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.”
- 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):
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)|
INTERPRETATION OF SOIL RESULTS
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.
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.
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 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|
|WH Ireland Ltd||Tel: +44 (0) 20 7220 1666|
|Katy Mitchell, Andrew de Andrade|
|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.