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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 – Progress Update – Gold Nugget Test Programme Creswick Gold Project – Australia

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to provide an update in respect of the Company’s follow on gold nugget test programme at the Company’s Creswick Project in Victoria, Australia. The test programme has been designed by ECR, in conjunction with its advisers.

Readers are also advised to review the Company’s previous announcement dated 8 May 2019 which outlined the presence of a nuggetty gold system at Creswick, and this may be viewed through the following link:

https://polaris.brighterir.com/public/ecr_minerals_plc/news/rns/story/wk5e8vw

Highlights:

  • ECR’s technical team, in conjunction with advice from tendering laboratories, have devised a structured approach to systematically test zones in and around the 640 sample bags (each close to 30 kg) containing quartz collected from the recent reverse circulation drilling campaign at the Creswick Gold Project;
  • An initial trial selection process will utilise a metal detector to prioritise bags with a metallic signal. This is anticipated to expedite the sample selection from the large number of bags to send for full testing;
  • Metal detecting is now underway and a number of bags have tested positive for metal content and have been removed from site for “whole-of-bag” testing. A testing process is being finalised with a preferred laboratory;
  • Full laboratory analysis will require multiple steps including sieving, detecting, gold particle analysis, gravity concentration and assaying to determine the size distribution and grade of the coarse and fine gold within the sample;
  • ECR will communicate the results of the testing process within an initial update expected in the near term and further interim updates as the whole of bag testing process continues.

Craig Brown, Chief Executive Officer commented: “I am extremely pleased with the professionalism of the Company’s technical team in devising the structured approach to bag testing that has been developed. Creswick is a unique project and the assessment of in-situ gold mineralisation requires bespoke project management and technical application.

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

Our internal modelling suggests the Dimocks Main Shale is large enough to potentially host a multi-million ounce gold deposit at Creswick and therefore ECR are allocating resources to this project in a prioritised manner whilst continuing to develop our other Australian gold projects in parallel.”

Background:

Within its previous exploration work and as announced by the Company on 8 May 2019 ECR hypothesised an extreme nuggetty 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 drilling samples.

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

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

Based on the size of the previously recovered 0.27 g nugget, an ideal sample size could be approximately 5,000 kg. A 30 kg bag is 0.6% of this size and not large enough to be considered a representative sample, but a fifteen-fold improvement on 2 kg samples. There remains a high chance the full bag tests will not capture the nuggets. However, the greater number of full bag tests will increase the likelihood of including nuggets.

“Whole-of-bag” testing methodology

Following discussions with its technical team ECR concluded it should move into a process of “whole-of-bag” testing to determine the full extent of the gold within the reverse circulation samples. This is a sizeable exercise. Of the 1687 m drilled, 640 bags of close to 30 kg each contain quartz and these bags plus the surrounding bags will be tested.

In order to achieve the above objectives the Company’s technical team, in association with external consultants including laboratories capable of undertaking the whole of bag sample work, have considered numerous approaches to the testing process. This involved visits by ECR to the laboratories and consideration of various testing pathways and associated record keeping and process validation.

Analysis will test the primary hypothesis that gold is coarse but a program is being designed to additionally check for fine gold within the bags to assess the size distribution of the particles.

After due consideration of all factors and a range of practical tests, the Company is finalising a testing procedure at a suitable laboratory which is likely to follow the steps below:

1. Initial metal detector scanning of bags to prioritise bags to send to the lab for full testing. The Company considers that nuggets large enough to significantly impact the nugget effect will be able to be located with a metal detector. This will save the company the cost of testing all bags. A series of bags with no signal will be collected for analysis of the finer gold fraction, especially if the main set of bags show a significant fine gold component;

2. Secure transfer of bags testing positive for metal content to the laboratory for whole of bag testing;

3. Under laboratory conditions sensitive metal detector scanning of the coarse sieved (>0.85 mm) fraction of the bags is undertaken and the source of the signal removed, examined, logged, photographed and weighed. The entire coarse sample will then be assayed to calculate the total coarse gold from the bag;

4. The fine sieved fraction (<0.85 mm) will be gravity concentrated and this concentrate plus all of tails assayed for gravity recoverable and total gold. Following this step, all of the contents of the original bag would have been assayed;

5. The total gold content for each size fraction of each whole tested bag is calculated.

Initial findings from first batch of bags tested

After establishing the above testing protocol, the Company’s technical team have commenced initial metal detection of the bags as outlined by step one above

During the first phase of metal detection work a number of bags have generated a positive signal from the metal detector. These bags have been secured for transport to the laboratory for whole of bag testing under laboratory conditions.

Further metal detection tests are continuing and additional bags testing positive for metal will be securely transferred to the laboratory for whole of bag examination.

Whilst it is not certain that the tested bags contain gold, or as to what grade of mineralisation exists, and whether this is elevated grade against previous bag assay samples, the Company’s technical team consider the number of bags responding to date is very positive and the Company looks forward to receiving the “whole-of-bag” gold data from the early bags selected for laboratory analysis.

COMPETENT PERSON STATEMENT

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

MARKET ABUSE REGULATIONS (EU) No. 596/2014

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

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

info@ecrminerals.com

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

ABOUT ECR MINERALS PLC

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

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

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

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.”

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

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

Highlights:

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

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

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

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

Background:

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

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

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

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

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

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

Reverse Circulation Programme:

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

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

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

Gold Nugget Effect – Creswick Project

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

REFERENCES

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

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

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

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

Table 2. Hole details.

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

COMPETENT PERSON STATEMENT

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

MARKET ABUSE REGULATIONS (EU) No. 596/2014

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

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

Email:

info@ecrminerals.com

Website: www.ecrminerals.com

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

ABOUT ECR MINERALS PLC

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

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

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

ECR Minerals #ECR – Successful Reconnaissance Drilling at Black Cat Gold Prospect Victoria, Australia

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce 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.

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

Readers are advised to review ECR’s announcement dated 4 February 2019 regarding the initiation of the Black Cat drilling programme, which can be viewed at the following link:

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

HIGHLIGHTS:

  • Reconnaissance RAB drilling programme targeted numerous quartz reefs at Black Cat with a total of 18 shallow holes for 485 metres of drilling;
  • Significant intersections are reported in Table 1 below and include 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;
  • The potential for supergene enriched mineralisation at the water table interface and for deeper primary mineralisation could be investigated by drilling deeper holes;
  • The Black Cat prospect is located immediately south of ground recently applied for by Newmont Mining, and is among the high priority targets identified by the geophysical interpretation and targeting study completed for MGA in late 2017;
  • Important geological insights have been generated by the drilling programme, which will guide further exploration at Black Cat and other prospects in the Bailieston gold project area.

Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “This was a valuable reconnaissance programme at a gold prospect which had never been drilled before, located immediately south of ground recently applied for by a subsidiary of Newmont Mining.

The drilling targeted numerous quartz reefs with 18 holes drilled in total. Most of the locations had some historical gold mining activity, and all of them had positive previous rock chip sampling results.

I am delighted with the positive outcomes from this programme. As well as some encouraging grades, the drilling has provided important geological information which may help vector further exploration in the project area towards achievement of ECR’s prime strategic objective, which is the discovery of a multi-million ounce gold deposit.”

Further Information

Rotary air blast (RAB) drilling is a low-cost method well suited to the first pass, reconnaissance testing required at the Black Cat gold prospect. Eighteen holes were drilled, to a maximum depth of 47 metres downhole, for a total of 485 metres.

Full details of all drill holes are reported in the tables below. A map showing the location of the drill holes may be downloaded at the following link:

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

Composite samples representing 3 or 4 metre downhole lengths were initially compiled from the drill cuttings and sent to be fire assayed for gold. After receipt of the assay results, composites which returned anomalous gold grades were re-sampled on a metre by metre basis. This second set of samples was sent for fire assay, and the intersections reported in this announcement are based on those assay results. All assays were carried out at On Site Laboratory Services in Bendigo, Victoria.

Each of the three main quartz reefs that were worked historically at Black Cat is around 350m long. Drill holes were located along each of these reefs, especially near the most significant workings.

Discussion of Results

The main Black Cat reef comprises a series of en-echelon quartz lenses within a shear zone, as is found at various other reefs within the Redcastle goldfield, and for this reason the drilling completed did not always intersect the quartz veined sections. Apart from the quartz veined material that was mined historically, there exist siliceous pyritic sandstones and heavily fractured limonitic siltstones that can also be auriferous.

Hole BCD11 was drilled at the southern end of the main reef and the intersection of 7 metres at 1.76 g/t gold is associated with a diorite dyke and a zone of significant quartz veining at the footwall of the dyke in the host sandstone.

Narrow high-grade zones were intersected in BCD03 (1 metre at 6.3 g/t gold from 18 metres) and BCD18 (3 metres at 4.26 g/t gold from 19 metres) on two separate reefs, the main reef and the north reef, both of which appear to be shoot types of mineralisation because of the discontinuity along strike which has been established by other drill holes. In the case of both BCD03 and BCD18, no quartz veining was observed in the drill cuttings where gold was found to occur. The gold-mineralised intersections here are associated with limonitic siltstone.

The drilling indicates that there is typically a supergene enriched zone near surface that reaches a vertical depth of around 10 metres. There remains potential for additional supergene enrichment near the water table (approximately 50 metres), and for higher gold grades in deeper primary mineralisation. The three most significant intersections are all on different reefs and each could be investigated further by deeper drilling.

Further exploration could also focus on larger nearby structures that may be the source of the gold mineralisation, such as the Moormbool and Black Cat faults.

Table 1

Significant Intersections from Q1 2019 RAB Drilling at the Black Cat Gold Prospect

EL5433, Victoria, Australia

NB: intersections reported are apparent width with a cut-off grade of 0.3 g/t gold

Hole ID From (m) To (m) Interval (m) Grade g/t gold Reef
BCD01 16 18 2 0.58 North extension
BCD03 18 19 1 6.3 North
BCD08 0 3 3 0.68 Main
BCD11 35 42 7 1.76 Dyke
BCD15 8 9 1 1.08 Main
BCD18 16 19 3 4.26 Main

COMPETENT PERSON STATEMENT

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

MARKET ABUSE REGULATIONS (EU) No. 596/2014

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

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

Email: info@ecrminerals.com

Website: www.ecrminerals.com

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

ABOUT ECR MINERALS PLC

ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty 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.

Table 2

Hole Details (MGA94) – Q1 2019 RAB Drilling at the Black Cat Gold Prospect

EL5433, Victoria, Australia

Hole ID Easting Northing Depth Azimuth Dip Location
BCD01 307822 5931871 34 220 -60 NW trench
BCD02 307803 5931848 31 37 -60 NW trench
BCD03 307871 5931678 33 226 -60 North reef
BCD04 307860 5931690 30 225 -60 North reef
BCD05 307958 5931126 20 2 -60 Dyke
BCD06 307813 5931772 24 45 -60 North reef ext.
BCD07 307820 5931780 13 45 -60 North reef ext.
BCD08 307901 5931272 16 25 -60 Main reef
BCD09 307898 5931262 26 20 -60 Main reef
BCD10 307890 5931314 26 225 -60 Main reef
BCD11 307961 5931133 47 10 -60 Dyke
BCD12 307940 5931016 30 215 -60 South reef east end
BCD13 308005 5931113 42 13 -60 Dyke
BCD14 307936 5931145 36 10 -60 Dyke
BCD15 307865 5931340 9 220 -60 Main reef
BCD16 307867 5931343 13 220 -60 Main reef
BCD17 307879 5931330 28 226 -60 Main reef
BCD18 307895 5931302 27 225 -60 Main reef
Total 485

Table 3

Complete Results of Q1 2019 RAB Drilling at the Black Cat Gold Prospect

EL5433, Victoria, Australia

NB: intersections reported are apparent width with a cut-off grade of 0.3 g/t gold

Hole ID From (m) To (m) Interval (m) Grade g/t gold Reef
BCD01 16 18 2 0.58 North extension
BCD02 No significant intersections
BCD03 18 19 1 6.3 North
BCD04 No significant intersections
BCD05 No significant intersections
BCD06 No significant intersections
BCD07 No significant intersections
BCD08 0 3 3 0.68 Main
BCD09 No significant intersections
BCD10 No significant intersections
BCD11 35 42 7 1.76 Dyke
BCD12 No significant intersections
BCD13 No significant intersections
BCD14 No significant intersections
BCD15 8 9 1 1.08 Main
BCD16 No significant intersections
BCD17 No significant intersections
BCD18 16 19 3 4.26 Main

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

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

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

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

Highlights:

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

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

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

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

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

COMPETENT PERSON STATEMENT

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

MARKET ABUSE REGULATIONS (EU) No. 596/2014

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

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

info@ecrminerals.com

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

ABOUT ECR MINERALS PLC

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

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

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

ECR Minerals #ECR – Drilling Update – 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.

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

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

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

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

PDF version:

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

PowerPoint version:

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

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

The images may be viewed through the following link:

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

COMPETENT PERSON STATEMENT

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

MARKET ABUSE REGULATIONS (EU) No. 596/2014

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

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

info@ecrminerals.com

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

ABOUT ECR MINERALS PLC

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

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

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

ECR Minerals #ECR – Gold Focused Drill Programme to Commence – Victoria Region Australia

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce the commencement of its gold focused drilling programme at the Company’s Victoria Region gold projects in Australia.

HIGHLIGHTS:

  • A contract has been signed for 4,000 to 6,000m of reverse circulation (RC) drilling in Victoria, Australia by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

Creswick Gold Project

  • Drilling at the Creswick gold project is expected to commence this week targeting multiple quartz vein orientations identified within the Dimocks Main Shale (“DMS”), which extends over a 15km trend, approximately 7km of which is covered by MGA’s granted exploration licence and exploration licence applications;
  • As announced on 25 September 2018 at Creswick the Company’s exploration mapping has identified a large gold system within the DMS;
  • The DMS is the hard-rock source of much alluvial and deep lead gold, with historical alluvial and deep lead production estimated at up to 2.5 Moz in the Creswick/Berry lead system, and up to 11 Moz in the entire Ballarat area, of which the DMS is a significant contributor.

Bailieston Gold Project

  • Following completion at Creswick, the drill rig will move to the Blue Moon gold prospect in the Bailieston project area to follow-up the significant near surface gold intercept and evidence of a near surface mineralised gold system as announced by ECR on 6 July 2018;
  • The drill target at Blue Moon is a sandstone which has been heavily weathered near surface, but may host higher grade gold mineralisation, including disseminated sulphides, at deeper levels.

Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “I am delighted to announce the commencement of this dual drill programme at Creswick and Bailieston which is seeking to test multiple gold targets across both projects.

This is an extensive drilling campaign by the Company, and one of the largest we have undertaken in recent times. ECR’s objective is to discover a multi-million ounce gold deposit in Australia and based on the significant technical work undertaken to date, we believe the Creswick and Bailieston licences hold the potential for such a discovery.

All the planned drilling is being undertaken from existing cash resources. The Company will be entitled to claim back a proportion of drilling costs under government grants subsidising drilling. As a result, and assuming on budget operations and cost recovery through grants, the entire programme is estimated to amount to under 20% of existing cash resources.

I would like to thank our technical team and advisers for their hard work in recent weeks to bring this programme together.

We will ensure material developments are released to the market as appropriate during the coming weeks and months.”

COMPETENT PERSON STATEMENT

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

MARKET ABUSE REGULATIONS (EU) No. 596/2014

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

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

Email: info@ecrminerals.com

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

ABOUT ECR MINERALS PLC

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

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

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

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

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

The presentation may be viewed through the following links:

PDF version:

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

PowerPoint version:

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

PRESENTATION HIGHLIGHTS:

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

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

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

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

COMPETENT PERSON STATEMENT

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

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

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

Email:

info@ecrminerals.com

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

ABOUT ECR MINERALS PLC

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

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

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

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