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Malcolm Stacey, ShareProphets – You’ll Need to Be Brave to Invest in this Gold Explorer – But You Never Know

Hello, Share Travellers. Though the Footsie is moving up, there’s scant news to keep things bubbling along even faster. As usual, at this time of year, more traders are on hols with their kids and volumes go down. So by way of a change, may I bring to your attention ECR Minerals #ECR a gold explorer in Australia. Sounds risky – and of course it jolly well is…

Link here to view the full article

Cadence Minerals Plc (KDNC) – Macarthur Minerals (TSX-V: MMS) Closes Fully Subscribed Private Placement.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) that it has closed the previously announced private placement offering (the “Offering”) of US$6 million of secured Convertible Note (“Note”) on conditional acceptance.

The total placement closed with subscriptions totalling 600 Notes for gross proceeds of US$6,000,000 with attaching warrant offered for one fourth of the Commitment amount.

All securities issued under the Offering are subject to a restricted (or “hold”) period of four months and one day following the distribution date of the Note and Warrant, under applicable Canadian securities legislation.

Cadence holds approximately 9.8% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.

The full release can be found at: https://web.tmxmoney.com/article.php?newsid=8438990672161293&qm_symbol=MMS

This news release is not for distribution to United States Services or for Dissemination in the United States. 

– Ends –

 

For further information:

Cadence Minerals plc                                                    +44 (0) 207 440 0647
Andrew Suckling  
Kiran Morzaria  
   
WH Ireland Limited (NOMAD & Broker)                                 +44 (0) 207 220 1666
James Joyce  
James Sinclair-Ford  
   
Novum Securities Limited (Joint Broker)                                 +44 (0) 207 399 9400
Jon Belliss  

 

 

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

  

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.

ECR Minerals #ECR – Unaudited Half-Yearly Results for the Six Months Ended 31 March 2019

ECR Minerals plc, the precious metals exploration and development company, is pleased to announce unaudited half-yearly financial results for the six months to 31 March 2019 for the Company as consolidated with its subsidiaries (the “Group”), along with a review of significant developments during the period and subsequently.

HIGHLIGHTS:

Victorian Goldfields Gold Project Portfolio

  • Significant expansion in operational activity in the period culminating in the January 2019 commencement of a gold focus drill programme across two projects at Bailieston (Black Cat prospect and Blue Moon prospect) and Creswick;
  • Post period end in April 2019 successful reconnaissance drilling confirmed at Black Cat prospect announced, in licence ground adjacent to a large licence application package lodged by Newmont Mining
  • In May 2019 new gold discovery announced at the Blue Moon prospect, confirmed by reverse circulation (RC) drilling results
  • In June 2019, extreme nuggetty gold geology confirmed at Creswick leading to the launch of a gold nugget test programme at the project
  • ‘Whole-of-bag’ testing underway on RC drill samples from the Creswick, which the Company believes may host a very substantial gold deposit subject to further drilling and evaluation

Western Australian Portfolio

  • In January 2019 the Company announced the formation of the Windidda project, including nine licence applications covering 1,600 square kilometres covering a buried Archean Greenstones
  • Archean greenstones host many of Western Australian and the world’s most prolific gold deposits

Financial Results

  • Group comprehensive expense of £305,180 for the six months ended 31 March 2019 (£321,433 for the six months ended 31 March 2018)
  • Net assets of £4,052,109 at 31 March 2019 (£3,413,792 at 31 March 2018)
  • Financing undertaken in December 2018 to raise £700,000 and providing sufficient cash resources for planned business activities until at least Q2 2020
  • In May 2019 the Company announced a tax update confirming an Australian research & development cash refund of A$318,972 (approximately £175,188) and an anticipated further claim to be made of approximately A$370,000 (approximately £198,000);
  • The Company also confirmed in May 2019 that its 100% owned operating subsidiary Mercator Gold Australia Pty Ltd had carried forward corporate income tax losses of A$66,203,862 (approximately £35.5million) in respect of historical losses which are available for carry forward

CHIEF EXECUTIVE OFFICER’S REPORT

The six months to 31 March 2019 and the period since have been marked by a series of exciting developments for ECR, all of them related to the Group’s primary strategic activity, which is exploration for multi-million ounce gold deposits in Australia through ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

The focus of on-the-ground activities was and continues to be MGA’s projects in the state of Victoria, but also important are the applications lodged in December 2018 for the exploration licences which will comprise the Windidda gold project in Western Australia. Windidda represents a strategic move by ECR into the Yilgarn Craton which, like Victoria, is one of the world’s major gold provinces.

EXPLORATION ACTIVITIES IN THE VICTORIAN GOLDFIELDS

The first half of calendar year 2019 saw significant drilling activity at MGA’s Creswick gold project in Victoria, and at the Black Cat and Blue Moon gold prospects within the Bailieston project area. A great deal of preparation for the drilling, consisting of planning and preliminary exploration including rock chip and soil sampling and geological mapping, took place in the second half of calendar year 2018.

This preparatory work also informed the application by MGA for a number of additional exploration licences to expand its ground position in the Creswick, Bailieston and Moormbool areas. We were also encouraged by the fact that in late 2018, a subsidiary of Newmont Mining applied for an exploration licence abutting MGA’s Bailieston licence to the north.

New Gold Discovery at Blue Moon Prospect

Turning to the drilling itself, the results of reverse circulation (RC) drilling at Blue Moon have confirmed the prospect as a new gold discovery.

Highlights included intersections of 2 metres at 17.87 g/t gold within a zone of 15 metres at 3.81 g/t gold from 51 metres in BBM007, and 3 metres at 3.88 g/t gold within a zone of 11 metres at 2.42 g/t gold from 169 metres in BBM006. Twelve holes were drilled for a total of 1,718 metres.

The drilling results indicate that the host sandstone is thicker and the gold grades significantly higher on the westerly section, and further exploration will therefore seek to follow the system to the west, subject to agreeing access with landowners.

Successful Reconnaissance Drilling at Black Cat Prospect

Rotary air blast (RAB) drilling at the Black Cat prospect, which is located immediately south of the ground applied for by Newmont, constituted a successful reconnaissance programme at a prospect which had never been drilled before.

The programme targeted numerous quartz reefs with 18 shallow holes for 485 metres of drilling in total. Significant intersections included 7 metres at 1.76 g/t gold from 35 metres in BCD11 and 3 metres at 4.26 g/t gold from 16 metres in BCD18.

As well as the encouraging grades, the drilling provided important geological information which may help vector further exploration at Black Cat and in the wider Bailieston gold project area.

Nuggety Gold Confirmed at Creswick and Whole-of-Bag Tests Underway

At Creswick, MGA completed a total of 1,687 metres of reverse circulation (RC) drilling in 17 holes, targeting multiple quartz vein orientations within the Dimocks Main Shale (“DMS”).

Drilling identified more extensive quartz than anticipated, in a zone exceeding 60 metres in width (more than twice the 25 metres expected), with quartz identified in more than one third of the 1,687 metres drilled. Gold mineralisation was identified in the majority of holes, with grades in nine holes ranging from 0.6 g/t gold to 44.63 g/t gold (1.44 oz/t).

MGA’s geologists have hypothesised an extreme nuggety distribution of gold based on observations and results, including capturing a small 0.27 g nugget in gravity tests conducted on a single sample bag. This means that gold is not evenly distributed in bags of RC drilling samples.

The Company previously assayed 2 kg sub-samples from a 30 kg bag, which is industry practice but too small a sample for an extreme nuggety distribution. There was a significant likelihood that coarse gold could be excluded from the sample.

This meant that assays of the 2 kg sub-samples could be understated for gold, and this was demonstrated in one whole-of-bag test where the assay from a 2 kg sub-sample reported gold of 1.88 g/t whereas the 30 kg whole-of-bag sample test showed the bag actually contained a substantially higher 11.8 g/t. Alternatively, a single assayed nugget will overstate the average from a 2 kg sub-sample.

In order to address these issues, a comprehensive process of whole-of-bag testing has commenced to determine the full extent of the gold within the RC drill samples. This is a sizeable exercise. Of the 1,687 metres drilled, 640 bags of close to 30 kg each contain quartz and these bags plus the surrounding bags will be tested in a process which is fully discussed in the Company’s announcement dated 11 June 2019.

Internal modelling suggests the DMS has significant prospective tonnage to potentially host an important gold deposit at Creswick, and therefore a better indication as to the true grade of the mineralisation which will be provided by the results of the whole-of-bag testing will be of great significance for the Company.

WINDIDDA GOLD PROJECT, WESTERN AUSTRALIA

The Windidda project comprises nine exploration licence applications for a 1,600 square kilometre land package which has been identified as a buried Archean greenstone trend with the potential to host orogenic gold deposits.

The granting of the licences is awaited, and consultants instructed by MGA have already begun geophysical data processing and modelling to determine structural trends within, and the depth to, the interpreted buried Archean greenstones.

The opportunity to apply for the Windidda project was introduced to ECR by Sam Garrett, who joined the Company as a non-executive director in February 2019. Sam is an Australian geologist with 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.

ARGENTINA AND PHILIPPINES PROJECTS

ECR continues to have 100% ownership of the SLM gold project in La Rioja, Argentina, and is entitled to a 25% interest in the Danglay gold project in the northern Philippines. The status of both projects remains as disclosed in the Company’s latest annual report and accounts published in March 2019.

FINANCIAL RESULTS

For the six months ended 31 March 2019 the unaudited financial statements of the Company as consolidated with its subsidiaries (the “Group”) record a total comprehensive expense of £305,180, the largest component of which is other administrative expenses of £432,387, which relate primarily to the development of the Group’s projects, but which cannot be capitalised under applicable accounting standards. The Group reported a total comprehensive expense of £321,433 for the six months ended 31 March 2018.

The Group’s net assets were £4,052,109 at 31 March 2019 compared with £3,413,792 at 31 March 2018, including £622,457 of cash and cash equivalents at 31 March 2019. The Group’s cash position benefited from a £700,000 equity financing completed by the Company in December 2018.

Post the period end, MGA, ECR’s 100% owned Australian subsidiary, received a research and development refund of A$318,971.73 (approximately £175,188) from the Australian government. This refund relates to qualifying expenditure incurred by MGA in the year ended 30 June 2018, and in due course MGA intends to submit a further claim for the year ended 30 June 2019.

Craig Brown
Chief Executive Officer

ABOUT ECR

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.

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

Tel: +44 (0)1483 413500

Broker

Nick Emerson

FORWARD LOOKING STATEMENTS

This announcement may include forward looking statements. Such statements may be subject to a number of 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 as a result of new information, future events or for any other reason.

Consolidated Income Statement

For the six months ended 31 March 2019

Six months ended

31 March 2019

Six months ended

31 March 2018

Year ended

30 September 2018

Continuing operations

£

£

£

Other income

175,188

Other administrative expenses

(432,387)

(240,719)

(544,521)

Currency exchange differences

(5,758)

(2,507)

(6,912)

Total administrative expenses

(438,145)

(243,226)

(551,433)

Operating loss

(262,957)

(243,226)

(551,433)

Fair value movements – available for sale financial asset

4,260

(5,429)

(971)

Aborted transaction option fee

(25,000)

(283,697)

(248,655)

(552,404)

Finance income

1,135

710

1,386

Finance costs

1,000

Finance income and costs

1,135

710

2,386

Loss for the period before taxation

(282,562)

(247,945)

(550,018)

Income tax

Loss for the period

(282,562)

(247,945)

(500,018)

Loss attributable to:

Owners of the parent

(282,562)

(247,945)

(500,018)

Loss per share – basic and diluted

(0.07)p

(0.10)p

(0.21)p

Consolidated Statement of Comprehensive Income

For the six months ended 31 March 2019

Six months ended

31 March 2019

Six months ended

31 March 2018

Year ended

30 September 2018

£

£

£

Loss for the period

(282,562)

(247,945)

(500,018)

Items that may be reclassified subsequently to profit or loss

Gain/(losses) on exchange translation

(22,618)

(73,488)

(171,442)

Other comprehensive income/(expense) for the period

(22,618)

(73,488)

(171,442)

Total comprehensive expense for the period

(305,180)

(321,433)

(721,460)

Attributable to:

Owners of the parent

(305,180)

(321,433)

(721,460)

Consolidated Statement of Financial Position

At 31 March 2019

As at

31 March 2019

As at

31 March 2018

As at

30 September 2018

Assets

£

£

£

Non–current assets

Property, plant and equipment

2,001

5,751

3,033

Exploration assets

3,305,640

2,675,346

2,859,474

Total non-current assets

3,307,641

2,681,097

2,862,507

Current assets

Trade and other receivables

245,494

46,138

79,413

Available for sale financial assets

25,558

16,841

21,299

Taxation

20,283

Cash and cash equivalents

622,457

701,499

781,142

893,510

784,761

881,854

Total assets

4,201,150

3,465,858

3,744,361

Current liabilities

Trade and other payables

149,041

52,067

92,816

Total liabilities

149,041

52,067

92,816

Net assets

4,052,109

3,413,792

3,651,545

Equity attributable to owners of the parent

Share capital

11,284,794

11,282,812

11,283,756

Share premium

45,164,876

43,823,335

44,460,171

Exchange reserve

(412,119)

(291,547)

(389,501)

Other reserves

1,381,998

1,381,998

1,381,998

Retained losses

(53,367,441)

(52,782,806)

(53,084,879)

Total equity

4,052,109

3,413,792

3,651,545

Consolidated statement of changes in equity

For the six months ended 31March 2019

Share capital

Share premium

Exchange

reserves

Other

reserves

Retained

reserves

Total

Equity

£

£

£

£

£

£

At 1 October 2017

11,282,812

43,823,335

(218,059)

1,381,998

(52,534,860)

3,735,226

Loss for the period

(247,945)

(247,945)

Loss on exchange translation

(73,488)

(73,488)

Attributable share of changes in equity of associated company

Total comprehensive income /(expense)

(73,488)

(247,945)

(321,433)

Share based payments

Shares issued in payment of creditors

At 31 March 2018

11,282,812

43,823,335

(291,547)

1,381,998

(52,782,805)

3,413,793

Loss for the period

(302,073)

(302,073)

Loss on exchange translation

(97,954)

(97,954)

Total comprehensive income /(expense)

(97,954)

(302,073)

(400,027)

Shares issued

929

649,071

650,000

Shares issue costs

(27,220)

(27,220)

Shares issued in payment of creditors

15

14,985

15,000

At 30 September 2018

11,283,756

44,460,171

(389,501)

1,381,998

(53,084,878)

3,651,545

Loss for the period

(282,562)

(282,562)

Loss on exchange translation

(22,618)

(22,618)

Total comprehensive income /(expense)

(22,618)

(282,562)

(305,180)

Shares issued

1,039

742,745

743,784

Share issue costs

(38,040)

(38,040)

Total transactions with owners, recognised directly in equity

1,039

704,705

(22,618)

(282,562)

400,564

At 31 March 2019

11,284,795

45,164,876

(412,119)

1,381,998

(53,367,440)

4,052,109

Consolidated Cash Flow Statement

For the six months ended 31 March 2019

Six months ended 31 March 2019

Six months ended

31 March 2018

Year ended

30 September 2018

£

£

£

Net cash flow used in operations

(571,969)

(301,408)

(563,850)

Investing activities

Increase in exploration assets

(446,165)

(6,600)

(302,794)

Interest received

1,135

1,386

Other income

175,188

Net cash used in investing activities

(269,842)

(6,600)

(301,408)

Financing activities

Proceeds from issue of shares

705,744

622,780

Net cash from financing activities

705,744

622,780

Net change in cash and cash equivalents

(136,067)

(308,008)

(242,478)

Cash and cash equivalents at beginning of the period

781,142

1,082,994

1,082,994

Effect of change in exchange rates

(22,618)

(73,487)

(59,374)

Cash and cash equivalents at end of the period

622,457

701,499

781,142

Notes to the Condensed Half-Yearly Financial Statements

For the six months ended 31 March 2019

1. Basis of preparation

The condensed consolidated half-yearly financial statements incorporate the financial statements of the Company and its subsidiaries (the “Group”) made up to 31 March 2019. The results of the subsidiaries are consolidated from the date of acquisition, being the date on which the Company obtains control, and continues to be consolidated until the date such control ceases.

These condensed half-yearly consolidated financial statements do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 30 September 2018. They have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 30 September 2018. The report of the auditors on those accounts was unqualified and did not contain a statement under section 498(2) or (3) of the Companies Act 2006, but did include a reference to matters which the auditors drew attention to by way of emphasis without qualifying their report.

The accounting policies have been applied consistently throughout the Group for the purpose of preparation of these consolidated half-yearly financial statements. New standards, amendments and interpretations effective for accounting periods commencing after 1 January 2018 have been adopted but do not have a material impact on the condensed consolidated financial statements. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

The financial information in this statement does not constitute full statutory accounts within the meaning of Section 434 of the Companies Act 2006. The financial information for the six months ended 31 March 2019 and 31 March 2018 is unaudited. The comparative figures for the period ended 30 September 2018 were derived from the Group’s audited financial statements for that period as filed with the Registrar of Companies. They do not constitute the financial statements for that period.

2. Going concern

The Directors are satisfied that the Group has sufficient resources to continue its operations and to meet its commitments for the immediate future. The Group therefore continues to adopt the going concern basis in preparing its condensed half-yearly financial statements.

3. Cash and cash equivalents

Cash includes petty cash and cash held in bank current 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.

4. Earnings per share

Six months ended

31 March 2019

Six months ended

31 March 2018

Year ended

30 September

2018

Weighted number of shares in issue during the period

400,451,205

247,605,240

263,542,617

£

£

£

Loss from continuing operations attributable to owners of the parent

(282,562)

(247,946)

(550,018)

The disclosure of the diluted loss per share is the same as the basic loss per share as the conversion of share options decreases the basic loss per share thus being anti-dilutive.

Notes to the Condensed Half-Yearly Financial Statements

For the six months ended 31 March 2019

5. Income tax

No charge to tax arises on the results and no deferred tax provision arises or deferred tax asset is identified.

6. Shares and options transactions during the period

The share capital of the Company consists of three classes of shares: ordinary shares of 0.001p each which have equal rights to receive dividends or capital repayments and each of which represents one vote at shareholder meetings; and two classes of deferred shares, one of 9.9p each and the other of 0.099p each, which have limited rights as laid out in the Company’s articles: in particular deferred shares carry no right to dividends or to attend or vote at shareholder meetings and deferred share capital is only repayable after the nominal value of the ordinary share capital has been repaid.

a) Changes in issued share capital and share premium:

Number of

Ordinary

Deferred

Deferred ‘B’

Deferred

Total

Share

Shares

shares

9.9p shares

0.099p shares

0.199p shares

shares

premium

Total

£

£

£

£

£

£

£

At 1 October 2018

341,962,383

3,420

7,194,816

3,828,359

257,161

11,283,756

44,460,171

55,743,927

Issue of shares less costs

100,000,000

1,000

1,000

665,960

666,960

Shares issued in payment of creditors

3,878,400

39

39

38,745

38,784

Balance at 31 March 2019

445,840,783

4,458

7,194,816

3,828,359

257,161

11,284,794

45,164,876

56,449,670

All the shares issued are fully paid up and none of the Company’s shares are held by any of its subsidiaries.

7. Consolidated Cash Flow Statement

Six months ended

31 March

2019

Six months ended

31 March

2018

Year ended

30 September

2018

£

£

£

Operating activities

Loss for the period, before tax

(282,561)

(247,946)

(550,019)

Adjustments:

Depreciation expense, property, plant and equipment

1,032

2,943

5,661

(Gain)/Loss on available for sale financial assets

970

Interest income

(1,135)

(1,386)

Other income

(175,188)

(Gain)/Loss on revaluation of investments

(4,259)

5,428

Shares issued in lieu of expense payments

15,000

(Increase) /decrease in accounts receivable

(166,081)

(1,097)

(24,525)

Increase/(Decrease) in accounts payable

56,225

(50,300)

(9,551)

(Increase)/decrease in taxation

(10,436)

Net cash flow used in operations

(571,969)

(301,408)

(563,850)

Notes to the Condensed Half-Yearly Financial Statements

For the six months ended 31 March 2019

8. Post period end events

On 15 April 2019 the Company announced that the Company has commenced processing and interpretation of airborne and ground geophysics in respect of the Company’s 100% owned Windidda gold project (the “Project”) in Western Australia.

On 26 April 2019 the Company announced the findings of the reconnaissance rotary air blast (RAB) drilling programme recently completed at the Black Cat gold prospect, which is located within the Bailieston gold project area (EL5433) in the state of Victoria, Australia. Significant intersections at 7 metres at 1.76 g/t gold from 35 metres in BCD11, 3 metres at 4.26 g/t gold from 16 metres in BCD18, and 1 metre at 6.3 g/t gold from 18 metres in BCD03.

On 1 May 2019 the Company announced further results from the reverse circulation (RC) drilling programme completed in February and March 2019 at the Blue Moon gold prospect in the state of Victoria, Australia. Across the full RC drilling programme, significant intersections included: 2 metres at 17.87 g/t gold within a zone of 15 metres at 3.81 g/t gold from 51 metres in BBM007; 3 metres at 3.88 g/t gold within a zone of 11 metres at 2.42 g/t gold from 169 metres in BBM006; 1 metre at 2.15 g/t gold at the top of a zone of 16 metres at 0.28 g/t gold from 85 metres in BBM004; 2 metres at 1.40 g/t gold within a zone of 14 metres at 0.54 g/t gold in BBM005 from 132 metres; 1 metre at 1.94 g/t gold from 138 metres and 5 metres at 0.46 g/t gold from 152 metres in BBM010; and 5 metres at 1.09 g/t gold from 97 metres in BBM013.

On 8 May 2019 the Company announced an update in respect of the Company’s exploration programme at the Creswick gold project (the “Project”) in Victoria, Australia. Of the 17 holes drilled the Company identified gold mineralisation in all holes, with grades in 9 holes ranging from 0.6 g/t gold to 44.63 g/t gold (1.44 oz per tonne).

On 14 May 2019 the Company announced that Mercator Gold Australia Pty Limited (“MGA”) ECR’s 100% owned Australian subsidiary has received a cash Research and Development refund of A$318,971.73 which relates to qualifying expenditure incurred by MGA in the year ended 30 June 2018. The refund was received under the R&D Tax Incentive from the Department of Industry, Innovation and Science of the Australian Government.

On 17 May 2019 the Company announced the launch of the new corporate website which can be viewed at: www.ecrminerals.com.

On 11 June 2019 the Company announced an update in respect of the Company’s gold nugget test programme at the Company’s Creswick Project in Victoria, Australia.

On 24 June 2019 the Company announced the appointment of Keith Whitehouse, of Australian Exploration Field Services Pty Limited, as a consultant resource geologist to the Company.

On 26 June 2019 the Company announced the commencement of gold exploration activities at the Timor Gold Project (the “Project”) in Victoria, Australia.

ECR Minerals (ECR) Creswick Gold – Resource Geologist Appointment

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce the appointment of Keith Whitehouse, of Australian Exploration Field Services Pty Limited, as a consultant resource geologist to the Company.

Mr Whitehouse holds a BSc Geology from the Victoria University of Wellington and has over 40 years’ experience in the provision of technical services to the resources industry with an emphasis on resource modelling, JORC and NI 43-101 reporting, business development, data management and associated IT solutions.

With extensive experience of Victoria exploration, and resource modelling, and as a former Chair and current committee member of the Central Victoria branch of AusIMM, Mr Whitehouse brings valuable skills and capabilities to complement the ECR technical team.

Craig Brown, Chief Executive Officer commented: “I am delighted to announce the appointment of Keith Whitehouse as an adviser to the Company. Keith’s knowledge and experience will be applied immediately with regard to our ongoing work at Creswick, where we are seeking to quantify gold mineralisation in a manner that, if applicable, can be embodied within a JORC compliant resource.

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

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.

No let up in progress for ECR Minerals, as Q2 2019 delivers relentless growth

No let up in progress for ECR Minerals, as Q2 2019 delivers relentless growth

By Harry Dacres-Dixon

  • Drilling to success in Victoria.
  • Gravity concentration tests the way forward?
  • Australian gold mining – Production Cliff?
  • Australian gold – the future.

It’s been a busy two months for precious metals exploration and development company ECR Minerals (AIM:ECR).

The London AIM listed junior mining and exploration company is primarily focused on key projects in the Central Victorian Goldfields and the Yilgarn Craton in Western Australia. Both areas have a rich history of gold production, with Yilgarn in particular host to some 30% of the world’s known gold reserves.

The past month has seen a string of drilling announcements on the back of developments across a number of the group’s highly prospective Central Victoria projects.

Victoria drilling shows promise

At the end of April 2019, ECR reported significant findings from their reconnaissance low-cost rotary air blast (RAB) drilling programme at their Bailieston Black Cat gold prospect.

Located immediately to the south of the territory where Aussie mining giant Newmont Mining has also applied for a license, ECR completed 485 meters of drilling across 18 shallow holes at Black Cat.

Although the site had no previous history of drilling, the results showed promising intersections and grades. These included 7 metres at 1.76 g/t gold from 35 metres in BCD11, 3 metres at 4.26 g/t gold from 16 metres in BCD18, and 1 metre at 6.3 g/t gold from 18 metres in BCD03.

As well as samples, the results also provided important additional geological information. ECR CEO Craig Brown said he was “delighted with the positive outcomes from the programme”…adding that the drilling results “may help vector further exploration in the project area”

The pace of developments continued into May. On the 1st of the month, ECR provided shareholders with an update from its Bailieston gold project. A complete set of results was provided for the Blue Moon (EL5433) prospect following reverse circulation drilling at the site in February.

The news followed their previously released high-grade assay results from the same site, where ECR notably achieved an intersection of 17.87 g/t gold over two meters.

Data from the latest report significantly expanded the potential at the Blue Moon prospect. These included:

  • 2 metres at 1.40 g/t gold within a zone of 14 metres at 0.54 g/t gold in BBM005 from 132 metres;
  • 1 metre at 1.94 g/t gold from 138 metres and 5 metres at 0.46 g/t gold from 152 metres in BBM010.

Of the Blue Moon results, Brown made the following statement: “With the knowledge gained from the RC programme we believe that the gold mineralisation intensifies further west and now have a clear action plan to follow the system. We are excited by the findings and will continue our work at Blue Moon and other prospects in the Bailieston project area, with our strategic objective remaining a multi-million ounce gold discovery.”

Just seven days later, ECR announced to the markets that it’s multiple-prospect drilling programme had identified quartz in over one-third of the 1,687 metres drilled across 17 holes at their Creswick project.

This announcement had a marked effect on the stock, propelling ECR’s share price up from year lows of 0.65p on May 7th to a year high of 0.97p by the end of the following day.

Gravity Concentration tests show initial Creswick results understated gold content.

Across the nine assessed holes at Creswick, the mineralisation revealed ranged from 0.6 g/t gold to 44.63 g/t gold (1.44 oz per tonne). These results however were effectively knocked out of the park by a follow-up sample gravity concentration bag test, which showed that the initial assay test had understated the gold content by 84.2%. ECR said that the ‘nuggetty nature’ of the gold mineralisation increases the chance of it being missed in the drilled metre and when samples from the drill holes are sent for assay. As a result, all drilling samples are now undergoing the gravity concentration bag test.

Craig Brown was delighted with the news:“The work we are undertaking at Creswick is highly exciting given the transformational potential this large footprint gold system offers.

He added…”directors believe that the outcome has the potential to be Company transformational and is therefore deserving of our close attention.”

“ECR are now eagerly awaiting the findings from the whole of bag gravity concentration work and will report back to the market as significant developments occur.

R&D Refund helps to keep prices growing

To round off a highly successful run of results, May 14th saw a further shot in the arm for the investment case as ECR received a Research and Development refund of A$318,971 (approx £171,000) for it’s wholly owned Australian subsidiary Mercator Gold. Added to this, ECR are expecting an additional refund around August 2019 for an anticipated A$370,000.

To round off May, the company launched a new website to fully articulate projects, data and results to the global investing community. With the company now firmly in the investor spotlight, ECR stock broke out of a long standing trading range to close at a 3 year high of 1.3p on 3rd June 2019.

Australia Gold Market Production Cliff?

For the global mining investment community, Australia is ranked second in the world thanks to its pro-mining attitude and world-class infrastructure.

Producing 107.3m ounces, it’s annual output for last year came second only to China, and was valued at a staggering $19.2 billion at Australia’s current gold price of $1,820 an ounce.

However, despite expectations of a new record high of 109.6 million ounces this year, concerns have been raised over a possible ‘production cliff’ in the coming years.

Canadian research analyst Chris Galbraith, of S&P Global Market Intelligence, has predicted that Australia’s gold production will be in decline by 2022 as mines grow older.

These claims have been dismissed by Richard Hayes, CEO of Perth Mint, the company responsible for refining the majority of Australian gold.

“Every year I go to conferences where I see people putting up graphs which show a production cliff, where all of a sudden in the next year or two or three, there’s a massive drop off,”

“In the quarter of a century since I’ve been here I certainly haven’t seen any evidence of any of those predictions ever coming true” Mr Hayes said.

“I would be very, very surprised if there’s this production cliff we’re all going to fall off in five years’ time.”

Australian Gold – the future?

Whilst we can’t be sure what the long-term future holds for Australia’s gold mining industry, one thing that looks increasingly likely. Small, ambitious gold exploration companies such as ECR Minerals will play a big part.

New exploration and analysis techniques mean that hitherto unexplored or previously abandoned territories can be explored and revisited. ECR’s recent drilling activities and data analysis has confirmed once and for all to the global investing community that this small cap miner not only has a portfolio capable of delivering big results, but that it is very keen to get the ball rolling too.

With strong management, a clear focus and highly prospective sites in two world-class regions of Australia, if ECR can keep delivering good news and solid results – who knows, maybe… just maybe it’ll be their multi-million-ounce gold discovery that will propel Australia’s gold mining industry to new highs. And for the legions of gold investors around the globe, watching the impact of such a development on their portfolio will be the next best thing to being there on the ground with a pickaxe and panning kit!

 

References:

ABC News (2019):Australia’s $19b gold industry on edge of ‘production cliff’ as mines run out of gold, analyst warns

Ferret (2019):Australia welcomes top March quarter of gold production in over two decades predicts a positive future for Australian Gold Market amid concerns productions could decline from 2022.

Gold prices dropped slightly this week as the dollar reclaims it’s haven appeal, hitting two year high.

  • A new record high of 109.6 million ouncesis expected to be reached this year
  • Australian dollar gold price trading near historic highs of about $1,820 an ounce
  • Australia’s biggest new gold mine prepares to pour its first gold bar in June – The $621 million Gruyere project in WA’s Great Victoria Desert

Canadian research analyst Chris Galbraith, of S&P Global Market Intelligence,

  • Australia second largest producer after China, with 10.7m ounces worth $19.2 billion
  • Production set to fall by 40% to 6.3 million ounces over next five years
  • He predicts global gold production will be in decline from 2022

Perth Mint CEO Richard Hayes

  • “”Australia is the second largest producer of gold and has the world’s largest known gold reserves, so I would be very, very surprised if there’s this production cliff we’re all going to fall off in five years’ time.”

Nevada’s Walker Lane Gold Trend Ripe for Discovery – Gold Investing News – Tertiary Minerals #TYM

Some of the world’s most important gold mining districts are found in Nevada’s three major northwest trending belts: the Carlin trend, the Cortez trend and the Walker Lane trend.

Together these three trends have contributed the most to the nearly 170 million ounces of gold produced in Nevada between 1835 and 2018. While Nevada’s long gold mining history and prolific production may lead some to believe all the low-hanging fruit has been picked, there still exists plenty of upside and the potential for new discoveries in the Walker Lane trend.

Nevada: Where the world goes for gold

Nevada ranks as the world’s third top mining jurisdiction and fifth largest gold producer. The state owes its top dog status to its immense mineral wealth, well-established infrastructure and stable regulatory environment. Transparent, easy-to-navigate regulations and permitting processes, and an attractive tax regime with a low net profits tax and no income tax are all very inviting for the world’s gold miners. Global giants Newmont Mining (NYSE:NEM), Barrick Gold (TSX:ABX,NYSE:GOLD) and Kinross Gold (TSX:K,NYSE:KGC) all have producing mines in the state.

Walker Lane gold trend: Future of gold mining in Nevada

The Carlin trend may have generated the most heat in the Nevada desert over the past decades when it comes to gold, but most of the best properties are already controlled by majors Newmont, Barrick and Kinross. The high cost of exploring for the often blind and deeper targets that remain on the trend is a big turn off for junior explorers. Today’s mineral exploration companies looking for the next big play are staking claims in one of the state’s other prominent gold trends, the Walker Lane, which offers less expensive exploration with the added upside of plenty of blue sky potential in a relatively underexplored landscape with known high-grade potential.

The north-west trending Walker Lane, one of the largest structural lineaments in Nevada, has played an integral role in the history of the state beginning with the 1859 discovery of the Comstock Lode, representing 8.5 million ounces of gold and about 400 million ounces of silver. The lure of all that wealth led to the gold rush that would eventually build up Nevada’s population enough to earn statehood in 1864.

Unlike the Carlin trend, where most mines are producing ore of less than a gram of gold per tonne, Walker Lane stands out with exceptional high-grade assays. In fact, Walker Lane hosts a number of high-grade districts including Tonopah and Goldfield. Also in the region is Kinross’ Round Mountain mine, which produced approximately 437,000 ounces of gold equivalent in 2017. The giant gold mine’s current reserves plus past production total 29 million ounces of gold. Other prolific mines in the area include Mineral Ridge with 4 million ounces of gold and 6.4 million ounces of silver; and Bullfrog with 3.7 million ounces of gold and 4.6 million ounces of silver.

Promising projects in the Walker Lane gold trend

A few recent successes at Walker Lane include Northern Empire’s US$90 million acquisition by Coeur Mining (NYSE:CDE) in 2018 on the basis of the Sterling gold project, which hosts four distinct deposits including a fully-permitted, open-pit mine set to become one of the highest-grade heap leach mines in the Western United States.

Corvus Gold (TSX:KOR,OTCQX:CORVF) is focused on its near-term North Bullfrog and Mother Lode gold-silver mining projects near Beatty, Nevada. Results from exploration drilling at Mother Lode continue to show high potential for expanding the deposit and raising the possibility of identifying a much larger mineralization system. Corvus’ success has attracted C$2 million in additional funding for resource expansion programs at both Mother Lode and North Bullfrog.

Newrange Gold’s (TSXV:NRG,OTC Pink:NRGOF) Pamlico gold project represents another high-grade, district-scale opportunity on the Walker Lane trend. The project includes the historic Pamlico Mines on Pamlico Ridge, together with the Central, Sunset, Good Hope, Gold Bar and various unnamed mines and prospects. The 1,670-hectare property has been in private hands since 1896 with less than half of 1 percent of the property ever touched by a modern exploration drill. Newrange acquired Pamlico in 2016 and since then has launched an aggressive exploration campaign which has resulted in numerous drill intercepts of near surface oxide gold mineralization to 340 grams gold per metric tonne.

Newrange is advancing the project toward a resource estimate. In February 2019, the company completed preliminary metallurgical testing which achieved gold extractions as high as 97.1 percent and calculated head grades as high as 79.4 grams gold per metric tonne. These grades were substantially higher than what was originally indicated by drill sample assays, suggesting the potential for a much larger and potentially heap leachable gold system at Pamlico.

Brand Communications – Tertiary Minerals (AIM: TYM) announced that it had secured exploration rights and an option to purchase a group of claims in the Pyramid Mining District of Nevada on May 28th 2019. The project is located 25 miles northwest of Reno and is easily accessible by sealed highway. Full details here

Takeaway

The recent discoveries and continued resource expansion along Nevada’s Walker Lane gold trend is a great example of what the state’s mineral largess still has to offer for gold exploration companies and their shareholders.

Article by Melissa Pistilli, Gold Investing News

Tertiary Minerals #TYM – New Project Acquisition in the Pyramid Mining District of Nevada, USA.

Tertiary Minerals plc is pleased to advise that it has secured exploration rights and an option to purchase a group of claims in the Pyramid Mining District of Nevada. The project is located 25 miles northwest of Reno and is easily accessible by sealed highway.

Pyramid Project Highlights:

  • 20-year lease secured over group of 9 patented claims with option to purchase (subject to underlying royalties).
  • Additional 25 mining claims staked to cover additional targets along strike.
  • Located in productive Walker Lane porphyry copper/epithermal gold belt.
  • Limited historical exploration (1989-90) has defined priority epithermal vein drill target:
  • Drill hole PYR 9 – intersected visible gold and assayed 1.52m grading 17.8 g/t Au from 94.5m down hole
  • PYR 9 ended in 1.52m grading 2.6 g/t Au at 115.8m depth.
  • PYR 9 was only drill hole to effectively test a cohesive 750m long open-ended gold-mercury-arsenic soil geochemical anomaly.
  • Claims contain a number of untested epithermal veins and stockwork target zones – 43 widespread surface samples assayed up to 7.27 g/t Au and averaged 1.3 g/t Au

 

  • The State of Nevada:
  • 5th largest gold producer in world.
  • 6 M oz of gold produced in 2017.
  • 1 M oz of gold produced 1835-2018.
  • Ranked #1 most desirable mining jurisdiction in the world by The Fraser Institute.

Commenting today, Managing Director, Richard Clemmey said:  “We are delighted to have acquired an interest in the Pyramid Project.  Projects with high-grade gold results in drilling that have not already been followed up are hard to find in Nevada.  This acquisition follows the staking of the Paymaster Project earlier this year and is in line with our strategy to build a new project portfolio which will enable the Company to reduce its future geographical, technical, permitting and commodity risk exposure and provide long-term shareholder value”. 

Maps showing the location of various features described in this news release will be available on the Company’s website in due course.

 

 

Enquiries

 

Tertiary Minerals plc

Richard Clemmey, Managing Director

Patrick Cheetham, Chairman

 

 

 

+44 (0) 1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Broker

Lindsay Mair/Caroline Rowe

 

+44 (0) 20 3470 0470
SVS Securities plc

Joint Broker

Elliot Hance

+44 (0) 203 700 0093

Detailed Information

Location

Tertiary’s Pyramid Project is located 40km northwest of Reno in the Pyramid Mining District and is readily accessible from State Highway 445 which crosses the northwest tip of the project.

The Property

The Company has secured a 20-year lease with option to purchase a group of 9 patented mining claims. In addition, the Company has staked a further 25 unpatented mining claims adjoining the patents to cover potential extensions along strike.

Patented mining claims are considered as private property under US law and have the advantage that mineral exploration and surface disturbance below 5 acres can be carried out without permits and, in general, mine permitting is a more straightforward process.

Geology & Mineralisation

The Pyramid Mining District lies at the northwest end of the Walker Lane mineral belt a major northwest trending structural deformation zone and a highly productive gold, silver and copper producing region which is host to numerous past and currently producing multi-million ounce epithermal gold deposits as well porphyry copper and porphyry molybdenum deposits.

Within the Pyramid Mining District, the Company’s Pyramid Project is underlain by a thick sequence of mid-late Tertiary age (23 Ma old) rhyolitic tuffs interpreted by the Nevada Bureau of Mines & Geology to have formed within an east-west elongated Caldera structure named the Perry Canyon Caldera.

The gold veins at Pyramid lie within the Perry Canyon Caldera and are interpreted from historical mapping and mineral exploration to lie on the margins of a large and deeply buried porphyry system in the southeast part of the district that is currently claimed by copper producer Asarco LLC (a division part of Groupo Mexico). At the higher erosional levels currently preserved at Pyramid such porphyry systems are prospective for high-sulphidation gold deposits (in more central areas) such as those found further south in the Walker Lane at the Goldfield Mining District (4 million ounces of past production at 1oz gold/ton) and  low and intermediate-sulphidation epithermal deposits (of which there are many examples in the Walker Lane) in more peripheral areas where the Company’s claims are located. This pattern of mineralisation is similar to that of many large porphyry systems in the US, Peru and the Pacific basin countries.

In the main part of the Pyramid District precious metals were mined from three moderately to steeply dipping, northwest-striking vein systems named after the prominent mines that occur along them – Ruth, Burrus, and Bluebird. The Company’s claim interests cover the Ruth vein system and a number of parallel vein systems and zones of alteration.  In addition to abundant quartz and pyrite, vein minerals in unoxidized ore from the Ruth vein system include barite, anglesite, galena, sphalerite, acanthite, gold and cassiterite.

Past Mining & Exploration

The Pyramid Mining District was established in 1866 with only small-scale production reported. Modern exploration in the Pyramid District has focussed primarily on the search for porphyry copper mineralisation with only limited exploration having been carried out for gold.

The only documented field exploration in the area of the Company’s claims was carried out by Battle Mountain Gold Mining (“Battle Mountain”) who leased the project from the current lessors, Golden Crescent Corporation, in the period 1988-89. Battle Mountain carried out surface sampling, soil sampling and drilled 10 shallow exploration holes for a total of 1,006m of drilling to depths between 43 and 140m.

Soil sampling was conducted on a 30 x 120m grid within a confined area 600m x 600m centred on Battle Mountain’s main target area, the Ruth Mine vein system and associated vein stockwork. This identified a series of gold-in-soil anomalies and eight of their ten drill holes were designed to test a broad gold anomaly located just northwest of the Ruth Mine. These intersected areas of anomalous gold up to 1.5m grading 1.64 grammes/tonne gold (g/t Au) in hole PYR 1 from 10.7m depth.

Battle Mountain’s two other drill holes were designed to test a parallel vein west of the Ruth vein system which correlates with a separate strong gold-arsenic-mercury soil anomaly, mercury and arsenic being strongly associated with gold in epithermal gold deposits. This soil anomaly is open ended and continues strongly to the northwest and southeast boundaries of the sampled area.

Drill hole PYR 9 on this western line intersected high-grade gold mineralisation and visible gold within a sample thickness of 1.52m grading 17.8 g/t Au from 94.5m downhole. A broad zone of low-grade mineralisation continued to the end of the hole at 115.8m where the last 1.52m sample graded 2.6 g/t Au.

PYR 10 targeted the same western line soil anomaly some 150m to the southwest but was interpreted to have been drilled in the wrong direction and made no significant gold intersections.

Battle Mountain did not carry out any follow up exploration.

Proposed Mineral Exploration – Tertiary Minerals plc

The association of high-grade gold mineralisation in a previous drill hole associated with a strong and open-ended gold soil anomaly supported strongly by epithermal pathfinder elements mercury and arsenic presents a compelling drill target.

Similar narrow high-grade epithermal gold deposits in Nevada have hosted multi-million-ounce deposits such as the producing Midas Mine where the mainveins produced more than 2.2 million ounces of gold and 26.9 million ounces of silver between 1998 and 2013.

Tertiary Minerals intends to follow up Battle Mountain’s drilling and soil sampling results with an initial RC and core drilling programme as soon as possible. Core drilling is recommended as water, which can affect sample quality, was encountered in drilling both holes PYR 9 & 10.

The broader potential of the vein systems on the Project area are highlighted by the results of 43 surface chip samples taken by Battle Mountain from various outcropping veins and old mine workings within the Company’s Project area. These assayed up to 7.27 g/t Au and averaged 1.3 g/t Au.

This high prospectivity was confirmed by surface grab carried out by the Nevada Bureau of Mines & Geology during a regional assessment in 1999 when samples from the 1km long Ruth vein System averaged 1.3 g/t gold and 131 g/t silver (Garside et al 2003). The highest gold content, 8 g/t Au, was from the Surefire Mine area which has never been drill tested.

A series of maps illustrating the features described in the News Release will be uploaded to the Company’s website in due course.

Summary of Terms of Lease/Option

Advanced Annual Minimum Royalty Payments:

  • $15,000 payable on signing
  • $12,500 payable on or before 12 months from date of agreement
  • $12,500 payable on or before 18 months from date of agreement
  • $20,000 payable on or before 24 months from date of agreement
  • $20,000 payable on or before 30 months from date of agreement
  • $27,500 payable on or before 36 months from date of agreement
  • $27,500 payable on or before 42 months from date of agreement
  • $35,000 payable every 6 months from 48 months after the date of the agreement

Option to buy property (required to purchase property prior to commencement of mining):

  • $1,500,000 – At any time before the end of Lease Year 5
  • $2,000,000 – At any time after Lease Year 5 and before the end of Lease Year 10
  • $2,500,000 – At any time after Lease Year 10 and before the end of Lease Year 20

Royalty Payable:

  • 2% Net Smelter Return
  • Where underlying pre-existing Royalties exist2on a particular claim then the 2% Royalty payment on that claim will be reduced by a variable amount to minimise the impost of multiple royalty payments
  • Advanced Royalty Payments credited against royalty payment entitlements
  • Royalty Area of Interest: 0.5 miles
  • Right to buy one half of royalty for $1,000,000 at any time before start of mine and/or plant construction
  • Advanced royalty payments not credited against royalty buyout
  • Royalty retained after property buyout (subject to half purchase right)

References:

Nevada Bureau of Mines and Geology Map 146. 2003. Geology of the Fraser Flat Quadrangle and the west half of the Moses Rock Quadrangle, Washoe County, Nevada. Larry J. Garside, Stephen B. Castor, Craig M. dePolo, and David A. Davis, with a section on aeromagnetic lineament analysis, Warm Springs Valley, by Michael C. Widmer.

Notes:

  1. The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies. Mr. Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.
  2. Three of the nine claims subject to the lease agreement are known to be subject to a third party underlying 4% gross proceeds royalty.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Notes to Editors

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a multi-commodity project portfolio.

CAUTIONARY NOTICE

The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

ECR Minerals (ECR) High Grade Gold Assays from Drilling at Blue Moon Prospect Victoria, Australia

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce the receipt of significant gold assays in relation to the reverse circulation (RC) drilling programme recently completed at the Blue Moon prospect, which is located within the Bailieston gold project area in the state of Victoria, Australia.

ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston project.

Significant intersections from three of twelve RC holes drilled by MGA at Blue Moon are reported below. Assay results for the remaining nine holes are pending. A map showing the location of drill holes completed at Blue Moon by MGA may be viewed through the following link:

https://www.ecrminerals.com/images/BBM_As_2019.jpg

Readers are advised to review the Company’s announcement dated 28 January 2019 regarding the commencement of the Blue Moon drill programme, which can be viewed through the following link:

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

Readers are also advised to review the Company’s further progress update announcement dated 28 February 2019 which highlighted the presence of visible gold in drill cuttings from Blue Moon, which can be viewed through the following link:

https://polaris.brighterir.com/public/ecr_minerals/news/rns/story/w3og3dw

HIGHLIGHTS:

  • Following the reporting of visible gold from hole number BBM007 (see 28 February 2019 announcement), assay results received for BBM007, BBM006 and BBM004 have shown both high grade intervals and significant widths of anomalous gold grades;
  • Significant intersections are reported in Table A below and include 2 metres @ 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;
  • In addition, BBM006 returned 3m @ 3.88 g/t gold from 170 metres down hole within a zone of 11 metres @ 2.42 g/t gold from 169 metres;
  • These results from Blue Moon indicate that a high grade zone exists within the target sandstone host and further results and work will be required to understand any concentration of mineralisation within shoots.

Craig Brown, Chief Executive Officer of ECR Minerals commented: “These results quantify the field geologists’ assessment of visible gold at Blue Moon during drilling of BBM007 and provide great encouragement for the Company and the Bailieston gold project.

To achieve an intersection of 17.87g/t gold over 2 metres is notable. But also of significance is that this was part of an intersection of 15 metres at 3.81g/t gold from relatively shallow depth.

The Company awaits further results from drilling across Blue Moon, Creswick and Black Cat and will provide updates to the market as appropriate.”

Further information

MGA completed three diamond drill holes (BBM001-3) at the Blue Moon prospect in 2018. The results of this drilling were announced on 6 July 2018, and the relevant announcement can be viewed here:

https://polaris.brighterir.com/public/ecr_minerals/news/rns/story/xp0773w

As previously announced, gold mineralisation at Blue Moon is associated with sandstone plus dykes intruding the sandstone and adjacent to it.

MGA’s 2018 diamond drilling did not obtain fresh sample from beneath the oxide zone. The twelve reverse circulation (RC) holes completed recently (BBM004-15) aimed to intercept the sandstone on 50 metre spacing across three sections and to gain samples from beneath 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.

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 @ 13.4 g/t gold from 57 to 60 metres). It is possible these are elevated gold values as a result of supergene enrichment close to the base of the oxide zone.

Table A

Significant intersections from Q1 2019 RC drilling at the Blue Moon gold prospect

EL5433, Victoria, Australia

NB: intersections reported are apparent width.

Hole ID From To Interval (m) Grade g/t gold
BBM007
51 66 15 3.81
Inc 55 66 11 5.13
Inc 55 61 6 8.32
Inc 57 59 2 17.87
BBM006 169 180 11 2.42
Inc 170 173 3 3.88
Inc 176 180 4 2.21
& 199 203 4 1.19
BBM004 85 101 16 0.28
Inc 85 86 1 2.15
& 90 91 1 1.02

Table 2: Hole details

HoleID Easting Northing

Elevation

Zone

Hole Depth

Dec AziMag
BBM004 326158 5922563 166 55 120 -80 179
BBM006 326158 5922569 166 55 210 -90 179
BBM007 326158 5922565 166 55 78 -61 179

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 Ltd 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.

PODCAST: Craig Brown on ECR Minerals’ vast potential in Australia following flurry of project progress (ECR)

In today’s podcast, ECR Minerals Chief Executive Officer Craig Brown gives an overview of the company’s drilling activities and discusses the benefits of operating in Australia. ECR currently has two ongoing drilling campaigns across three prospects in the highly prospective Victoria region. Brown also explains the reasoning for its recent license acquisition in the Yilgarn region where its Windidda project is located and touches on his longer-term goals for the company.

This interview was recorded on 13th February 2019.

All opinions expressed are those of MiningMaven and the respective guests, unless otherwise stated and should not be construed as investment advice or a recommendation to buy shares in any featured Company. From time to time MiningMaven principals may take equity positions in companies featured. Listeners are advised to do their own extensive research before buying shares which, as with all small cap exploration stocks, should be viewed as high risk. Investors should also seek the advice of a qualified investment adviser or stockbroker as they deem appropriate. MiningMaven.com is a trading division of Catalyst Information Services Limited. Registered in England no. 06537074 (Registered Office Address 3rd Floor Ivy Mill, Crown Street, Manchester, M35 9BG) #gold #mining #investing

IMC Exploration Group Plc (IMCP) announces that a drilling programme has commenced on PL 2551 in Co. Wexford, Ireland.

IMC Exploration Group Plc announces that a drilling programme has commenced on PL  2551 in Co. Wexford, Ireland. This is a highly prospective licence for gold mineralisation.  There are many occurrences of gold in panned concentrates, gold in soils, gold in deep overburden, gold in mineralised float and gold in bedrock.

The IMC Directors believe that this current drilling programme will complement the work already carried out by IMC that significantly upgraded the gold potential of this licence.

It is considered that there is strong support for the presence of a zone of major gold mineralisation trending NE to ENE.

Dublin, 4th March 2018 

The Directors of the Company accept responsibility for this announcement. 

END OF REGULATORY ANOUNCEMENT

Enquiries:
IMC Exploration Group Plc
Mr. Eamon O’Brien: Tel. Ireland: +353 87 6183024
Ms. Kathryn Byrne: Tel. Ireland: +353 85 2336033

Keith, Bayley, Rogers & Co. Limited 
Graham Atthill-Beck: Tel: +44 20 7464 4091/+44 750 643 4107/+971 50 856 9408
E-mail: Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: Tel: +44 207 464 4098
E-mail: Brinsley.Holman@kbrl.co.uk

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