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#ECR ECR Minerals – Holding(s) in Company

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii :

ECR Minerals Plc

1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligation iv

Name

Colin Braidwood

City and country of registered office (if applicable)

4. Full name of shareholder(s) (if different from 3.)v

Name

Colin Braidwood

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reached vi :

11/01/2022

6. Date on which issuer notified (DD/MM/YYYY):

11/01/2022

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuervii

Resulting situation on the date on which threshold was crossed or reached

8.00%

N/A

8.00%

1,018,058,551

Position of previous notification (if

applicable)

7.02%

N/A

7.02%

1,018,058,551

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights ix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

GB00BYYDKX57

81,515,151

8.00%

SUBTOTAL 8. A

81,515,151

8.00%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period xi

Physical or cash

settlement xii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)

Name xv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

Colin Braidwood

8.00%

N/A

8.00%

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional information xvi

Place of completion

United Kingdom

Date of completion

11 January 2022

 

Annex: Notification of major holdings (to be filed with the FCA only)

A: Identity of the person subject to the notification obligation

Full name (including legal form for legal entities)

Contact address (registered office for legal entities)

E-Mail

Phone number / Fax number

Other useful information

(at least legal representative for legal persons)

B: Identity of the notifier, if applicable

Full name

Contact address

E-Mail

Phone number / Fax number

Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information

Please send the completed form together with this annex to the FCA at the following email

address: Majorshareholdings@fca.org.uk. Please send in Microsoft Word format if possible.

UK Investor Magazine – Sainsbury’s, Bidstack and US Tech Stocks with Alan Green #SBRY #JD #ECR #BIDS

investor

The UK Investor Magazine Podcast is joined by Alan Green for a discussion around key market themes and a selection of UK equities.

This Podcast explores Sainsbury’s (LON:SBRY), JD Sports (LON:JD), Bidstack (LON:BIDS) and ECR Minerals (LON:ECR).

Sainsbury’s and JD Sports can be viewed as bellwethers of the UK’s consumer and their festive updates provide an insight into consumer behaviour and propensity to spend.

Sainsbury’s enjoyed the fruits of their strategy to provide low cost lines in an effort to take on discount supermarkets, whilst still offering a significant range of branded goods. Having all if this under one roof proved a success for Sainsbury’s and their festive update was well received by markets.

JD Sports are seemingly immune to the strife elsewhere on the high street posting a respectable set of festive trading figures. We question where growth could come from in 2022.

Bidstack have signed a commercial agreement that guarantees a minimum of $30 million advertising spend through their new partner. This will dramatically increase Bidstack’s revenue in the coming periods and was immediately reflected in the Bidstack share price. However, it may have come too late for Bidstack to take a dominant position in the market given the level of competition in the market.

We also briefly touch on the latest from ECR.

Sainsbury’s, Bidstack and US Tech Stocks with Alan Green

ECR Minerals #ECR – Creswick Exploration Licence Renewal Application EL006184

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to announce that it has submitted an application to renew current exploration license EL006184 for an extended five-year term.

EL006184 covers land owned by one of ECR Minerals plc 100% owned Creswick projects and is operated by its subsidiary company Mercator Gold Australia Pty Ltd (“MGA”).

ECR Chairman David Tang commented: “We are pleased to report that ECR has completed the application to renew Creswick exploration license EL006184 for an extended five-year term. Together with our recently approved licence EL006907 covering the Ballarat East Nerrina Goldfield, this area provides access to the Dimocks Main Shale strike zone, believed to host the source veining for much of the alluvial gold within the Creswick deep lead alluvial system.”

“I look forward to providing further updates once our drill team and equipment return to Creswick”

SUMMARY:

  • Initial tenure of EL006184 expired on the 28th December 2021. The application renewal for the tenement for a further five-year term has been submitted.
  • MGA has first right in securing and applying to renew the ground covered by EL006184.

EL006184 has been a pivotal part of MGA’s exploration strategy and activities during 2021. Work undertaken includes the first ever diamond drill program conducted within the area, in addition to which MGA owns land and property at 35 Brewing Lane, Springmount sited within the tenement area. Exploration is scheduled to continue within MGA’s Creswick tenement area and will include further work along the Dimock Main Shale strike zone which is central to EL006184.

The renewal of EL006184 also complements recently approved licence EL006907 sited south and along strike of the mineralised belt towards Ballarat, Victoria, which the directors believe hosts the source veining for much of the alluvial gold within the Creswick deep lead alluvial system. Once the renewal is granted, the Company expects to return to recommence work at Creswick and within the new license area after completion of current operations at Bailieston, Victoria.

Further updates will be provided when the application has been processed.

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, a director of ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He 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
Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0) 207 220 1666
Nominated Adviser

Katy Mitchell / Andrew de Andrade

SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker

Jon Belliss

Blytheweigh Tel: +44 (0) 207 138 3204
Public Relations
Tim Blythe

 

 

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight licence applications outstanding including two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston (EL5433) and Creswick (EL6148) projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.

 

https://mercatorgold.com.au/

 

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three licence applications covering 900 km2 covering a relatively unexplored area in Queensland, Australia.

 

https://luxexploration.com/

 

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.

 

ECR holds a 25% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.

ECR Minerals #ECR – Director Adam Jones Discusses The Latest Drilling Updates with Alan Green

Head Geologist & Director Adam Jones discusses the latest drilling updates with Alan Green. We look at the new license area EL006907 sited between the Ballarat East-Nerrina goldfield and the current Creswick exploration licence area. Adam also covers the new license at the Tambo area, and some recent work he has undertaken to understand the opportunity. We then move to the pre Christmas updates at Bailieston HR3, where results from holes BH3DD010 and BH3DD011 have “exponentially grown the understanding of the Maori Anticline.” Adam explains the ‘dilation jog’ model, the soil anomalies and the implications for HR3 with the data now acquired. We the look at the properties acquired at Bailieston, Creswick and Sebastian, the ‘skyrocketing’ property values there and how they will contribute in 2022, along with the near term assay schedule and milestones, (including progress at Blue Moon) for investors to look out for.

ECR Minerals #ECR – Bailieston (HR3) Soil Sampling Strengthens Mineralisation Model

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to announce that further to the HR3 drilling update announced on December 22nd, soil sample results from HR3 have identified further gold anomalies, giving further confidence in our previous geological interpretations for dilational jog zones within the HR3 goldfield at Bailieston, Victoria, Australia.

ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433), which is operated under its Australian wholly owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

ECR Chairman David Tang commented: “I said yesterday that our understanding of the Maori Anticline and HR3 had grown exponentially: this understanding has taken a further step forward today with soil sampling results that not only show a growing and extending area of anomalies, but that also support the dilational jog model outlined by our head geologist Adam Jones at holes BH3DD009, BH3DD010 and BH3DD011.”

“Along with our geologists, the board are genuinely excited at the scale and development potential of HR3. I look forward to reporting further assay results to you as they become available.”

SUMMARY:

  • Gold assays from further soil sampling reveal four gold anomalies along strike of the Scoulers-Dan Genders Reef lines, with two of the anomalies within an area of limited to no historic gold workings.
  • One anomaly in association with the convergent of two Reef lines fits in with the dilational jog mineralisation model recently identified in BH3DD009, BH3DD010 and BH3DD011.

Soil analysis results for an additional 160 soil samples taken across the central portion of the HR3 goldfield have been received, resulting in the identification of four gold anomalies. Samples are spatially related to the strike extents of the NW striking Scoulers and Dan Genders Reefs and the NNE striking Hard Up Reef.

Six of the 160 samples returned gold values above 0.1 g/t Au. The majority of these samples are affiliated with moderate arsenic levels (As) and high antimony levels (Sb)

The locations referred to in the following paragraphs can be found at the following link (figure 1):

https://www.ecrminerals.com/images/2021/XXXXX

Table 1. Best results for 160 soil assays (above 0.1 g/t Au) in descending order. Also showing related levels of arsenic (As) and antimony (Sb).

 

Sample Number Au (g/t) As (ppm) Sb (ppm)
SC_092 0.79 158.5 789
SC_118 0.2 93.3 445
SC_142 0.145 67.5 306
SC_108 0.125 84.4 144
SC_098 0.122 104.5 41
SC_072 0.118 119 60

 

INTERPRETATION OF SOIL RESULTS

Anomaly A

Gold results have highlighted an anomaly associated with the south projection of the Hard Up Reef and its convergence with the Dan Genders Reef. Recent drilling of BH3DD009, BH3DD010 and BH3DD011 identified high grade gold formed within a dilational jog zone where the Hard Up Reef converges with the Maori Reef. Anomaly A has potential to be related to a similar mineralisation style. Drilling is planned to confirm this.

Anomaly B

This anomaly is situated central to the Scoulers and Dan Genders Reef lines. Ground truthing evidence shows this anomaly to be located within an area of very few historic gold workings. The company will follow up this anomaly with rock chip samples of quartz float on the sub-surface. Outcome of these results will decide on the best plan to test this location by drilling.

Anomaly C

Earlier this year (June 2020), the first soil results were released and revealed a spot anomaly of 3.75 g/t Au. This earlier best result is located at the north-east end of the trail of Anomaly C (refer to figure 1). With the additional results now received, the source of this trail can be traced back to the Scoulers Reef. There are the remains of a backfilled shallow historic shaft at the source area that by judgement of the size of the remnant mullock dump, appears to be less than 4 metres deep. There is potential to drill underneath the historic shaft.

Anomaly D

Anomaly D is located at the north end of the Scoulers Reef line. The Reef dips into deeper soils to the north as it approaches a local watercourse. As with Anomaly C, there are limited shallow historic workings at this location. Some of the highest results have been obtained in ground that has no influence from the historic workings, thereby indicating the possibility of shallow sub-cropping mineralisation. ECR has current drill permits to test this location, and it is our intention to drill Anomaly D as part of the current drilling campaign.

FORWARD LOOKING STATEMENTS

Planning soil sampling in areas of previous mining will always present challenges in regard to the interpretation of results. To minimise contamination of samples from disturbance at surface by previous mining, ECR geologists take care in offsetting samples to minimise these errors. Although prospecting has taken place in the area for over 100 years by miners during the gold rush era, the technology and methodology at our disposal today can deliver worthwhile anomalous results that in some cases can revive and create value from a previously dormant goldfield.

There is a palpable sense of excitement among our team of geologists as interpretation of the extensive exploration work achieved this year is now slowly revealing the area mineralisation and considerable potential for development.

The supporting Australian team is now on a brief holiday period, returning to full working capacity on the 4th and 5th of January 2022. We will still be receiving assay results from recent drilling surrounding BH3DD009, 010 and 011 over the holiday period. On our return to work, the team will prioritise to drill through Anomaly A to reveal if mineralisation is similar to BH3DD009, 010 and 011. Pending results for current drilling, the rig will then finish off testing the upper end of the Maori Reef Anticline before proceeding to test Anomalies B, C and D.

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, a director of ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He 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
Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0) 20 7220 1666
Nominated Adviser
Katy Mitchell, Andrew de Andrade
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker

Jon Belliss

Blytheweigh Tel: +44 (0) 207 138 3204
Public Relations
Tim Blythe

 

 

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight licence applications outstanding including two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston (EL5433) and Creswick (EL6148) projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.

 

https://mercatorgold.com.au/

 

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three licence applications covering 900 km2 covering a relatively unexplored area in Queensland, Australia.

 

https://luxexploration.com/

 

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.

ECR holds a 25% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.

ECR Minerals #ECR – Bailieston Drilling Update For Holes BH3DD010 and BH3DD011

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to provide updated results from the initial first drill section across the ‘Maori’ Anticline target within HR3 at Bailieston, Victoria, Australia.

ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433), which is operated under its Australian wholly owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

ECR Chairman David Tang commented: “We are pleased with the follow-up results for holes BH3DD010 and BH3DD011 at HR3. Our understanding of the Maori Anticline, along with the extent and types of mineralisation, has grown exponentially, and our team on the ground continues to work to a tight schedule and maintain our aggressive drilling programmes. Further assay results and data are due very shortly, and I look forward to sharing those with our shareholders as they become available.”

“As our search for a new CEO continues, our committee of directors, including myself, Trevor Davenport and Adam Jones continue to drive the business forward. I would also like to stress that we are all easily contactable should shareholders and investors have any queries during this transition period”

SUMMARY:

  • Assay results now received for holes BH3DD010 and BH3DD011, completing the first diamond drill section across the upper part of the ‘Maori’ Anticline.
  • Highest results are from hole BH3DD011 with 0.4m @ 4.65 g/t Au from 39.8m and 0.5m @ 6.97 g/t Au from 68m down-hole.
  • Three mineralised zones within each drill hole identified.
  • Structural observations from drill core show how dilational gold / antimony mineralised zones form at favourable intersections between NW and NE striking veins.

Assay results for a further two diamond holes across the first drilled section of the upper part of the ‘Maori Anticline’ target have now been received. These results follow-up ECR’s previous announcement released on the 29/11/2021 in regards to hole BH3DD009 where an initial successful result of 0.7m @ 28.06 g/t Au from 52.7m was recorded. Holes BH3DD010 and BH3DD011 were subsequently drilled on the same azimuth, but at two different angles to test the up and down dip continuance of the grade in BH3DD009.

The following link to the interpreted geological section for holes BH3DD009, BH3DD010 and BH3DD011 relates to the detailed information in the paragraphs below.

https://www.ecrminerals.com/images/2021/ECRsection.jpg

BH3DD010

Hole BH3DD010 was collared with a dip of -67 degrees. Three mineralised ‘zones’ have been drilled through with the best intercept of 0.9m @ 1.18 g/t Au from 64.4m down-hole. This intersection is part of a broader anomalous halo as shown as ‘Zone 2’ on the accompanying figure 1. Drilling passed through the Maori Anticline where drilling ended at a depth of 111.2m.

BH3DD011

BH3DD011 was drilled with a dip of -50.5 degrees from horizontal to a final depth of 102.2m. Three mineralised zones were also passed. The upper ‘Zone 4’ is a hanging-wall system to the Maori Reef. Interpretations from orientated drill core show this to be a linking quartz-splay system between the Hard Up and Maori Reef. Best intersection in Zone 4 was 0.4m @ 4.65 g/t Au from 39.8m depth.

The Maori Reef was intercepted as expected around 55m depth where a fault zone with complex folding on the immediate hanging wall was identified. This zone contained no significant intercepts. A broad quartz mineralised ‘Zone 5’ was encountered at 60.1m depth. Best intersection within Zone 5 was 0.5m @ 6.97 g/t Au from 68m depth. This intercept is supported by a lower grade halo with other results of 1m @ 2.68 g/t from 65.4m and 0.7m @ 2.05 g/t Aufrom 69m. Structural logging of veining through this zone shows the vein to strike NNE with a dip direction to the NW which correlates well to the cross-vein known as the Hard Up Reef. Further drilling passed a faulted system ‘Zone 6’ which returned a best grade of 0.5m @ 1.09 g/t Au. Drilling ended at 102.2m depth on the eastern dipping sediments of the anticline.

MINERALISATION MODEL REVEALED

Drilling of BH3DD009, BH3DD010 and BH3DD011 shows three broad mineralised zones that are accompanied by visual evidence of stibnite (a sulphide of Antimony). Relating to figure 1, orientated drill core shows that quartz mineralisation is bedding parallel in Zone 1 and Zone 2, oblique to bedding in Zone 5 and hosted in brittle faults between Zone 3 and Zone 6. Best intercepts from all three holes suggests the best gold developments have formed where structures are favourable to dilate adjacent to structures that compress and pinch as seen at 55m depth in BH3DD011. Stockwork veining and oblique structures to bedding also relate spatially to elevated gold values as seen in Zone 5 in BH3DD011 and the stockwork veining in BH3DD009. At the goldfield level of scale, there is a close spatial development of such structures within the acute angle of intersecting NNW and NE striking veining where a ‘wrench’ or dilational ‘jog’ develops. This pattern is also observable and outlined in plan view by the numerous historic mined trenches and pits across the HR3 goldfield. Information gleaned from drilling this first drill section may also apply to other similar lineation trends across the field.

Table 1. Summary of drill intercepts containing reportable levels of gold greater than 0.1 g/t Au for BH3DD010 and BH3DD011 (*highlights in bold)

BH3DD010

From (m) To (m) Grade (g/t Au) Interval (m) ‘Zone’
51.05 51.6 0.14 0.55 Zone 1
52.8 53.8 0.37 1 Zone 1
53.8 54.7 0.16 0.9 Zone 1
57.5 58.5 0.15 1 Zone 1
63.6 64.4 0.2 0.8 Zone 2
64.4 65.3 1.18 0.9 Zone 2
66.8 67.7 0.31 0.9 Zone 2
69.1 70 0.2 0.9 Zone 2
70 70.9 0.15 0.9 Zone 2
71.9 72 0.13 0.1 Zone 2
100 101 0.22 1 Zone 3
103.8 104.6 0.16 0.8 Zone 3

 

BH3DD011

From (m) To (m) Grade (g/t Au) Interval (m) ‘Zone’
2.5 2.8 0.11 0.3
35.2 36.2 0.37 1
39.8 40.2 4.65 0.4 Zone 4
40.2 41.2 0.39 1 Zone 4
55.5 56 0.13 0.5
56 56.5 0.19 0.5
57.7 58.2 0.11 0.5
60.1 61.1 0.11 1 Zone 5
61.1 62.1 0.11 1 Zone 5
62.1 62.7 0.12 0.6 Zone 5
62.7 63.7 0.17 1 Zone 5
63.7 64.7 0.13 1 Zone 5
64.7 65.4 0.24 0.7 Zone 5
65.4 66.4 2.68 1 Zone 5
66.4 67.2 0.91 0.8 Zone 5
67.2 68 1.81 0.8 Zone 5
68 68.5 6.97 0.5 Zone 5
68.5 69 0.96 0.5 Zone 5
69 69.7 2.05 0.7 Zone 5
69.7 70 0.86 0.3 Zone 5
73 74 0.11 1
82.5 83.5 0.11 1
88.4 89.1 0.16 0.7 Zone 6
89.1 90 0.21 0.9 Zone 6
90 90.7 0.71 0.7 Zone 6
90.7 91.2 1.09 0.5 Zone 6
91.2 91.6 0.35 0.4 Zone 6
94 95 0.13 1
95 95.8 0.67 0.8

 

FORWARD LOOKING STATEMENTS

With these results logged, MGA continues to drill the upper end of the Maori Reef system towards the north. First impressions of drill core continue to show visual indicators of mineralisation of pyrite, stibnite and to a lesser extent arsenopyrite. We will continue to report these results to the markets in the coming weeks.

As stated on the previous HR3 drilling update on November 29th 2021, MGA continued to engage the services of the same contract rig that completed drilling at Creswick at hole EL006148. MGA also decided to utilise its larger rig to complete orientated drill core over the broader HR3 goldfield. The contract drilling is now complete. Logging is still in progress for this drilling campaign, with initial results scheduled for release shortly. Follow-up drilling will commence using ECR’s owned and operated ‘Midas’ drill rig where appropriate.

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, a director of ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He 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
Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0) 161 832 2174
Nominated Adviser
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker

Jon Belliss

Blytheweigh Tel: +44 (0) 207 138 3204
Public Relations
Tim Blythe

 

 

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight licence applications outstanding including two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston (EL5433) and Creswick (EL6148) projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.

 

https://mercatorgold.com.au/

 

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three licence applications covering 900 km2 covering a relatively unexplored area in Queensland, Australia.

 

https://luxexploration.com/

 

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.

ECR holds a 25% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.

ECR Minerals #ECR – Major Shareholding in Company

 

TR-1: Standard form for notification of major holdings – ECR Minerals #ECR – TR-1: Standard form for notification of major holdings – Colin Braidwood now holds 7.02% 71,515,151 shares (previously 6.04% 61,515,151 shares)

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii :

ECR Minerals Plc

1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligation iv

Name

Colin Braidwood

City and country of registered office (if applicable)

4. Full name of shareholder(s) (if different from 3.)v

Name

Colin Braidwood

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reached vi :

20 December 2021

6. Date on which issuer notified (DD/MM/YYYY):

20 December 2021

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuervii

Resulting situation on the date on which threshold was crossed or reached

7.02%

N/A

7.02%

71,515,151

Position of previous notification (if

applicable)

6.04%

N/A

6.04%

61,515,151

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights ix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

GB00BYYDKX57

71,515,151

7.02%

SUBTOTAL 8. A

71,515,151

7.02%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period xi

Physical or cash

settlement xii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)

Name xv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

Colin Braidwood

7.02%

N/A

7.02%

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional information xvi

Place of completion

United Kingdom

Date of completion

20 December 2021

Annex: Notification of major holdings (to be filed with the FCA only)

A: Identity of the person subject to the notification obligation

Full name (including legal form for legal entities)

Contact address (registered office for legal entities)

E-Mail

Phone number / Fax number

Other useful information

(at least legal representative for legal persons)

B: Identity of the notifier, if applicable

Full name

Contact address

E-Mail

Phone number / Fax number

Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation)

ECR Minerals #ECR – Approval of Two New Exploration Tenements in Victoria, Australia

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to announce the granting of two gold exploration tenements in Victoria, Australia.

ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433) and the Creswick Project (EL006184), both of which are currently undergoing intense exploration by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

ECR Chairman David Tang commented: “On behalf of the board and our team on the ground in Victoria, I am very pleased to announce that we can confirm the award of exploration licenses EL006907 and EL007484. In particular, the granting of license EL006907 linking Creswick to Ballarat East-Nerrina goldfield was something our former CEO Craig Brown always viewed as a key step in developing our Creswick interests and our understanding of the Dimocks Main Shale. With the data and knowledge base we have amassed now, I know our team on the ground, headed by Adam Jones are very keen to start work in the new area and bring Craig’s vision to fruition.

Licence EL007484 is an important addition to our enlarged footprint to the east of Victoria in the Tambo region. With a second drilling machine due to arrive any day now, I look forward to reporting further exploration progress as our intensive exploration and drilling campaigns expand and develop.

Our board are actively engaged in a search for a new CEO, and I look forward to reporting back with developments here in the near term.”  

SUMMARY:

  • Two new tenements recently granted for undertaking exploration work within Victoria, Australia. ‘MGA’ now has a total of 523 km2 of ground granted for exploration for gold within Victoria.
  • One tenement (EL006907) is strategically placed between the historical rich Ballarat East-Nerrina goldfield and the current exploration licence ‘EL006148’. This tenement is host to the continued strike of the Dimocks Main Shale (“DMS”) horizon, believed to host the source veining for much of the alluvial gold within the Creswick deep lead alluvial system.
  • The second tenement (EL007484) is situated 50km north of Bairnsdale in the east of the state of Victoria encompassing the alluvial fields of Swifts Creek and the Mid to Upper reaches of the Tambo River.

EL006907 (Creswick)

MGA is pleased to report that Exploration licence 006907 was granted on 26/11/2021 for a period of five years, with the added possibility of an extension, provided expenditure requirements, (a minimum of $160,050 AUD over the five-year term), are met. The licence lies midway between the current Creswick lease of EL006184 and the Ballarat East and Nerrina goldfields, with a total ground area of 81km2.

EL006907 contains the southern strike extension of the DMS horizon believed to host the source rocks to the abundant historical alluvial gold production within the region. Although the true figures of alluvial gold produced are not known, the Geological Survey of Victoria estimates the region has produced in excess of one million ounces of gold, with most of the production occurring between the period of 1852-1930. Around 4km of DMS strike length is believed to be within this tenement.

Records of past exploration show that no known extensive drilling or geochemical surveys have been undertaken within the tenement.

EL007484 (Tambo North)

Licence EL007484 was also granted on 26/11/2021 for a five-year term. The total land area covers 374 km2, and covers the historic alluvial goldfields of the Tambo River and Swifts Creek. Exploration work for both precious metals and base metals has been undertaken previously, added to which the region is known for intrusives that may offer opportunity for discovering new deposits.

The figure showing location of both tenements are shown in the link below;

https://www.ecrminerals.com/images/fig1_mga_new_tenements_12_21.jpg

FORWARD LOOKING STATEMENTS

We are delighted that the long-awaited license grants for these two tenements have been awarded to MGA. MGA is still awaiting the final grant of EL006713 (Creswick) and EL007486 (Tambo South), which are both adjacent to the newly approved tenements. If approved, MGA will have exploration licenses covering the majority of the ground linking Ballarat and Creswick – an exciting and challenging prospect given the historical abundance of alluvial gold and under-explored nature of the region. Initially, the company intends to define geochemical patterns related to known alluvial gold dispersion to help define the optimum method to locate the ‘blind’ gold ‘shoots’ the central Victorian region is known for. Best outcomes will be followed up by drilling using MGA owned and operated equipment. The MGA team are very well aware that many of the gold deposits at Creswick are ‘spotty’ and coarse in nature, but this consideration is always in balance with the potential rewards.

MGA will continue to prioritise EL5433 (Bailieston) into the new year as this tenement is reaching maturity. Staff will be transitioning into exploration within the Creswick area which will include follow-up work on the recently drilled EL006184. Exploration opportunities are also available on the companies owned land also within EL006184.

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, a director of ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He 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
Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0) 161 832 2174
Nominated Adviser
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker

Jon Belliss

Blytheweigh Tel: +44 (0) 207 138 3204
Public Relations
Tim Blythe

 

 

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has six licence applications outstanding including one licence application lodged in eastern Victoria. (Tambo gold project). MGA is currently exploring at both the Bailieston (EL5433) and Creswick (EL6148) projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.

 

https://mercatorgold.com.au/

 

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three licence applications covering 900 km2 covering a relatively unexplored area in Queensland, Australia.

 

https://luxexploration.com/

 

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.

ECR holds a 25% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.

ECR Minerals #ECR – Major Shareholding notification

ECRECR Minerals #ECR – TR-1: Standard form for notification of major holdings – Colin Braidwood now holds 6.04% 61,515,151 shares (previously 5.06% 51,515,151 shares)

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii :

ECR Minerals Plc

1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligation iv

Name

Colin Braidwood

City and country of registered office (if applicable)

4. Full name of shareholder(s) (if different from 3.)v

Name

Colin Braidwood

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reached vi :

01 December 2021

6. Date on which issuer notified (DD/MM/YYYY):

01 December 2021

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuervii

Resulting situation on the date on which threshold was crossed or reached

6.04%

N/A

6.04%

61,515,151

Position of previous notification (if

applicable)

5.06%

N/A

5.06%

51,515,151

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights ix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

GB00BYYDKX57

61,515,151

6.04%

SUBTOTAL 8. A

61,515,151

6.04%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expiration
date x

Exercise/
Conversion Periodxi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period xi

Physical or cash

settlement xii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)

Name xv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

Colin Braidwood

6.04%

N/A

6.04%

ECR Minerals formalises 25% shareholding in Cordillera Tiger Gold Resources, owner of Exploration License EP-006 at the Danglay Gold Project, N Philippines

ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that its 25% shareholding in Philippines based company Cordillera Tiger Gold Resources, Inc. (“Cordillera Tiger”, “Cordillera”) has been formalised and the Company is now in receipt of the share certificate.

In July 2021, Cordillera Tiger successfully renewed Exploration License EP-006 at the Danglay gold project, which is located in a prolific gold and copper mining district in the north of the Philippines.

Most recently, through Cordillera Tiger, ECR has been engaged in a Community Development Programme in the Danglay area. Cordillera has provided foodpack assistance, helping to get rice, canned meat & fish delivered to families affected by COVID19 in the Danglay region.

As reported in the Annual Report on March 23rd 2021, ECR is entitled to a 25% interest in the Danglay gold project in the Philippines, which is held by Philippines corporation Cordillera Tiger Gold Resources, Inc. under an Exploration Permit. The issuance of a 25% shareholding in Cordillera Tiger to the Company has been delayed since 2016, largely due to a court case filed by an individual who is a minority shareholder and former director of Cordillera Tiger. This matter was successfully resolved, and ECR’s shareholding has now been formalised.

The ECR Board believes the political climate for the minerals industry in the Philippines is improving and considers that the Danglay gold project has potential for further exploration to build upon the existing inferred mineral resource estimate of 63,500 ounces of gold at 1.55 g/t gold. This resource was reported by ECR in 2015 to the Canadian NI43-101 standard, based on exploration carried out at Danglay by ECR during 2014 and 2015. In addition to the resource, an NI43-101 target for further exploration (conceptual potential quantity and grade of mineralisation expressed as ranges) of 95,000 to 170,000 ounces of gold at 5 to 7.5 g/t was reported.

ECR Chairman David Tang commented: “I am pleased to report that after a lengthy delay, our 25% shareholding in Cordillera Tiger has now been formalised and we are now in possession of the documentation and share certificate. Shareholders will of course know that ECR’s priority and focus is on developing its Australian assets, but with our commitment to helping the Danglay community and our £1.2 million investment in the Danglay gold project to date, we believe the resolution of this longstanding issue and the improving political climate adds material value to the ECR asset portfolio.”

MARKET ABUSE REGULATION (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) as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018. 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
Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
SI Capital Ltd Tel: +44 (0)1483 413500
Broker

Nick Emerson

 

Novum Securities Limited  

Broker

Jon Belliss

                                            Tel: +44 (0)20 7399 9425

 

Blytheweigh                                                                       Tel: +44 (0) 207 138 3204  
Public Relations      
Tim Blythe

 

     

 

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight licence applications outstanding including two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston and Creswick projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.

 

https://mercatorgold.com.au/

 

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three licence applications covering 900 km2 covering a relatively unexplored area in Queesnland, Australia.

 

https://luxexploration.com/

 

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.

ECR holds a 25% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.

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