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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

ECR Minerals #ECR – Drilling Update – Black Cat Gold Prospect, Australia

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce that drilling at the Black Cat gold prospect in the state of Victoria, Australia, has commenced and the first two holes have been successfully completed.

Composite samples representing 4m downhole lengths will be compiled from the Black Cat drill cuttings and sent to be assayed for gold. After receipt of the assay results, composites which have returned anomalous gold grades will be re-sampled on a metre by metre basis and this second set of samples will be sent for assay. Assay turnaround time is estimated to be 2-6 weeks.

Further information in respect of this drill programme is available in the Company’s announcement of 4 February 2019, which can be viewed at the following link:

https://polaris.brighterir.com/public/ecr_minerals/news/rns/story/w1mok9w

Black Cat Photo Gallery

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

The images may be viewed at the following link:

https://www.ecrminerals.com/black-cat-gallery

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.

Central banks are buying the most gold since the end of World War II — here’s why

Article by Business insider

  • Central banks have bought the most gold since the end of World War II, with the commodity becoming an increasingly valuable hedge against growing global instability.
  • The near-record buildup in government debt globally, particularly in the US, makes other perceived risk-free assets less attractive.
  • Gold is seen to have returns similar to equities in the current cycle, and a dip in supply makes it a more valuable asset for central banks and investors alike.

Central banks have been buying up gold at a rate not seen since World War II as concerns about geopolitics and the strong dollar see a shift in appreciation for the quintessential risk-free asset.

A broad combination of factors have led to gold’s resurgence, according to the research firm Bernstein. They include geopolitical risk, concerns about government debt, supply issues, and the perception that gold gives better returns over other assets.

“Beyond just the threat of inflation, it is also remarkable that, for the first time since the end of Bretton Woods and, indeed, since the end of the Second World War, central bank buying of gold has actually increased,” a note sent to clients by the firm said on Monday.

Equally, the case for gold purchases is boosted by the near-record levels of government debt in the US, which makes other potential risk-free assets more questionable and could increase inflation figures.

Gold is trading at $1,310 an ounce, up nearly 10% from its recent low in September.

As well as its value related to inflation, gold is likely to see demand increase, while supply will stay “flat at best,” Bernstein said, boosting its value to central banks and investors alike. “As with any other commodity, robust demand and weak supply implies price appreciation,” Bernstein’s analysts wrote.

Gold holdings had been on the decline for years but have seen a clear boost recently.

Bernstein also pointed out that beyond the conversation about central banks’ holdings of gold was its increase in use over jewellery. Both private and public “monetary” holding of gold have overtaken jewellery demand as the primary source of demand growth for gold in recent years, according to Bernstein.

Get the latest Gold price here.

Hallgarten & Company produce Initiation of Coverage Research Report for ECR Minerals

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce that Hallgarten & Company have produced an Initiation of Coverage report on the Company.

The report, which has been compiled using publically available information, is available on the Company’s website through the following link:

https://www.ecrminerals.com/investors-media/research-notes/download?path=ECR_Feb2019.pdf

FOR FURTHER INFORMATION, PLEASE CONTACT:

ECR Minerals plc Tel: +44 (0)20 7929 1010
David Tang, Non-Executive Chairman
Craig Brown, Director & CEO

Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
Katy Mitchell/James Sinclair-Ford
SI Capital Ltd Tel: +44 (0)1483 413500
Broker
Nick Emerson

ABOUT ECR MINERALS PLC

ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Limited has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, Australia and the Windidda Gold Project in the Yilgarn Region, Western Australia.

ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015 and is available for download from ECR’s website.

ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near-term production.

ECR Minerals plc Additional Drilling Programme – Black Cat Gold Prospect in Victoria, Australia

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce details of a further gold focussed drilling programme which will shortly commence at the Black Cat prospect within the Bailieston gold project area in the state of Victoria, Australia.

This programme is additional to the drilling which will be taking place at the Creswick gold project and the Blue Moon prospect at Bailieston, which was announced on 29 January 2019.

HIGHLIGHTS:

  • A contract has been signed for 450m of rotary air blast (RAB) drilling at the Black Cat gold prospect in the Bailieston gold project area in Victoria, Australia, by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”)
  • 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 220m 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 11.3g/t gold
  • RAB drilling is a low cost method well suited to the first pass testing required at Black Cat, and the programme is expected to commence during February 2019

Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “During my recent trip to Australia we were able to make final arrangements to commence the drilling programme announced last week. The rig engaged for that programme is expected to start work at Creswick in the coming days and will be moved to Blue Moon after the Creswick holes are completed.

In parallel, we will be undertaking an additional gold focussed drilling programme at the Black Cat prospect, which, like Blue Moon, is within our Bailieston gold project area. The Bailieston project is at the epicentre of the current gold exploration boom in Victoria, being located close to the 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.

The Company is now moving forward with three drill programmes to investigate gold mineralisation at multiple targets across its extensive gold focussed portfolio in the state of Victoria, Australia. ECR is now an active gold exploration business, aiming to deliver on its strategic objective to discover a multi-million ounce gold deposit.

Notwithstanding our active operations we are keen to maintain strict budgetary cost control and it is notable that the use of RAB drilling at Black Cat is a particularly low cost method of exploration and will enable us to gather geological information in an efficient and cost effective manner.

I look forward to updating shareholders further as the Black Cat, Creswick and Blue Moon drill programmes progress.”

COMPETENT PERSON STATEMENT

This announcement has been reviewed by Neil Motton BSc (Hons), MAusIMM (CP), FSEG, a geological consultant to the Company’s wholly owned subsidiary Mercator Gold Australia Pty Ltd with more than 30 years of professional experience. Mr Motton is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.

MARKET ABUSE REGULATIONS (EU) No. 596/2014

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

FOR FURTHER INFORMATION, PLEASE CONTACT:

ECR Minerals plc Tel: +44 (0)20 7929 1010
David Tang, Non-Executive Chairman
Craig Brown, Director & CEO

Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
Katy Mitchell/James Sinclair-Ford
SI Capital Ltd Tel: +44 (0)1483 413500
Broker
Nick Emerson

ABOUT ECR MINERALS PLC

ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration projects 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.

 

Financial Times – Wary investors drawn to gold’s allure

Central-bank buying pushes prices higher after two tough years for gold bugs

Henry Sanderson and Neil Hume JANUARY 16, 2019

If gold is anything to go by, investors are increasingly anxious about the state of the world.

Volatile equity markets and fears of a global economic slowdown have helped gold rally 10 per cent from its August lows, putting it among the best performing metals over that period.

It is a sharp contrast to much of the past two years, when rising US interest rates, a strong dollar and buoyant equity markets hurt gold bugs and the shares of miners such as Barrick Gold, Newmont Mining and Goldcorp. And when there was a correction in US stocks in early 2018, the gold price failed to benefit.

Almost a year on, the big question is whether 2019 could prove a profitable year to own gold, which is typically bought as hedge or haven by investors. The amount of physical gold in exchange traded funds has risen to 71.9m ounces, close to the record high of 72m touched in May 2018.

“We haven’t seen flows like this since the first half of 2016 — when the gold market really took off,” says Joe Foster, a portfolio manager at VanEck in New York.

“There seems to be a change in sentiment and investor psychology. People are waking up to the fact that we are late in the economic cycle and we could be ending [it] in the next year or two. That brings more risk into the system; that’s why gold is moving up.”

Those flows, along with investors covering their bets against gold, have helped the yellow metal’s price recover from the 18-month low of below $1,200 a troy ounce touched last August.

Analysts say there are a number of reasons to think the gold price can break through the $1,300 mark and push higher.

These include still-fragile stock markets, the expectation that the Federal Reserve will hold off from interest-rate increases this year, and a weaker dollar, which makes the metal more appealing. Rising US rates have been a drag on gold since the metal provides no yield.

Goldman Sachs, one of the most influential banks in commodity markets, raised its gold forecast last week and now expects a gold price of $1,425 over the next year.

“To take a view on gold, you have to first take a view on broader markets,” said Tom Holl, BlackRock portfolio manager, natural resources. “If we continue to see elevated levels of macroeconomic uncertainty and risk adversity, then gold will probably continue its positive momentum.”

Some investors believe rising concerns over US debt levels could sharpen gold’s allure, according to John Hathaway, a senior portfolio manager at Tocqueville Asset Management in New York.

Last week, Fitch Ratings warned that a continued government shutdown in the US could lead to a credit downgrade on the country’s debt, which is rated AAA by the agency.

“The US is beginning to sport a debt-to-GDP ratio worthy of any banana republic,” says Mr Hathaway. “We believe that exposure to gold is both timely and potentially rewarding.”

Higher levels of debt will also make it hard for the Fed to raise rates and tighten monetary policy, adds Trey Reik, a senior portfolio manager at Sprott Asset Management in Connecticut.

“I do think the dollar is in the midst of a long-term weakening,” he says. “You cannot raise rates with that much debt in the system without causing economic collapse.”

The buying of gold by central banks is also at its highest level since 2015, as many authorities remain keen to diversify away from the dollar. Standard Chartered estimates that central banks bought 500 tonnes of gold last year. China was among the buyers, adding almost 10 tonnes, following more than two years of unchanged holdings.

“While Russia, Kazakhstan and Turkey dominate central bank purchases, a host of other central banks entered the official sector gold market last year,” says James Steel, chief precious metals analyst at HSBC.

Mr Steel notes that the list includes Hungary, which had been out of the gold market for decades, with the exception of modest purchases in 2017. The central bank of Poland also purchased gold for the first time in many years, he adds.

However, the multiple disappointments for gold bulls over the past year leave some wary. Gold has not breached the $1,300 level since June.

While ETF holdings have risen to their highest level in five years, traders in the futures markets have not yet placed significant bets on higher prices, according to ICBC Standard Bank, a unit of China’s largest lender.

“On the one hand this does present an opportunity for gold prices to move higher still, if investor length now comes into the market,” says ICBC analyst Marcus Garvey.

“However, on the other, it begs the question as to why this has not yet happened, given the number of catalysts already present. If any of the recent tailwinds for gold were to abate, it increases the likelihood for a period of price consolidation.”

Original Article by the Financial Times

ECR Minerals (ECR) – Strategic Gold Licence Applications – Yilgarn Region Australia

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce that the Company has submitted nine new exploration licence applications covering a package of ground prospective for gold mineralisation in the Yilgarn region of Western Australia.

The application package is to be called the Windidda gold project and will, when granted, complement ECR’s existing extensive gold exploration portfolio in the state of Victoria, Australia.

Highlights:

  • Nine new exploration licence applications have been lodged in Western Australia by ECR’s 100% owned Australian operating vehicle Mercator Gold Australia Pty Ltd, covering 523 graticular blocks representing approximately 1,600 square kilometres of the Yilgarn Craton east of the town of Wiluna;

 

  • The application areas have been identified as a potential greenstone hosted orogenic gold exploration opportunity with significant potential to contain Archaean greenstones buried beneath what it is believed may be shallow cover. Archaean greenstones host many of Western Australia and the world’s most prolific gold deposits;

 

  • Previous exploration within the 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;

 

  • Target areas are expected to be amenable to aircore drilling across gravity-magnetic anomaly targets to enable rapid assessment of potential for gold mineralisation;

 

  • Licence applications cover a significant proportion of an identified gravity-magnetic trend with known gold prospects along trend in outcropping greenstone to the south (not ECR ground);

 

  • The under-cover greenstone gold exploration model has been successfully tested by Greatland Gold (LON:GGP) at their Ernest Giles project located approximately 125 kilometres east of ECR’s Windidda Project;

 

  • Further information to follow in respect of the application area and the exploration potential of the Windidda Gold Project;

 

  • In addition to the Windidda applications, ECR has an extensive pipeline of potential new opportunities, some of which are under due diligence review.  Further updates will be provided to the market as and when material developments occur.

 

Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “I am particularly pleased to announce this strategic move into Western Australia, which, like Victoria, has exceptional gold exploration potential in a first world operating environment.

Greenstone-hosted gold trends in the Western Australian Yilgarn province are very tightly held and access to free ground, when it becomes available, is highly competitive. So it is very encouraging that ECR has managed to compile a large land position of contiguous tenements covering untested gravity-magnetic anomalies representative of potential greenstone-hosted gold trends.

The funds secured by ECR in the strategic financings of July and December 2018 have enabled us to continue engaging aggressively with potential new initiatives, the Windidda project being one.  

We are acquiring new ground in Australia at a time when many explorers and developers are financially weakened by market conditions.  This, although unfortunate for the wider resource sector, is presenting ECR with multiple highly attractive options, and we intend to take full advantage.

Our work continues at pace and I look forward to updating our shareholders further with additional new developments in the near term.”

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).

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 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) – Strategic Financing and Business Update

ECR Minerals plc (LON:ECR) the precious metals exploration and development company is pleased to announce details of a strategic financing and business update for shareholders.

Highlights:

  • ECR Minerals has secured a strategic financing raising £680,000 through the issue of 97,142,857 new ordinary shares at 0.70p per share (“Financing Shares”);
  • Allowing for the existing cash at bank and the funds raised today, ECR has sufficient working capital against enhanced operational plans, until at least Q2 2020;
  • Each strategic 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 97,142,857 1.125p warrants;
  • Should all warrants be converted this financing would generate in excess of £1.77m before expenses for the Company;
  • In addition, the directors of the Company (David Tang and Craig Brown) would like to subscribe a combined total of £20,000 in addition to the above on the same terms as the Placing, subject to the outcome of regulatory approval. A further announcement will be made if they proceed;
  • Should the 5 day volume weighted average share price (“VWAP”) of ECR exceed 5.0p (five pence) the Company will have the right to accelerate conversion of any outstanding warrants;
  • The additional funds raised will be primarily applied to expansion of Australian operations including:
    • Additional extensive exploration programmes at the Company’s gold projects in Victoria Region;
    • This will include 4,000 metres of reverse circulation drilling at Blue Moon, Creswick and Black Cat prospects and 1,400 metres of scout drilling at Avoca prospect;
    • Review and due diligence of new corporate acquisition or business development opportunities in strategic and precious metals in Victoria and elsewhere in Australia.
  • Further updates to the market will be provided in the near term regarding the above Australian operational activities. In addition, following a further positive board visit to Argentina just completed, the Company expects to provide an update on Argentinian activities and opportunities, early in the new year.

Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “I am pleased to announce this additional financing which adds to the money raised in July and considerably bolsters our balance sheet working capital at a key time for the ECR business.

Market conditions in the resource sector have been challenging in the latter half of 2018, for companies of our size and we believe the ability to source additional financing at this time is a validation of our business model and plans.

ECR is in a financially robust position and can now push ahead with exploration and development across the business. In this regard ECR has a portfolio of projects in Australia which have yielded highly positive exploration results during our 2018 work programmes and deserve a proactive exploration approach.

We believe our gold interests in Victoria region in Australia have been validated by the large licence application submitted by Newmont Mining Pty Limited adjacent to our Bailieston and Moormbool projects. Moreover work at our Creswick project has revealed, through exploration mapping, a large gold system with exciting potential.

We have added additional ground with complementary licence applications recently announced, and we have more opportunities for new licences and new corporate activity to further bolster our business. The extent of our new opportunity pipeline is such that we are taking time to carefully select the primary opportunities.

Notwithstanding challenging conditions of late and what we perceive to be a general retrenchment in activity across the resource sector due to funding limitations, shareholders in ECR can be assured that the Company is well financed and operationally active, and we look forward to updating shareholders in due course on our activities.”

FURTHER INFORMATION

STRATEGIC FINANCING

ECR has secured a strategic financing raising £680,000 through the issue of 97,142,857 new ordinary shares at a price of 0.70p per share to support proactive development of its existing interests and to enable the Company to engage with new opportunities, principally in respect of Australian gold and strategic metal exploration.

Each strategic 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. Should the 5 day VWAP of ECR exceed 5p, the Company will have the right but not the obligation to accelerate the remaining warrants by issuing a 7 day notice of accelerated exercise to warrant holders. Any warrants not exercised after the 7 day notice period would lapse.

In addition, the directors of the Company (David Tang and Craig Brown) have indicated they would like to subscribe a combined total of £20,000 in the Placing, subject to regulatory confirmation. A further announcement will be made if they proceed.

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 442,983,640 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.

COMPETENT PERSON STATEMENT

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

ABOUT ECR MINERALS PLC

ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, Australia.

ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015 and is available for download from ECR’s website.

ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near-term production.

MARKET ABUSE REGULATIONS (EU) No. 596/2014

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

FOR FURTHER INFORMATION, PLEASE CONTACT:

ECR Minerals plc Tel: +44 (0)20 7929 1010
David Tang, Non-Executive Chairman
Craig Brown, Director & CEO

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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