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”
- 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.
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 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)
|From (m)||To (m)||Grade (g/t Au)||Interval (m)||‘Zone’|
|From (m)||To (m)||Grade (g/t Au)||Interval (m)||‘Zone’|
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|
|WH Ireland Ltd||Tel: +44 (0) 161 832 2174|
|SI Capital Ltd||Tel: +44 (0) 1483 413500|
|Novum Securities Limited||Tel: +44 (0) 20 7399 9425|
|Blytheweigh||Tel: +44 (0) 207 138 3204|
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.
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.
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.