighted previously by the Company’s technical team and ECR is now accelerating the highly important gravity concentration tests as outlined;
  • A fuller explanation of the nugget effect and its implications is provided below and further updates will be announced to market as soon as practicable.

Craig Brown, Chief Executive Officer commented: “The work we are undertaking at Creswick is highly exciting given the transformational potential this large footprint gold system offers.

The question we have to answer is how much gold does the DMS hold that would be amenable to a bulk tonnage gold mining operation. We are closing in on the answer and the directors believe that the outcome has the potential to be Company transformational and is therefore deserving of our close attention.

We eagerly await the findings from the whole of bag gravity concentration work and will report back to the market as significant developments occur.”

Background:

Within the Company’s announcement dated 25 September 2018 it was confirmed that exploration mapping undertaken by the Company at the Project had identified a large gold system in the Dimocks Main Shale (“DMS”) gold targets. The announcement can be viewed through the following link:

https://polaris.brighterir.com/public/ecr_minerals/news/rns/story/xomoomr

The DMS sits between two large gold producing areas in Victoria, Australia where it is estimated that, historically, 15 million ounces of gold has been produced. It was the proposition of the Company’s technical team that they had identified the hard rock source for a significant portion of the aforementioned 15 million ounces of gold,. although further work was required to validate this proposition.

A visual representation of the DMS and the Company’s mapping, which demonstrates the potential link from the alluvial source with the DMS, is provided through following links to the ECR Minerals website:

https://www.ecrminerals.com/images/Creswick_Map1.jpg

https://www.ecrminerals.com/images/Creswick_Map2.jpg

Reverse Circulation Programme:

On 28 January 2019 the Company announced the commencement of a reverse circulation drilling programme targeting multiple quartz vein orientations identified within the DMS.

The majority of drill results have now been received and are being reviewed by the Company’s technical team. Of the 17 holes drilled the Company has identified gold mineralisation in 9 holes so far with grades ranging from 0.6 g/t to 44.63 g/t (1.44 ounces per tonne).

Further information in respect of the drill programme and the complete assay results will be provided in due course when all results have been received and analysed by the Company’s technical team; and alongside other important exploration and investigative work as outlined below.

Gold Nugget Effect – Creswick Project

The gold mineralisation at the Project is reef gold, with alluvial free gold which has eroded from the reef into the surrounding gullies. This means that in our earlier work we identified that a proportion of the in-situ gold has a nuggetty distribution across the DMS.

The drill testing programme was designed to examine this proposition, and the indications thus far demonstrate that the proposition of an extreme nuggetty distribution rather than major, minor or none. This is not unusual in these gold systems and Bendigo and Wattle Gully (Castlemaine) have an extreme nugget effect, whereas other deposits in Victoria and elsewhere are less (Dominy et al. 2004).

The State of Victoria in Australia is renowned for large gold nuggets and in the list of nuggets published by the Geological Survey of Victoria (Dunn, 1912) it is reported there was a 112 oz nugget found in a mine understood to be adjacent to one of the Company’s drill locations at the Project (hole CSR014). In addition, it is reported several nuggets over 100 oz were found in the vicinity of the Company’s drill targets and nuggets up to 625 oz further south in alluvial gullies downstream from the DMS.

The reverse circulation drilling programme has identified gold mineralisation, and the higher grade identified by the whole-of-bag test, indicates the potential for significant grades. With nuggetty gold however, the traditional assay testing can materially understate or overstate the gold in the samples.

The reason for this potential understatement is that nuggetty gold may be missed when samples from the reverse circulation drill holes are sent for assay. This arises from having the gold concentrated in a few large particles reducing the chances of a gold particle being captured in a small sample.

In respect of the Creswick programme typically 1 metre of reverse circulation drilling collected a 30kg sample. From each 30kg sample bag typically 2kg was sent to the assay laboratory, pulverised and subjected to the Leachwell method of analysis.

This means that from each 1 metre sample bag 93% of the contents were not initially tested and any nuggets within that untested portion of the sample would not be represented in the assay data.

The Company could have tested whole-of-bag samples from the beginning of the process, but that would have been a costly exercise prior to drilling completion, analysis of samples and initial assay testing.

With the benefit of the initial field work and sample analysis, together with guidance from the incoming assay results, the Company’s technical team has concluded that testing of the whole contents of each sample bag is required to fully assess the gold content.

After consideration of various methods the Company determined that the entire 30 kg sample in each bag should be subject to a gravity concentration test.

A trial bag has been tested and a 6.4mm 0.27g nugget was found in material from a 22.9kg sample bag. This which equates to 11.8 g/t from hole CSR011. The actual assay result for the 2kg sample from CSR011 was only 1.88 g/t. This reliably demonstrates that for the first bag fully tested by gravity concentration the initial assay test had understated the gold content by 84.2%.

As a result, the Company is now processing further whole-of-bag samples through the gravity concentration testing process.

Whilst there can be no certainty that additional bags tested will contain higher quantities of gold, it is unlikely that the testing will not find a degree of repetition of this type of result recognising what is now known about the DMS geology.

Should however the Company find in the testing process that considerable gold is identified, in nugget form, this may indicate a substantial in-situ gold deposit which may be amenable to a bulk tonnage mining operation.

Further testing is ongoing at present and the Company will be releasing regular updates with regard to this very important work.

REFERENCES

Dominy, S. C., Cuffley, B. W., McCarthy, P. L., Thomas, O. K. & Hill, R. L., 2004. The challenges of evaluating and exploiting gold-quartz reefs in the Central Victorian Goldfield, Australia. The AusIMM New Leaders’ Conference, Ballarat. pp121-141

Dunn, E. J. 1912. List of nuggets found in Victoria. Geological Survey of Victoria. Memoir 12.

Table 1. Tabulated intersections (> 0.5 g/t gold).

HoleID Interval (m) From (m) To (m) Grade (g/t gold)
CSR006 1 15 16 44.63
CSR012 1 52 53 2.49
CSR011 1 12 13 1.88
CSR002 1 12 13 1.43
CSR009 1 4 5 1.27
CSR010 1 10 11 1.21
CSR002 1 36 37 1.09
CSR015 1 38 39 1.03
CSR005 1 12 13 0.95
CSR003 1 26 27 0.90
CSR002 1 69 70 0.76
CSR002 1 9 10 0.64
CSR011 1 6 7 0.63
CSR012 1 17 18 0.61

Table 2. Hole details.

Hole ID Easting (m) Northing (m) Elevation (m) Zone Hole depth (m) Delination Azimuth
CSR001 759325 5854691 533 54 78 -50 278.5
CSR002 759328 5854697 533 54 84 -70 278.5
CSR003 759355 5854688 534 54 97 -85 278.5
CSR004 759329 5854691 533 54 114 -60 280.0
CSR005 759305 5854648 535 54 120 -50 278.5
CSR006 759316 5854651 535 54 133 -60 278.5
CSR007 759341 5854651 535 54 73 -60 278.5
CSR008 759338 5854651 535 54 91 -85 278.5
CSR009 759301 5854580 539 54 60 -50 278.5
CSR010 759301 5854581 539 54 90 -80 278.5
CSR011 759326 5854710 531 54 60 -50 278.5
CSR012 759328 5854710 531 54 91 -85 278.5
CSR013 759327 5854710 535 54 204 -60 281.0
CSR014 759420 5854696 539 54 176 -60 98.5
CSR015 759354 5854824 538 54 78 -50 278.5
CSR016 759356 5854823 538 54 60 -80 278.5
CSR017 759326 5854868 540 54 78 -60 98.5

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.

ECR Minerals #ECR – Annual Financial Report & Notice of AGM

ECR Minerals plc is pleased to announce its audited financial statements for the year ended 30 September 2018. The information presented below has been extracted from the Company’s Annual Report and Accounts 2018.

Copies of the Annual Report and Accounts 2018 together with a notice of annual general meeting will be posted to shareholders today and will be available shortly on the Company’s website www.ecrminerals.comand from the Company’s registered office at Unit 117, Chester House, 81-83 Fulham High Street, Fulham Green, London SW6 3JA. The text of the notice of annual general meeting is provided below.

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 413 500
Broker
Nick Emerson

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.

The Directors of ECR Minerals plc (the “Directors” or the “Board”) present their report and audited financial statements for the year ended 30 September 2018 for ECR Minerals plc (“ECR”, the “Company” or the “Parent Company”) and on a consolidated basis (the “Group”)

Chairman’s Statement

Over the past year, ECR has continued to advance and augment its portfolio of gold exploration projects in Australia, which is one of the world’s principal gold producers and one of the foremost destinations for global mining investment.

During the financial year ended 30 September 2018 and since the year-end the Company’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has carried out extensive exploration work in the state of Victoria, with drilling completed at two prospects in the Avoca gold project area during calendar year 2018, followed by drilling at the Creswick gold project in February 2019, and at the Blue Moon and Black Cat prospects in the Bailieston gold project area later the same month. The results of these programmes are discussed in the Chief Executive Officer’s report, to the extent which they are available. I am pleased to note that drilling results announced to date have included some significant intercepts at Blue Moon, the most exciting being 2 metres at 17.87 g/t gold from 57 metres downhole in BBM007, within a zone of 15 metres at 3.81 g/t gold from 51 metres.

In late 2018, the Group moved into another world-class Australian gold province, the Yilgarn Craton in Western Australia. MGA has made nine exploration licence applications over a 1,600 square kilometre land package which has been identified as a potential greenstone-hosted orogenic gold exploration opportunity with significant potential to contain Archaean greenstones buried beneath Permian cover sequences of the Canning Basin.

Importantly, ECR is moving forward from a position of financial strength, having raised £1.35 million (before costs) during calendar year 2018, and with the potential for more than £2 million of further funding to come into the Company through the exercise of warrants issued to investors as part of those fundraisings.

I would like to welcome Sam Garrett to the Board as a non- executive director. Mr Garrett, who is a resident of Australia, holds a Bachelor of Science degree with First Class Honours in Geology and a Master of Economic Geology degree, both from the University of Tasmania. He also holds a Master of Applied Finance degree from Macquarie University in Australia. Mr Garrett has over 30 years of exploration management, project assessment and operational experience working for large multi-national and junior mining and exploration companies in ten countries including Australia, Argentina and the Philippines. I am sure that Sam has a valuable contribution to make as a director of ECR.

Christian Dennis resigned as a non-executive director of the Company in July 2018, to focus on his other business interests. The Board would like to thank Christian for his service as a director of ECR and wish him well for the future.

Pleasingly, the gold price has made a healthy start to 2019 by returning to levels in excess of USD 1,300 per troy ounce, and we are hopeful that macroeconomic conditions will see the price rise further in the near future. Regardless, the Board remains confident in ECR’s strategic objective of discovering a multi-million ounce gold deposit, and we look forward to reporting further progress towards this goal.

Chairman

28 March 2019

Chief Executive Officer’s Report

The Group’s concentration on gold exploration in the state of Victoria, Australia, continued apace during the year, as did the exploration boom across the Victorian gold province as a whole. The latter has been driven in large part by the success story which has unfolded at the Fosterville gold mine, which produced more than 350,000 ounces of gold in 2018 and is firmly established as Victoria’s largest gold producer.

At the same time, we have expanded our footprint to Western Australia by applying for a package of nine exploration licences in the Yilgarn Craton, which comprise the Windidda gold project, and maintained our presence in Argentina at the SLM gold project in La Rioja Province.

We are also continuously evaluating potential new opportunities and will engage with those, such as the Windidda project, that we determine may have the potential to enable the achievement of ECR’s primary strategic objective, which is to generate value for shareholders through the discovery of a multi-million ounce gold deposit.

By convention, much of this Chief Executive Officer’s Report relates to activities which have taken place after 30 September 2018. Diamond drilling at the Bung Bong, Monte Christo and Blue Moon prospects was completed prior to the year-end, as was rock-chip sampling in the Byron and Cherry Tree areas. Reverse circulation (RC) drilling at Blue Moon and the Creswick project and rotary air blast (RAB) drilling at the Black Cat prospect has taken place in the current financial year.

GOLD EXPLORATION IN VICTORIA, AUSTRALIA

In Victoria, ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of six exploration licences: Avoca (EL5387), Bailieston (EL5433), Creswick (EL006184), Moormbool (EL006280 and EL006913) and Timor (EL006278).

MGA has pending applications for four further exploration licences, two south and south west of the existing licence at Creswick; and two others in the vicinity of the Bailieston and Moormbool project areas, to secure available ground south and south east of a licence applied for by Newmont Exploration Pty Ltd.

In early February 2019, MGA commenced a reverse circulation (RC) drilling programme at Creswick, which was followed by a second RC programme at the Blue Moon prospect in the Bailieston gold project area. In parallel, a rotary air blast (RAB) programme was carried out at the Black Cat prospect, which is also within the Bailieston gold project area.

The Company announced assay results in respect of three holes drilled at Blue Moon on 14 March 2019, with results from a further nine holes expected to be announced soon. Assay results from drilling at Black Cat and Creswick are also expected to be announced in the near future. From the announced Blue Moon results, significant intersections included 2 metres at 17.87 g/t gold from 57 metres down hole in BBM007, within a zone of 15 metres at 3.81 g/t gold from 51 metres.

Bailieston Gold Project – EL5433

The Bailieston project is at the epicentre of the current gold exploration boom in Victoria, being located close to the highly successful Fosterville mine owned by Kirkland Lake Gold. This point is underlined by the arrival of Newmont Exploration in the district with an application for ground immediately to the north of the Black Cat prospect.

Blue Moon Prospect

The focus of activities in the Bailieston project area for the past year has been the Blue Moon prospect. This was identified as a high priority prospect in early 2018 when Dr Rodney Boucher, an experienced Victorian gold geologist, commenced a review of all available data on MGA’s exploration licences (at that time numbering four licences), complemented by geological mapping and geochemical surveys in selected areas. The purpose of this work was to help define targets for a diamond drilling programme extending across a number of MGA’s prospects.

The geochemical surveys utilised a portable XRF to delineate proxy minerals associated with gold. An arsenic- anomalous zone up to 40 metres wide and more than 200 metres long was identified at Blue Moon, and previous work showed anomalism over a further 150 metres to the west. Previous rock chip samples included results of 12.1, 10.1 and 7.0 g/t gold, and previous soil surveys identified gold to 5.0 g/t.

The diamond drilling at Blue Moon was intended to test the arsenic and antimony anomalies identified by the soil geochemical survey completed by MGA in early 2018. Positive results from the drilling were announced in July 2018.

Diamond drill holes BBM001 and BBM002 were designed to establish the dip of the host sandstones and assess the potential for gold mineralisation. Intercepts of 5.45 metres at 0.12 g/t gold from 33.95 metres and 10.0 metres at 0.16 g/t Au from 43.8 metres were obtained in BBM001 and BBM002, respectively. Upon drilling faulted, stockworked sandstone in the first two holes, BBM003 was drilled down dip to test the nature of the cross-cutting faults and veins and to obtain a large number of samples for analysis. An intercept of 39.5 metres at 0.3 g/t gold from 24.2 metres, including 2.7 metres at 1.12 g/t gold from 60 metres, was obtained in BBM003. Intersections given in this paragraph are apparent width.

The gold mineralisation intersected is hosted in an approximately 5.5 metre wide medium-grained sandstone within a thick bioturbated shale. Diorite sills have intruded along the margins of the sandstone. The sandstone is metamorphosed to quartzite and the brittle host showed stockwork vein development in each of the three holes. Small iron-oxide pseudomorphs thought to be of arsenopyrite and pyrite were disseminated throughout the quartzite. Deep weathering of the sandstone meant that no samples of fresh rock could be obtained from the diamond drill holes to verify the minerals.

The high repeatability of the assay results from MGA’s diamond drilling at Blue Moon supports the hypothesis that the prospect is a disseminated gold occurrence comparable to some of the mineralisation exploited at the Fosterville mine approximately 50km away.

Given the deep weathering and the potential for gold depletion in the oxidised sulphides, it was considered possible that higher grades would be encountered at depth in the fresh (un-weathered) rock. Obtaining samples from fresh rock was a key objective of the drilling completed at Blue Moon in February 2019.

The twelve reverse circulation (RC) holes (BBM004-15) completed at Blue Moon by MGA aimed to intercept the sandstone on 50 metre spacing across three sections and to gain samples from beneath the oxide zone.

Assay results have been announced for holes BBM007, BBM006 and BBM004, and have shown both high grade intervals and significant widths of anomalous gold grades. As well as 2 metres at 17.87 g/t gold from 57 metres down hole in BBM007, within a zone of 15 metres at 3.81 g/t gold from 51 metres, an intersection of 3 metres at 3.88 g/t gold from 170 metres down hole within a zone of 11 metres at 2.42 g/t gold from 169 metres in hole BBM006 has been announced. Intersections given in this paragraph are apparent width.

These results indicate that a high grade zone exists within the target sandstone host. Further drill results and interpretation will be required to understand any concentration of mineralisation within shoots.

The base of the oxide zone was at 64 metres in BBM007 within the host sandstone. Visible gold was seen in three samples (3 metres at 13.4 g/t gold from 57-60 metres) and it is possible these are elevated gold values as a result of supergene enrichment close to the base of the oxide zone. BBM004 & 6 intercepted the host sandstone beneath the oxide zone. Logging recorded estimates of up to 4% pyrite and 2% arsenopyrite with minor quartz. No visible gold was seen in these samples.

In addition to Blue Moon, two further prospects with similar characteristics at surface, namely anomalous arsenic and broad areas of quartz float, have been identified within an approximately 3km radius. MGA will be further assessing these prospects, referred to as Red Moon and Yellow Moon, in the months to come.

Black Cat Prospect

Black Cat is among the high priority targets identified by the geophysical interpretation and targeting study completed for MGA by Terra Resources in late 2017 and has not been previously drilled. The prospect is immediately south of ground recently applied for by Newmont Exploration and contains 220 metres of historical workings along three known lines of quartz reef. Strong gold-in-soil anomalism in some areas indicates unworked reefs may remain to be discovered, and rock chip sampling of quartz-poor material indicates potential for disseminated gold. Rock chip samples at Black Cat have returned encouraging grades up to 11.3 g/t gold.

Rotary air blast (RAB) drilling is a low cost method well suited to the first pass testing required at Black Cat, and a 450 metre RAB programme commenced in February 2019.

Other Prospects at Bailieston

Away from Black Cat and the ‘Moon’ prospects, exploration work at Bailieston included 151 surface rock chip samples to help assess targets in the Byron and Cherry Tree areas, which contain numerous northwest trending quartz reefs, including the Byron, Scoulars and Maori reefs that were drilled by MGA in 2017. Of these samples, 51 returned gold grades in excess of 0.5 g/t, with the highest being 67.4 g/t. Of the high grade samples, 26 were re-assayed in accordance with common QA/QC practice, and the repeat assays demonstrated good consistency with the first round of assays.

Creswick Gold Project – EL006184

The Creswick project targets gold mineralisation hosted within the Dimocks Main Shale (DMS), which extends over a 15km trend from the mining centre of Ballarat to the south, approximately 7km of which is covered by EL006184 and MGA’s two exploration licence applications. In the project area, the DMS is an approximately 25 metre wide shale containing bedding and cleavage-parallel auriferous quartz veins. Only two holes have previously been drilled to test the DMS within EL006184, both in the 1990s. The results of this drilling included an intercept of 2 metres at 12.28 g/t gold. The best previous drill intercept into the DMS elsewhere is 2 metres at 176 g/t gold.

Avoca Gold Project – EL5387

MGA drill-tested two gold prospects in the Avoca project area in April and May 2018, also following Dr Boucher’s data review, mapping and geochemical surveying. Five holes were completed at the Bung Bong prospect using a diamond core rig. Thereafter, the rig moved to the Monte Christo prospect, where two holes were drilled. Assay results were announced in early June 2018.

All five holes at Bung Bong and the two holes at Monte Christo fulfilled their intended purpose, which was to test the structural architecture of the target areas. The holes were the first ever drilled at both Bung Bong and Monte Christo, and gold mineralisation was intersected at both prospects, although no high-grade shoots were encountered.

WESTERN AUSTRALIA

Windidda Gold Project

In December 2018, MGA submitted nine contiguous exploration licence applications covering a 1,600 square kilometre package of ground prospective for gold mineralisation in the Yilgarn region of Western Australia, east of the town of Wiluna. The application package is to be known as the Windidda gold project.

Archaean greenstones host many of Western Australia and the world’s most prolific gold deposits, and the Windidda applications cover a significant proportion of an identified gravity-magnetic trend with known gold prospects along trend in outcropping greenstone to the south (outside the application areas).

The under-cover greenstone gold exploration model has been successfully tested by Greatland Gold (LON:GGP) at its Ernest Giles project located approximately 125km east of the Windidda project.

Previous exploration within the Windidda project area has targeted base metal and manganese deposits within the cover sequences. Gravity and magnetic anomalies interpreted to be hosted in greenstone units beneath the cover have not been targeted. These targets are expected to be amenable to aircore drilling to enable rapid assessment of potential for gold mineralisation, after the exploration licences are granted.

Iceberg Gold Project

The Company secured an option over the Iceberg project in Western Australia in August 2018, but after completing its due diligence, elected not to proceed with the acquisition.

FINANCIAL RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2018

For the year to 30 September 2018 the Group recorded a total comprehensive expense of £721,460, compared with £562,649 for the year to 30 September 2018.

The largest contributor to the total comprehensive expense was the line item “other administrative expenses”, which represents the costs of operating the Group and carrying out exploration at its projects, where these costs are ineligible for capitalisation under applicable accounting standards.

The Group’s net assets at 30 September 2018 were £3,651,545, in comparison with £3,735,225 at 30 September 2017. The decrease is due to increased exploration assets as a result of the capitalisation of exploration expenditure during the year being offset by a reduction in cash and cash equivalents.

Craig Brown

Chief Executive Officer

Independent Auditor’s Report

For the year ended 30 September 2018

Independent Auditor’s Report to the Members of ECR Minerals Plc

Opinion

We have audited the financial statements of ECR Minerals Plc (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 30 September 2018 which comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated and Parent Company Statement of Financial Position, the Consolidated and Parent Company Statements of Changes in Equity, the Consolidated and Parent Company Statements of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union and as regards the parent company financial statements, as applied in accordance with the provisions of the Companies Act 2006.

In our opinion:

  • the financial statements give a true and fair view of the state of the group’s and of the parent company’s affairs as at 30 September 2018 and of the group’s and parent company’s loss for the year then ended;
  • the group financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union;
  • the parent company financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union and as applied in accordance with the provisions of the Companies Act 2006; and
  • the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

  • the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
  • the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group’s or the parent company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our application of materiality

The scope of our audit was influenced by our application of materiality. The quantitative and qualitative thresholds for materiality determine the scope of our audit and the nature, timing and extent of our audit procedures. Group materiality was £60,000 based upon gross assets and the loss before tax. The Parent Company materiality was £55,000 based upon gross assets and the result for the year. For each component in the scope of our group audit, we allocated a materiality that is either equal to or less than our overall group materiality.

An overview of the scope of our audit

As part of designing our audit, we determined materiality and assessed the risk of material misstatement in the financial statements. In particular, we looked at areas involving significant accounting estimates and judgement by the Directors and considered future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including among other matters consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud. The Australian and Argentinian subsidiary undertakings represent the principal business units within the Group, upon which we performed audit procedures directly on significant accounts based on size or risk profile to the Group. A full scope audit was undertaken on the financial statements of the Parent Company.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. This matter was addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter.

Key Audit Matter How the scope of our audit responded to the key audit matter
Recoverability of intangible assets – exploration and development costs (refer note 10)

The carrying value of intangible assets as at 30 September 2018 is £2,859,474 which comprises exploration and development projects in Australia, Argentina and the Philippines. The carrying value of these intangible assets are tested annually for impairment. There is a risk that the carrying value of these early stage projects is impaired and that the exploration and development expenditure

capitalised during the year is not in accordance with IFRS 6.

The carrying value of all early stage exploration and development projects were assessed and tested in accordance with the following criteria:

  • The Group holds good title to the licence areas;
  • The Group has planned and budgeted for further expenditure for mineral resources in the licence areas; and
  • Exploration and development work undertaken to date has indicated the existence of commercially viable quantities of mineral resource.

We undertook substantive testing on capitalised expenditure during the year to ensure it satisfied the criteria under IFRS 6.

We discussed with management the scope of their future budgeted and planned expenditure on each licence area.

As disclosed in note 10 to the financial statements, the Group has not formally acquired title to its 25% interest in Cordillera Tiger Gold Resources, Inc (“Cordillera”) which is the holder of the exploration permit for the Danglay gold project in the Philippines. The conditions for the

earn-in have been satisfied but the relevant shareholding has yet to be issued, despite the Board of Cordillera authorising the issue. In addition, the exploration permit for the Danglay gold project held by Cordillera expired on 30 September 2015. Cordillera is currently waiting

for the Philippine authority to formally grant its renewal application. This indicates the existence of a material uncertainty over the recoverability of the carrying value of the Danglay gold project, which amounted to £1,176,729 as at 30 September 2018.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the group and parent company financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

  • the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

  • adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
  • the parent company financial statements are not in agreement with the accounting records and returns; or
  • certain disclosures of directors’ remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the group and parent company financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the group and parent company financial statements, the directors are responsible for assessing the group’s and the parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone, other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

David Thompson (Senior statutory auditor)

For and on behalf of PKF Littlejohn LLP

Statutory auditor

28 March 2019 Consolidated Income Statement

For the year ended 30 September 2018

Year ended Year ended
30 September 2018 30 September 2017
Note £ £
Continuing operations

Other administrative expenses

(544,521)

(509,545)

Currency exchange differences (6,912) (3,186)
Total administrative expenses (551,433) (512,731)

Operating loss

3

(551,433)

(512,731)

Loss on disposal of investment (1)
Fair value movements – available for sale financial asset 9 (971) 1,255
(552,404) (511,477)

Financial income

7

1,386

353

Financial expense 1,000
Finance income and costs 2,386 353

Loss for the year before taxation

Income tax

5

(550,018)

(511,124)

Loss for the year from continuing operations (550,018) (511,124)
Loss for the year – all attributable to owners of the parent (550,018) (511,124)

Earnings per share – basic and diluted

On continuing operations

4

(0.21)p

(0.31)p

The Company has elected to take the exemption under section 408 of the Companies Act 2006 from presenting the parent company profit and loss account. The loss for the parent company for the year was £373,149 (2017: £208,774 loss).

Consolidated Statement of Comprehensive Income

For the year ended 30 September 2018

Year ended Year ended
30 September 2018 30 September 2017
£ £
Loss for the year (550,018) (511,124)
Items that may be reclassified subsequently to profit or loss

Loss on exchange translation

(171,442)

(51,524)

Other comprehensive expense for the year (171,442) (51,524)
Total comprehensive expense for the year (721,460) (562,648)

Attributable to:- Owners of the parent

(721,460)

(562,648)

The notes on pages 26 to 41 are an integral part of these financial statements.

Consolidated & Company Statement of Financial Position

At 30 September 2018

Group

Company

30 September

30 September

30 September

30 September

Note

2018

£

2017

£

2018

£

2017

£

Assets
Non-current assets
Property, plant and equipment 8 3,033 8,694 1,764 7,020
Investments in subsidiaries 9 852,728 852,170
Intangible assets 10 2,859,474 2,668,747 2,256,309 2,180,312
Other receivables 11 538,494 240,970
2,862,507 2,677,441 3,649,295 3,280,472

Current assets

Trade and other receivables 11 79,413 54,888 471,670 281,901
Available for sale financial assets 9 21,299 22,269 21,299 22,269
Cash and cash equivalents 12 781,142 1,082,994 749,025 1,046,787
881,854 1,160,151 1,241,994 1,350,957
Total assets 3,744,361 3,837,592 4,891,289 4,631,429

Current liabilities

Trade and other payables 14 92,816 102,367 75,662 80,432
92,816 102,367 75,662 80,432
Total liabilities 92,816 102,367 75,662 80,432
Net assets 3,651,545 3,735,225 4,815,627 4,550,997
Equity attributable to owners of the parent
Share capital 13 11,283,756 11,282,812 11,283,756 11,282,812
Share premium 13 44,460,171 43,823,335 44,460,171 43,823,335
Exchange reserve (389,501) (218,059)
Other reserves 1,381,998 1,381,998 1,381,998 1,381,998
Retained losses (53,084,879) (52,534,860) (52,310,298) (51,937,148)
Total equity 3,651,545 3,735,225 4,815,627 4,550,997

The financial statements were approved and authorised for issue by the Directors on 28 March 2019 and were signed on its behalf by:

Weili (David) Tang Craig Brown
Non–Executive Chairman Director & Chief Executive Officer

Consolidated Statement of Changes in Equity

For the year ended 30 September 2018

Share capital Share premium Exchange reserve Other reserves Retained reserves
(Note 13) (Note 13) Total
£ £ £ £ £ £
Balance at 30 September 2016 11,281,628 42,441,553 (166,535) 1,147,717 (52,023,736) 2,680,627
Loss for the year (511,124) (511,124)
Loss on exchange translation

(51,524) (51,524)

Total comprehensive expense

(51,524) (511,124) (562,648)

Shares issued

1,109

1,552,455 1,553,564

Share issue costs

(84,878) (84,878)

Share based payments

(166,739) 234,281 67,542

Shares issued in payment of creditors

75

80,944

81,019

Total transactions with owners,

recognised directly in equity

1,184

1,381,782

234,281

1,617,247

Balance at 30 September 2017

11,282,812

43,823,335 (218,059)

1,381,998

(52,534,860)

3,735,226

Loss for the year

(550,018)

(550,018)

Gain/loss on exchange translation

(171,442)

(171,442)

Total comprehensive expense

(171,442)

(550,018)

(721,460)

Shares issued

929

649,071

650,000
Share issue costs

(27,220)

(27,220)
Warrants issued in lieu
of finance cost

Shares issued in payment
of creditors
15

14,985

15,000

Total transactions with owners, recognised directly in equity

944

636,836

637,780

Balance at 30 September 2018 11,283,756 44,460,171

(389,501)

1,381,998

(53,084,878)

3,651,546

Company Statement of Changes in Equity

For the year ended 30 September 2018

Share capital Share premium Other reserves Retained reserves
(Note 13) (Note 13) Total
£ £ £ £ £
Balance at 30 September 2016 11,281,628 42,441,553 1,147,717 (51,728,374) 3,142,524
Loss for the year (208,774) (208,774)
Total comprehensive expense (208,774) (208,774)
Shares issued 1,109 1,552,455 1,553,564
Share issue costs (84,878) (84,878)
Share based payments (166,739) 234,281 67,542
Shares issued in payment of creditors 75 80,944 81,019
Total transactions with owners, recognised directly in equity

1,184

1,381,782

234,281

1,617,247

Balance at 30 September 2017 11,282,812 43,823,335 1,381,998 (51,937,148) 4,550,997
Loss for the year (373,149) (373,149)
Total comprehensive expense (373,149) (373,149)
Shares issued 929 649,071 650,000
Share issue costs (27,220) (27,220)
Shares issued in payment of creditors 15 14,985 15,000
Total transactions with owners, recognised
directly in equity 944 636,836

637,780

Balance at 30 September 2018 11,283,756 44,460,171

1,381,998

(52,310,297)

4,815,628

Consolidated & Company Cash Flow Statement

For the year ended 30 September 2018

Group

Company

Year ended 30 September

Year ended 30 September

Year ended 30 September

Year ended 30 September

Note

2018

£

2017

£

2018

£

2017

£

Net cash flow used in operations 21 (563,850) (569,016) (547,730) (511,307)
Investing activities
Purchase of property, plant & equipment (6,174) (4,082)
Increase in exploration assets 10 (302,794) (231,140) (75,998) (104,209)
Investment in subsidiaries (558) (112,070)
Loan to subsidiary (297,524) (133,629)
Interest income 1,386 353 1,268 233
Net cash used in investing activities (301,408) (236,961) (372,812) (353,757)
Financing activities
Proceeds from issue of share capital 622,780 1,468,686 622,780 1,468,686
Net cash from financing activities 622,780 1,468,686 622,780 1,468,686
Net change in cash and cash equivalents (242,478) 662,709 (297,762) 603,622
Cash and cash equivalents at beginning of the year 1,082,994 471,809 1,046,787 443,165
Effect of changes in foreign exchange rates (59,374) (51,524)
Cash and cash equivalents at end of the year 12 781,142 1,082,994 749,025 1,046,787

Non-cash transactions:

1. Settlement of creditors of £15,000 (2017: £80,994) with ordinary shares.

Notes to the Financial Statements

For the year ended 30 September 2018

1 General information

The Company and the Group operated mineral exploration and development projects. The Group’s principal interests are located in Argentina, the Philippines and Australia.

The Company is a public limited company incorporated and domiciled in England. The registered office of the Company and its principal place of business is Unit 117, Chester House, 81-83 Fulham High Street, Fulham Green, London SW6 3JA. The Company is listed on the Alternative Investment Market (AIM) of the London Stock Exchange.

2 Accounting policies

Overall considerations

The principal accounting policies that have been used in the preparation of these consolidated financial statements are set out below. The policies have been consistently applied unless otherwise stated.

Basis of preparation

The financial statements of both the Group and the Parent Company have been prepared in accordance with International Financial Reporting Standards (IFRSs) and Interpretations issued by the IFRS Interpretations Committee (IFRIC) as adopted by the European Union and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. These are the standards, subsequent amendments and related interpretations issued and adopted by the International Accounting Standard Board (IASB) that have been endorsed by the European Union at the year end. The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain financial instruments. The Directors have taken advantage of the exemption available under Section 408 of the Companies Act 2006 and have not prepared an Income Statement or a Statement of Comprehensive Income for the Company alone.

The Group and Parent Company financial statements have been prepared on a going concern basis as explained in the Directors’ Report.

New accounting standards and interpretations

Effective during the year

During the year the Group has adopted the following standards and amendments:

  • Annual Improvements to IFRSs 2014–2016 Cycle
  • Amendments to IAS 12: Recognition of Deferred Tax Assets for Unrealised Losses
  • Amendments to IAS 7: Disclosure Initiative

The adoption of these standards and amendments did not have any impact on the financial position or performance of the Group.

Not yet effective

At the date of authorisation of these Group Financial Statements and the Parent Company Financial Statements, the following Standards, amendments and interpretations were endorsed by the EU but not yet effective:

IFRS 15 Revenue from Contracts with Customers including amendments to IFRS 15

  • Clarifications to IFRS 15 Revenue from Contracts with Customers
  • IFRS 9 Financial Instruments
  • IFRS 16 Leases
  • Amendments to IFRS 2: Classification and Measurement of Share-based Payment Transactions
  • IFRIC Interpretation 22 Foreign Currency Transactions and Advance Consideration
  • IFRIC 23 Uncertainty over Income Tax Treatments
  • Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures

In addition to the above there are also the following standards and amendments that have not yet been endorsed by the EU:

  • Annual Improvements to IFRS Standards 2015-2017 Cycle
  • Amendments to IFRS 3 Business Combinations
  • Amendments to IAS 1 and IAS 8 Definition of Material

The Group intends to adopt these standards when they become effective. The introduction of these new standards and amendments is not expected to have a material impact on the Group or Parent Company.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and two of its subsidiaries made up to 30 September 2018. Subsidiary undertakings acquired during the period are recorded under the acquisition method of accounting and their results consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date such control ceases.

The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

Going concern

It is the prime responsibility of the Board to ensure the Group and Company remains a going concern. At 30 September 2018, the Group had cash and cash equivalents of £781,142 and no borrowings. The Group’s financial projections and cash flow forecasts covering a period of at least twelve months from the date of approval of these financial statements show that the Group will have sufficient available funds in order to meet its contracted and committed expenditure. Further details are included in Note 19 to the financial statements. The Directors are confident in the ability of the Group to raise additional funding, if required, from the issue of equity and/or the sale of assets.

Based on their assessment of the financial position, the Directors have a reasonable expectation that the Group and Company will be able to continue in operational existence for the next 12 months and continue to adopt the going concern basis of accounting in preparing these Financial Statements.

Cash and cash equivalents

Cash includes petty cash and cash held in current bank accounts. Cash equivalents include short–term investments that are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value.

Property, plant and equipment

Property, plant and equipment are stated at cost, less accumulated depreciation and any provision for impairment losses.

Depreciation is charged on each part of an item of property, plant and equipment so as to write off the cost of assets less the residual value over their estimated useful lives, using the straight–line method. Depreciation is charged to the income statement. The estimated useful lives are as follows:

Office equipment 3 years
Furniture and fittings 5 years
Machinery and equipment 5 years

Expenses incurred in respect of the maintenance and repair of property, plant and equipment are charged against income when incurred. Refurbishments and improvements expenditure, where the benefit is expected to be long lasting, is capitalised as part of the appropriate asset.

An item of property, plant and equipment ceases to be recognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on cessation of recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement in the year the asset ceases to be recognised.

Exploration and development costs

All costs associated with mineral exploration and investments are capitalised on a project–by–project basis, pending determination of the feasibility of the project. Costs incurred include appropriate technical and administrative expenses but not general overheads. If an exploration project is successful, the related expenditures will be transferred to mining assets and amortised over the estimated life of the commercial ore reserves on a unit of production basis. Where a licence is relinquished or a project abandoned, the related costs are written off in the period in which the event occurs. Where the Group maintains an interest in a project, but the value of the project is considered to be impaired, a provision against the relevant capitalised costs will be raised.

The recoverability of all exploration and development costs is dependent upon the discovery of economically recoverable reserves, the ability of the Group to obtain necessary financing to complete the development of reserves and future profitable production or proceeds from the disposition thereof.

Impairment testing

Individual assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may exceed its recoverable amount, being the higher of net realisable value and value in use. Any such excess of carrying value over recoverable amount or value in use is taken as a debit to the income statement.

Intangible exploration assets are not subject to amortisation and are tested annually for impairment.

Provisions

A provision is recognised in the Statement of Financial Position when the Group or Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre–tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.

Leased assets

In accordance with IAS 17, leases in terms of which the Group or Company assumes substantially all the risks and rewards of ownership are classified as finance leases. All other leases are regarded as operating leases and the payments made under them are charged to the income statement on a straight line basis over the lease term.

Taxation

There is no current tax payable in view of the losses to date.

Deferred income taxes are calculated using the Statement of Financial Position liability method on temporary differences. Deferred tax is generally provided on the difference between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition of goodwill or on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit. Deferred tax on temporary differences associated with shares in subsidiaries and joint ventures is not provided if reversal of these temporary differences can be controlled by the Company and it is probable that reversal will not occur in the foreseeable future.

In addition, tax losses available to be carried forward as well as other income tax credits to the Company are assessed for recognition as deferred tax assets.

Deferred tax liabilities are provided in full, with no discounting. Deferred tax assets are recognised to the extent that it is probable that the underlying deductible temporary differences will be able to be offset against future taxable income. Current and deferred tax assets and liabilities are calculated at tax rates that are expected to apply to their respective period of realisation, provided they are enacted or substantively enacted at the Statement of Financial Position date.

Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statement, except where they relate to items that are charged or credited directly to equity, in which case the related current or deferred tax is also charged or credited directly to equity.

Investments in subsidiaries

Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

The investments in subsidiaries held by the Company are valued at cost less any provision for impairment that is considered to have occurred, the resultant loss being recognised in the income statement.

Equity

Equity comprises the following:

  • “Share capital” represents the nominal value of equity shares, both ordinary and deferred.
  • “Share premium” represents the excess over nominal value of the fair value of consideration received for equity shares, net of expenses of the share issues.
  • “Other reserves” represent the fair values of share options and warrants issued.
  • “Retained reserves” include all current and prior year results, including fair value adjustments on available for sale financial assets, as disclosed in the consolidated statement of comprehensive income.
  • “Exchange reserve” includes the amounts described in more detail in the following note on foreign currency below.

Foreign currency translation

The consolidated financial statements are presented in pounds sterling which is the functional and presentational currency representing the primary economic environment of the Group.

Foreign currency transactions are translated into the respective functional currencies of the Company and its subsidiaries using the exchange rates prevailing at the date of the transaction or at an average rate where it is not practicable to translate individual transactions. Foreign exchange gains and losses are recognised in the income statement.

Monetary assets and liabilities denominated in a foreign currency are translated at the rates ruling at the Statement of Financial Position date.

The assets and liabilities of the Group’s foreign operations are translated at exchange rates ruling at the Statement of Financial Position date. Income and expense items are translated at the average rates for the period. Exchange differences are classified as equity and transferred to the Group’s exchange reserve. Such differences are recognised in the income statement in the periods in which the operation is disposed of.

Share–based payments

The Company operates equity–settled share–based remuneration plans for the remuneration of some of its employees. The Company awards share options to certain Company Directors and employees to acquire shares of the Company. Additionally, the Company has issued warrants to providers of loan finance.

All goods and services received in exchange for the grant of any share–based payment are measured at their fair values. Where employees are rewarded using share–based payments, the fair values of employees’ services are determined indirectly by reference to the fair value of the instrument granted to the employee. The fair value is appraised at the grant date and excludes the impact of non–market vesting conditions. Fair value is measured by use of the Black Scholes model. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non–transferability, exercise restrictions, and behavioural considerations.

All equity–settled share–based payments are ultimately recognised as an expense in the income statement with a corresponding credit to “other reserves”.

If vesting periods or other non–market vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from previous estimates. Any cumulative adjustment prior to vesting is recognised in the current period. No adjustment is made to any expense recognised in prior years if share options ultimately exercised are different to that estimated on vesting.

Upon exercise of share options the proceeds received net of attributable transaction costs are credited to share capital and, where appropriate, share premium.

A gain or loss is recognised in profit or loss when a financial liability is settled through the issuance of the Company’s own equity instruments. The amount of the gain or loss is calculated as the difference between the carrying value of the financial liability extinguished and the fair value of the equity instrument issued.

Financial instruments

The Group’s financial assets comprise cash and cash equivalents, investments and loans and receivables. Financial assets are assigned to the respective categories on initial recognition, depending on the purpose for which they were acquired. This designation is re–evaluated at every reporting date at which a choice of classification or accounting treatment is available.

The Group’s loans, investments and receivables are non–derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables are measured at fair value on initial recognition. After initial recognition they are measured at amortised cost using the effective interest rate method, less any provision for impairment. Any change in their value is recognised in profit or loss. The Group’s receivables fall into this category of financial instruments. Discounting is omitted where the effect of discounting is immaterial. All receivables are considered for impairment on a case–by–case basis when they are past due at the Statement of Financial Position date or when objective evidence is received that a specific counterparty will default.

Investments that are held as available for sale financial assets are financial assets that are not classified in any other categories. After initial recognition, available for sale financial assets are measured at fair value. Any gains or losses from changes in the fair value of the financial asset are recognised in equity, except that impairment losses, foreign exchange gains and losses on monetary items and interest calculated using the effective interest method are recognised in the income statement.

Where there is a significant or prolonged decline in the fair value of an available for sale financial asset (which constitutes objective evidence of impairment), the full amount of the impairment, including any amount previously charged to equity, is recognised in the consolidated income statement. The Directors consider a significant decline to be one in which the fair value is below the weighted average cost by more than 25%. A prolonged decline is considered to be one in which the fair value is below the weighted average cost for a period of more than twelve months.

If an available for sale equity security is impaired, any further declines in the fair value at subsequent reporting dates are recognised as impairments. Reversals of impairments of available for sale equity securities are not recorded through the income statement. Upon sale, accumulated gains or losses are recycled through the income statement.

Financial liabilities, which are measured at amortised cost, and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Any instrument that includes a repayment obligation is classified as a liability.

Where the contractual liabilities of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities, and are presented as such in the Statement of Financial Position. Finance costs and gains or losses relating to financial liabilities are included in the income statement. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any features meeting the definition of a financial liability then

such capital is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Critical accounting estimates and judgements

The preparation of financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on–going basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year or in the year of the revision and future years if the revision affects both current and future years.

The most critical accounting policies and estimates in determining the financial condition and results of the Group are those requiring the greater degree of subjective or complete judgement. These relate to:

  • capitalisation and recoverability of exploration costs (Note 10);
  • share–based payments (Note 6 and Note 13).

3

Operating loss

Year ended
30 September
2018

Year ended
30 September
2017

The operating loss is stated after charging: £ £
Depreciation of property, plant and equipment 5,662 4,653
Operating lease expenses 22,875 24,213
Share–based payments 67,542
Auditors’ remuneration – fees payable to the Company’s auditor for the audit of
the parent company and consolidated financial statements 21,500 21,500

4

Earnings per share

Basic and Diluted

Year ended
30 September

2018

Year ended
30 September

2017

Weighted number of shares in issue during the year 263,542,617 166,559,125

£

£

Loss from continuing operations attributable to owners of the parent (550,018) (511,124)

Basic earnings per share has been calculated by dividing the loss attributable to equity holders of the company after taxation by the weighted average number of shares in issue during the year. There is no difference between the basic and diluted earnings per share as the effect on the exercise of options and warrants would be to decrease the earnings per share.

Details of share options and warrants that could potentially dilute earnings per share in future periods is set out in Note 13.

PLEASE NOTE THAT THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to what action you should take, please consult your stockbroker or other independent adviser authorised under the Financial Services and Markets Act 2000 immediately. If you have recently sold or transferred all of your ordinary shares in ECR Minerals PLC, please forward this document, together with the accompanying documents, as soon as possible either to the purchaser or transferee or to the person who arranged the sale or transfer so they can pass these documents to the person who now holds the shares. If you have sold or transferred only part of your holding of ordinary shares in ECR Minerals PLC, you are advised to consult your stockbroker, bank or other agent through whom the sale or transfer was effected.

ECR MINERALS PLC

(the “Company”)

(Registered in England and Wales No 05079979)

NOTICE OF ANNUAL GENERAL MEETING

NOTICE is hereby given that the Annual General Meeting of the Company will be held at the offices of Charles Russell Speechlys LLP, 5 Fleet Place, London EC4M 7RD on 23 April 2019 at 9.00 a.m. for the purpose of considering and, if thought fit, passing Resolutions 1 to 5 as ordinary resolutions, and Resolutions 6 and 7 as special resolutions:

Ordinary Resolutions

1 To receive, consider and adopt the annual accounts of the Company for the year ended 30 September 2018, together with the reports of the directors and auditors thereon.

2 That Samuel James Melville Garrett, a director retiring in accordance with article 79.1.1 of the Company’s articles of association, be elected as a director of the Company.

3 To re-appoint PKF Littlejohn LLP as auditors of the Company, to hold office until the conclusion of the next general meeting at which accounts are laid before the Company.

4 To authorise the audit committee to determine the remuneration of the auditors of the Company.

5 That the directors be generally and unconditionally authorised pursuant to and in accordance with section 551 of the Companies Act 2006 (the “CA 2006”) to exercise all the powers of the Company to allot shares or grant rights to subscribe for, or to convert any security into, shares in the Company up to an aggregate nominal amount of £10,000 provided that this authority shall, unless renewed, varied or revoked by the Company, expire on 30 June 2020 or, if earlier, the date of the next annual general meeting of the Company, save that the Company may, before such expiry, make offers or agreements which would or might require equity securities to be allotted (or treasury shares to be sold) after the authority expires and the directors may allot equity securities (or sell treasury shares) in pursuance of any such offer or agreement as if the authority had not expired.

Special Resolutions

6 That, subject to the passing of Resolution 5, the directors be empowered to allot equity securities (as defined by section 560 of the CA 2006) pursuant to the authority conferred by Resolution 5 for cash, and/or sell treasury shares for cash, as if section 561(1) of the CA 2006 did not apply to any such allotment, provided that this power shall be limited to the allotment of equity

securities of up to an aggregate nominal value of £10,000. The authority granted by this resolution will expire at the conclusion of the Company’s next annual general meeting after this resolution is passed or, if earlier, at the close of business on 30 June 2020 save that the Company may, before such expiry, make offers or agreements which would or might require equity securities to be allotted (or treasury shares to be sold) after the authority expires and the directors may allot equity securities (or sell treasury shares) in pursuance of any such offer or agreement as if the authority had not expired.

7 That the Company be generally and unconditionally authorised for the purposes of section 701 of the CA 2006 to make one or more market purchases (as defined in section 693(4) of the CA 2006) of its ordinary shares with nominal value of £0.00001 each in the Company, provided that:

7.1 the Company does not purchase under this authority more than 44,584,078 ordinary shares;

7.2 the Company does not pay less than £0.00001 for each ordinary share; and

7.3 the Company does not pay more per ordinary share than the higher of (i) an amount equal to 5 per cent. over the average of the middle-market price of the ordinary shares for the five business days immediately preceding the day on which the Company agrees to buy the shares concerned, based on share prices published in the Daily Official List of the London Stock Exchange; and

(ii) the amount stipulated by the regulatory technical standards adopted by the European Commission pursuant to Article 5(6) of the Market Abuse Regulation (EU) No. 596/2014.

This authority shall continue until the conclusion of the Company’s annual general meeting in 2020 or 30 June 2020, whichever is the earlier, provided that if the Company has agreed before this date to purchase ordinary shares where these purchases will or may be executed after the authority terminates (either wholly or in part) the Company may complete such purchases.

By order of the board

Craig Brown

Director and Company Secretary

Registered Office:

Unit 117, Chester House 81-83 Fulham High Street Fulham Green

London, SW6 3JA 29 March 2019

NOTES ON RESOLUTIONS

The following paragraphs explain, in summary, the resolutions to be proposed at the annual general meeting (the “Meeting”).

Resolution 1: Receipt of the annual accounts

Resolution 1 proposes that the Company’s annual accounts for the period ended 30 September 2018, together with the reports of the directors and auditors on these accounts, be received, considered and adopted.

Resolution 2: Election of Samuel James Melville Garrett

Resolution 2 proposes that Mr Garrett, who was appointed since the last Annual General Meeting of the Company and is retiring in accordance with article 79.1.1 of the Company’s articles of association, be elected as a director of the Company.

Resolution 3: Re-appointment of auditor

Resolution 3 proposes the reappointment of the Company’s existing auditor to hold office until the end of the next annual general meeting.

Resolution 4: Remuneration of auditor

Resolution 4 is to authorise the audit committee of the Company to determine the remuneration of the Company’s auditors.

Resolution 5: Authority to allot shares

Resolution 5 is to renew the directors’ power to allot shares in accordance with section 551 of the CA 2006. The authority granted at the annual general meeting on 24 April 2018 is due to expire on 23 April 2019 (i.e. the proposed date of the forthcoming annual general meeting).

If passed, the resolution will authorise the directors to allot equity securities up to a maximum nominal amount of £10,000, which represents approximately 224% of the Company’s issued ordinary shares as at 28 March 2019 (being the latest practicable date before publication of this document).

If given, these authorities will expire at the annual general meeting in 2020 or on 30 June 2020, whichever is the earlier.

The directors have no present intention to issue new ordinary shares, other than pursuant to the exercise of options or warrants. However, the directors consider it prudent to maintain the flexibility to take advantage of business opportunities that this authority provides.

As at the date of this document the Company does not hold any ordinary shares in the capital of the Company in treasury.

Resolution 6: Disapplication of pre-emption rights

Resolution 6 is to grant the directors the authority to allot equity securities for cash or sell any shares held in treasury otherwise than to existing shareholders pro rata to their holdings, as there may be occasions where it is in the best interests of the Company not to be required to first offer such shares to existing shareholders.

Accordingly, resolution 6 will be proposed as a special resolution to grant such a power and will permit the directors, pursuant to the authority granted by resolution 5, to allot equity securities (as defined by section 560 of the CA 2006) or sell treasury shares for cash without first offering them to existing shareholders in proportion to their existing holdings up to a maximum nominal value of £10,000 representing approximately 224% of the Company’s issued ordinary shares as at 28 March 2019 (being the latest practicable date before publication of this document). If given, this authority will expire at the annual general meeting in 2020 or on 30 June 2020, whichever is the earlier.

Resolution 7: Purchase of own shares

Resolution 7 will be proposed as a special resolution and will give the Company authority to purchase its own shares in the markets up to a limit of 10 per cent. of its issued ordinary share capital. The maximum and minimum prices are stated in the resolution. Your directors believe that it is advantageous for the Company to have this flexibility to make market purchases of its own shares.

Your directors will exercise this authority only if they are satisfied that a purchase would result in an increase in expected earnings per share and would be in the interests of shareholders generally. In the event that shares are purchased, they would either be cancelled (and the number of shares in issue would be reduced accordingly) or, in accordance with the CA 2006, be retained as treasury shares.

If given, this authority will expire at the annual general meeting in 2020 or on 30 June 2020, whichever is the earlier.

As at 28 March 2019, the total number of outstanding options and warrants over ordinary shares in the Company was 309,179,606, which represents approximately 69 per cent. of the Company’s voting rights at that date. If the Company were to purchase its own ordinary shares to the fullest possible extent of its authority from shareholders (existing and being sought), this number of outstanding options and warrants could potentially represent 82 per cent. of the voting rights of the Company as at 28 March 2019.

END.

ECR Minerals #ECR – Gold Drilling Update – Creswick & Blue Moon Australia

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce positive progress in the Company’s extensive gold drilling programmes being undertaken at the Creswick and Bailieston Blue Moon projects in the State of Victoria, Australia.

Readers are advised to consult the Company’s previous announcement outlining the proposed drilling programmes as follows:

https://polaris.brighterir.com/public/ecr_minerals/news/rns/story/x2q8qzx

Highlights:

  • The Company has now completed 1,687 metres of reverse circulation drilling in 17 target holes at the Creswick gold project targeting multiple quartz vein orientations within the Dimocks Main Shale (“DMS”);
  • The drilling at Creswick successfully intersected multiple quartz reefs as anticipated, and the Company is now awaiting assay results to determine the extent of gold mineralised shoots in samples;
  • In addition, 774 metres of reverse circulation drilling in 6 target holes has been completed at the Blue Moon gold prospect within the Bailieston project area to follow up the significant near surface gold intercept and evidence of a near surface mineralised gold system announced in July 2018;
  • Drilling is continuing at the Blue Moon gold prospect targeting extensions of areas where sulphides have been intersected and gold mineralisation has been identified including visible gold in panned reverse circulation samples;
  • The Board of the Company is reviewing with its technical team the field findings to date, with a view to further drilling in areas of noted interest;
  • A substantial number of samples have now been submitted to the laboratory for testing and the Company is awaiting results;
  • A recent significant increase in the volume of samples being processed at the local laboratories, due to the increasing interest in State of Victoria gold exploration, has slowed the processing time from the original one week turnaround to a slower process extending between 2 and 4 weeks depending on the sample process. As many of our samples have already been in the laboratory for some time, we expect the flow of assay results in the coming weeks;
  • Further updates to the market will be provided at the earliest opportunity as results are received and findings analysed by our technical team.

Craig Brown, Chief Executive Officer commented: “I am extremely pleased to announce the progress achieved by our technical team at Creswick and Bailieston Blue Moon projects in Australia with a combined 2,461 metres of drilling completed in less than a month.

We have successfully encountered a number of host structures that were anticipated and targeted in our drill programmes, and we have panned gold within some of the drill samples.

The Company’s approach has been to define drill targets based on historical exploration, field mapping and soil gochemistry with an iterative review programme to extend drilling where target geological structures and gold mineralisation therein is encountered.

We await assay data to add to our field observations and will provide further updates to the market when assay information has been received and reviewed by the team.”

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.

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 #ECR – Drilling Update – Creswick Gold Project Australia

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce that the Company’s drill programme at the Creswick gold project in the state of Victoria, Australia, has commenced and the first four holes have been successfully completed.

Further information in respect of this drill programme is available in the Company’s announcement of 29 January 2019.

In addition, ECR have produced a project specific presentation for the Creswick gold project, which may be viewed on the Company’s website through the following link:

PDF version:

https://www.ecrminerals.com/investors-media/presentations/download?path=ECR%2BCreswick%2BQ1%2B2019%2BDrilling%2B%2BProgramme%2B08-02-19.pdf

PowerPoint version:

https://www.ecrminerals.com/investors-media/presentations/download?path=ECR%2BCreswick%2BQ1%2B2019%2BDrilling%2B%2BProgramme%2B08-02-19.ppsx

It is also the Company’s intention to provide site photographic images for the Creswick gold project drill location and drilling process on the Company’s website.

The images may be viewed through the following link:

https://www.ecrminerals.com/creswick-gallery

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.

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 #ECR – Windidda Gold Project Presentation – Yilgarn, Western Australia

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce it has today released a new presentation covering the Windidda gold project in Western Australia, details of which were released in the Company’s announcement of 3 January 2019 entitled “Strategic Gold Licence Applications – Yilgarn Region Australia”.

The presentation may be viewed through the following links:

PDF version:

https://www.ecrminerals.com/investors-media/presentations/download?path=ECR%2BWindidda%2BAu%2BProject%2BPresentation.pdf

PowerPoint version:

https://www.ecrminerals.com/investors-media/presentations/download?path=ECR%2BWindidda%2BAu%2BProject%2BPresentation.ppsx

PRESENTATION HIGHLIGHTS:

  • The Windidda gold project consists of nine exploration licence applications submitted by ECR’s 100%-owned operating vehicle Mercator Gold Australia Pty Ltd and covering a large ground area of approximately 1,600 square kilometres in the Yilgarn Craton, Australia;
  • The area under application covers the southern margin of the Canning Basin, which has been interpreted, based on available gravity and magnetic data, to overlie the northern margin of the Archean Yilgarn Craton;
  • The Yilgarn Craton is host to around 30% of the world’s known gold reserves and produces around two thirds of all gold mined annually in Australia;
  • The Windidda project is targeting regional gravity-magnetic anomalies and potential under-cover Archaean greenstone hosted gold mineralisation, an exploration model that has been successfully tested by Greatland Gold plc (LON:GGP) at its Ernest Giles project located approximately 125 kilometres east of ECR’s Windidda project;
  • Further updates will be made in due course regarding the progress of licence applications, continuing project review and exploration planning.

Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “ECR Minerals is building its strategic gold exploration portfolio at what the directors believe is a fascinating time in the gold industry, underlined by the acquisition of Goldcorp Inc. by Newmont Mining Corp. announced this week.

Larger companies within the sector are often in search of new gold discoveries to replace reserves as they are mined, potentially putting proactive junior gold explorers in a prime position should they be able to identify highly prospective territory, achieve a discovery and/or build strategic knowledge through exploration.

ECR has already identified a large, but early stage, gold system at its Creswick project in Victoria, Australia and is working to advance that project as rapidly as possible. The Windidda project diversifies ECR’s interests into Western Australia and the highly prospective Yilgarn Craton, which the directors believe is amply demonstrated by the presentation linked above. Following the financings completed in 2018, ECR is able to move forward confidently with new initiatives like the Windidda gold project.”

COMPETENT PERSON STATEMENT

Information disclosed in this announcement has been reviewed by Samuel Garrett, a Competent Person within the meaning of Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and for the purposes of the AIM Rules.

Mr Garrett holds a BSc (Hons) in Geology and an MSc in Economic Geology from the University of Tasmania. He is a member of the Australian Institute of Geoscientists and a member of the Society of Economic Geologists (USA).

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 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’s Craig Brown says new Yilgarn gold properties look “highly prospective” – Proactive Investors

Shares in ECR Minerals PLC (LON:ECR) moved up by almost 10% to 0.8p at the end of the first week of the year, following the application for licences over 1,600 square kilometres of new ground in the Yilgarn in Western Australia.

The ground has been identified as having significant potential for hosting Archean greenstone belts of the kind that host many of Western Australia’s and the world’s richest gold deposits.

READ: ECR Minerals moves into Western Australia

“It looks like very prospective territory,” says Craig Brown, ECR’s chief executive.

“Everybody regards Western Australia as a very promising area to work in.”

The opportunity on the new ground is enhanced because it comes with pre-existing data.

“There was some work completed in the 1980s and 1990s,” says Brown.

“But they were looking for nickel at the time, and they also found molybdenum. So one of the first things we’re going to do is go over that old information. Because nobody’s ever looked for gold here.”

One reason for that is that the rocks that may be mineralised lie under cover, so opportunities for geochemistry are limited.

But ECR is hopeful that the cover may be fairly shallow, and that exploration work will be relatively straightforward.

“The best way to test it is to do aircore drilling,” says Brown.

“It’s very cheap at around A$40 or A$50 per metre, including assaying costs, so our plan is to do an aircore programme once we’ve reviewed the existing data.”

ECR is unlikely to move on that until the licences have actually been granted, although Brown doesn’t see any real issue with that.

After all, the deal that’s wrapped around them is pretty attractive: for 19 licences the company must pay A$1,400 each, plus an annual rent, that takes the total cost up to only A$88,000.

“Hopefully they’ll be granted in the next quarter,” says Brown, “and we’ll move pretty quickly after that.”

Australia projects

In the meantime, work is continuing on ECR’s other Australian gold projects, in particular, Bailieston and Creswick.

“At Bailieston we want to go back and have a look at Blue Moon, Black Cat and Byron targets,” says Brown.

“We’re planning on conducting a small programme of drilling at Blue Moon in the current quarter of this year. We’re just budgeting the whole thing out. We drilled at Blue Moon in May 2018 and we came across a zone of mineralisation where all the rocks were weathered and you could see that the mineralisation had already been leached out of the rock.”

What was really interesting though, was that the mineralisation in question showed considerable similarity to Mandalay’s Costerfield mine, 25 kilometres away.

“They mine between 150 and 200 metres below the surface,” explains Brown.

We believe we can hit fresh rock and sulphides beneath the leached material that we’ve already intersected.”

So that’s one intriguing aspect of the project. Another is that Newmont picked up ground adjacent to Bailieston in December. So we’re not just talking about small companies operating on the edge of geological speculation here. The big players are coming in too.

Then there’s the Avoca licence, which is likely to be the subject of a 1,500-metre rotary air blast (RAB) programme shortly, and Creswick over in Victoria which will also be investigated.

Creswick, in particular, holds significant potential, according to Brown.

“We’re quite optimistic there’s something down there,” he says.

So lots to look forward to over the coming months, especially since ECR Minerals already has the money in the bank to pay for all this work.

There’s £1.2mln currently in the treasury, according to Brown, following two fundraising exercises undertaken last year: a £650,000 raise in July, and a £700,000 raise in December.

And that means that shareholders will be able to enjoy the full benefits of any positive newsflow without having to look over their shoulders to worry about dilution any time soon.

ECR has, in any case, a very supportive cornerstone investor in Shenyang Xinliaoan Machinery, a connection Brown brought with him when he joined ECR, acquired during his days operating in Central Asia.

All told, ECR looks to be on a secure footing going into 2019, with plenty of exciting newsflow to come, and the nice backdrop of a rising gold price to put it all into context.

ECR Minerals #ECR confirms two directors participate in strategic financing

ECR Minerals plc (LON:ECR) the precious metals exploration and development company is pleased to announce that following the announcement of 17 December 2018 and following regulatory approval, the directors of the Company (David Tang and Craig Brown) have subscribed a combined total of £20,000 on the same terms as the financing set out in the earlier announcement resulting in the issue of 2,857,143 new ordinary shares.

In total, including the funds raised in the first part of the financing announced on 17 December 2018, ECR has raised £700,000 through the through the issue of 100,000,000 new ordinary shares at 0.70p per share (“Financing Shares”).

Each Financing Share has a warrant attaching to subscribe for a further new ordinary share in ECR Minerals plc at a price of 1.125p within two years of the admission date of the above financing shares resulting in the issue of 100,000,000 1.125p warrants.

ADMISSION OF STRATEGIC FINANCING SHARES AND TOTAL VOTING RIGHTS

Admission is expected to occur on or around 21 December 2018. Following Admission of the Financing Shares, ECR’s issued ordinary share capital will comprise 445,840,783 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.

On Admission, Craig Brown will hold 2,977,842 ordinary shares representing 0.67% of the Company’s issued share capital. Likewise, David Tang will hold 1,428,572 ordinary shares representing 0.32% of the Company’s issued shares capital.

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
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

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Craig Brown
2 Reason for the notification
a) Position/status Chief Executive Officer
b) Initial notification/ Amendment Initial
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name ECR Minerals PLC
b) LEI 213800PBXY96KXHISJ17
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the financial instrument, type of instrument

Identification code

Ordinary Shares

GB00BYYDKX57

b) Nature of the transaction Subscription for shares
c) Price(s) and volume(s) Price(s)

Volume(s)

GBP£0.007

1,428,571

d) Aggregated information

  • Aggregated volume
  • Price

1,428,571 shares

GBP£0.007

e) Date of the transaction London, Off market
f) Place of the transaction 19/12/218

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Weili (David) Tang
2 Reason for the notification
a) Position/status Non-Executive Chairman
b) Initial notification/ Amendment Initial
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name ECR Minerals PLC
b) LEI 213800PBXY96KXHISJ17
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the financial instrument, type of instrument

Identification code

Ordinary Shares

GB00BYYDKX57

b) Nature of the transaction Subscription for shares
c) Price(s) and volume(s) Price(s)

Volume(s)

1,428,572

GBP£0.007

d) Aggregated information

  • Aggregated volume
  • Price

1,428,572 shares

GBP£0.007

e) Date of the transaction 19/12/2018
f) Place of the transaction London, Off market

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

EC

ECR Minerals #ECR – New Licence Applications – Australian Gold Portfolio

ECR Minerals plc (LON:ECR) the precious metals exploration and development company is pleased to announce the Company has submitted new licence applications to augment its existing gold exploration interests in the Victoria region of Australia.

Highlights:

  • Four new licence applications in Australia’s Victoria region have now been submitted by ECR’s 100% owned Australian operating vehicle Mercator Gold Australia Pty Limited;
  • Three applications have been submitted in the Bailieston/Moormbool gold project area to augment existing licences and secure available ground south and south and south west of an application submitted by Newmont Exploration Pty Limited in recent weeks;
  • One application has been submitted to augment ground in the Creswick project area and covers a southern portion of the Dimocks Main Shale (“DMS”);
  • As outlined in the Company’s market announcement of 25 September 2018 “The DMS sits between two large gold producing areas where it is estimated historically, 15 million ounces of gold has been produced in Victoria, Australia. It is the proposition of the Company’s technical team that they have identified the hard rock source for a significant portion of the aforementioned 15 million ounces of gold production. Although further work is required to validate this proposition”;
  • Further work is being undertaken to add additional licence application ground in Australia where the Company has identified strategic exploration opportunities.

Craig Brown, Chief Executive Officer of ECR Minerals plc commented: “I am delighted to announce today that the Company has successfully submitted four new applications which materially bolster our strategic ground holding and provide significant additional exploration opportunities for our Australian operations.

The recent application submitted by Newmont Exploration Pty Limited over a large area bordering our Bailieston and Moormbool gold projects is an important ratification of our strategic Australian gold positioning. The presence of Newmont adds weight to the potential prospectivity of the area.

ECR’s exploration work at Bailieston has recently demonstrated gold prospectivity as highlighted by the results of our Bailieston sampling programme announced on 28 September 2018 with gold grades up to 67.4g/t.

At Creswick and as announced on 25 September 2018 our exploration mapping revealed a large gold system, and reflecting our wider exploration work to date, we have taken the opportunity to secure more strategic ground south of our existing Creswick project area.

ECR continues to examine new opportunities and will move to secure additional ground where appropriate.”

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 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.

ECR Minerals #ECR CEO Craig Brown interview with Bonnie Hughes at Total Market Solutions

ECR Minerals #ECR CEO Craig Brown is interviewed by Bonnie Hughes, VP Red Cloud Klondike Strike Inc on Total Market Solutions. Craig discusses the recent gold assay sample results from the Bailieston Gold project, plus the Creswick Gold project, Avoca, Moormbool and Timor projects along with the due diligence undertaken on the upcoming Iceberg Gold project.

ECR Minerals #ECR – Bailieston Gold Project Australia – Additional Sampling Results

ECR Minerals plc (LON:ECR) the precious metals exploration and development company is pleased to announce the assay results of the second batch of rock chip sampling undertaken at the Company’s HR3 project at Bailieston (the “Project”) in Victoria, Australia.

The Company released the results from the first batch of sampling in its market announcement of 28 September 2018 further details of which can be found in the following link:

https://polaris.brighterir.com/public/ecr_minerals/news/rns/story/xlme9gr

Highlights:

  • Assay results from a further 75 rock chip samples over the ‘Bailieston’ project confirm gold mineralisation, with assays from 29 samples ranging from 0.56 g/t Au to 22.9 g/t Au;
  • Sampling has been extended south to the historic Cherry Tree reefs (HR4), where 53 rock chip samples out of the 75 samples have been taken. Results from 22 of these samples show the presence of gold mineralisation, assays ranging from 0.56 g/t Au to 8.15 g/t Au;
  • Repeat assay analysis on 12 selected higher-grade samples returned similar results, demonstrating some consistency in respect to the nature of the gold mineralization;
  • The assay for one sample (LX0819) which contained a speck of visible gold at sub-crop was not highlighted in the results (0.18 g/t Au), showing gold mineralisation in part can be coarse, therefore not reporting in the fire assay results.

Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “I am pleased to report the second batch of sampling data which, as with the first batch, has produced high grade gold in rock chip samples including samples taken from the Cherry Tree reefs.

The Company’s technical team are incorporating the findings into our project database and we are working on the next stage exploration programme to further examine the extent of gold mineralisation across the areas sampled.

In addition, the Company awaits the results of rock chip sampling undertaken at Creswick, where on 25 September 2018 the Company announced that exploration mapping had revealed a large gold system. The results from Creswick will be released to the market in the near term.”

Further information in respect of the Project Area and Historical Sampling

The Bailieston project area contains multiple reefs, including the Bryon, Scoulars and Maori Reefs that were drilled by the Company in 2017 (results provided in an announcement on 24 July 2017 ). These three reefs and adjacent reefs were sampled. From historic reporting and the Company mapping, these reefs are fault-hosted. Where observed, faults are up to 70 cm wide and contain quartz veins to 15 cm parallel to the faults and stockwork quartz within the fault zone and in the hanging wall and footwall sandstones and shales adjacent to the faults. However, due to the varying quality of the exposure in the open workings, it is not always possible to ascertain if the sampled material is from within the fault or in the hanging wall or footwall.

151 rock chip and mullock samples have been previously taken in the project area, although not all were undertaken by the Company and therefore not all the results can be verified. In the 1980’s Gold Mines of Kalgoorlie collected 16 samples with results reaching 2.1 g/t Au. A comprehensive sampling program in 2014 contained results reaching 23 g/t Au.

A summary of the sources of historical sampling is provided below:

  • 15 samples by Metals Exploration Ltd (later Gold mines of Kalgoorlie). Reported in the EL1616 Annual Technical Report September 1986;
  • 49 samples by Sierra Minerals, EL4719 Sept 2006 ATR;
  • 6 samples by Flitegold Ply Ltd (later Currawong Resources, later Mercator Gold), EL5433 Sept 2013 ATR;
  • 62 samples by Flitegold Ply Ltd (later Currawong Resources, later Mercator Gold), EL5433 Sept 2014 ATR plus an additional sample that was not submitted;
  • 1 sample by Flitegold Ply Ltd (later Currawong Resources, later Mercator Gold), EL5433 Sept 2015 ATR;
  • 13 samples by Flitegold Ply Ltd (and reported by Mercator Gold), EL5433 Sept 2016 ATR including the best assay of all the sampling of 23 g/t.

The Company’s own sampling program included testing of quartz veins plus the surrounding sedimentary host rocks. The samples containing the quartz veins were consistently higher grade. The results from this work is shown in Figure 9.5 of a Competent Persons Report to the Company announced on 20th April 2016. However, Figure 9.5 does not distinguish between the samples that have quartz from those that do not and was assayed by three differing laboratories. The current round of sampling therefore aims to gain a consistent set of samples, assayed by only one laboratory.

Mineralised Sample Table

Sample ID Easting Northing Au (ppm) Au_R (ppm)
LX0832 326756 5931071 22.9 22.6
LX0822 326667 5931246 17.1 17
LX0821 326565 5931299 12.8 11.5
LX0842 326779 5929949 8.15 8.8
LX0857 326719 5929831 4.38
LX0831 326748 5931076 4.22 4.17
LX0850 326729 5929888 4.11 4.21
LX0833 326764 5931089 3.59 3.43
LX0853 326733 5929870 2.7
LX0873 326801 5929793 2.48 2.29
LX0855 326760 5929873 2.41
LX0871 326797 5929793 2.3 2.13
LX0883 326816 5929836 2.06 2.23
LX0884 326703 5929753 1.76
LX0869 326785 5929792 1.55
LX0860 326720 5929799 1.54 1.43
LX0827 326700 5931243 1.39
LX0863 326757 5929808 1.12
LX0852 326695 5929886 1.1
LX0872 326797 5929792 1.04
LX0843 326774 5929951 0.99 1.06
LX0888 326663 5929650 0.92
LX0851 326715 5929862 0.76
LX0885 326687 5929700 0.72
LX0858 326708 5929835 0.68
LX0865 326762 5929810 0.58
LX0826 326639 5931235 0.56
LX0868 326777 5929810 0.56
LX0886 326686 5929700 0.56

NOTE:

1. All sample locations reported MGA 94 Zone 55.

2. Analysis by On Site Laboratory Services (ISO 9001 Registered), Bendigo, Australia.

3. Au_R (ppm): Repeat analysis of original sample

Table 1. Assay results of 29 samples greater than 0.5 g/t Au from the 75 rock chip samples submitted. Repeat analysis results for selected samples also shown.

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.

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

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.

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