ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the gold results from hole BH3DD035 from drilling at the HR3 prospect at Bailieston. Early stages of geological interpretation are linking the results from BH3DD035 to adjacent drillholes BH3DD012, BH3DD019 and BH3DD034.*
ECR Minerals has 100% ownership of the Bailieston Project (EL5433) which contains the gold prospects known as HR3, Cherry Tree, Blue Moon and Black Cat. The projects are operated by ECR’s Australian wholly owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
- Best result in BH3DD035 was 0.25m @ 16.15 g/t Au from 163.25m drilled depth.
- Mineralised zones show continuity to adjacent previously drilled intercepts in holes BH3DD012, BH3DD019 and BH3DD034.
ECR CEO Andrew Haythorpe commented: “At last week’s investor presentation I outlined our commitment to continue the intensive drilling campaign into the second half of 2022. The assay results from hole BH3DD035 indicate signs of grade continuity in line with those already recorded at holes BH3DD012, BH3DD019 and BH3DD034, and from a technical standpoint provides our team with confidence in the Maori Anticline campaign outcome. I look forward to reporting the remaining assay results.”
“As I also indicated, along with Technical Director Adam Jones I am personally excited at the prospect of commencing our Blue Moon drilling campaign. With my geologist hat on, this asset presents an intriguing opportunity for us all.”
ECR Chairman David Tang added: “I am very excited by the opportunities that the assay results from Bailieston continue to reveal, and enthusiastic about the future of ECR under Andrew’s leadership.”
*References and links to these previous announcements can be found here:
- BH3DD012: see RNS dated March 14th 2022 ‘Visible Gold Identified at HR3. Progress of Drilling Continues into the Maori Anticline Target’ Link here to view
- BH3DD019: see RNS dated March 2nd 2022 ‘Drilling Continues to Extend Gold Mineralisation within the Maori Reef’. Link here to view
- BH3DD034: see RNS dated June 8th 2022 ‘Multiple High Grade Gold Intercepts from hole BH3DD034 at HR3, Bailieston Victoria’ Link here to view
A link to an image of the holes referenced in this announcement can be found here;
In response to the visible gold observed in BH3DD034 at 149.2m depth, BH3DD035 was drilled in the same direction as BH3DD034 but at a steeper dip with the expected vein target around 175m depth. A quartz vein with similar textures to the veining identified in BH3DD034 was drilled through at 163.25m depth in BH3DD035. Results from this vein revealed 0.25m @ 16.15 g/t Au and is the best intercept from this hole. Once mineralisation was passed the hole terminated at the final depth of 185.15m.
LINK TO ADJACENT DRILLHOLES
Observations show that mineralised zones within BH3DD035 link geologically to adjacent drillholes BH3DD012, BH3DD019 and BH3DD034. The best intercept in BH3DD035 at 163.25m correlates approximately 20m below a stibnite (antimony sulphide) vein in BH3DD019 which revealed an intercept of 0.3m @ 4.59 g/t Au (see RNS 2 March 2022 here). We anticipate that the long awaited assay results from hole BH3DD032, which targeted vein continuity another 20m below hole BH3DD035, and which are due from the assay laboratories shortly, will further add to our understanding of the size and structure of this target zone. We look forward to updating shareholders when those results are received. Quartz veining has been observed in hole BH3DD032 within the expected target zone
Table 1. Summary of drill intercepts containing reportable levels of gold greater than 0.1 g/t Au for BH3DD035 (*highlights in bold).
|From||To||Grade (g/t Au)||Interval (m)|
LOOKING FORWARD STATEMENTS
The Company has now completed spaced drilling along the down-dip extensions of the Maori Anticline within the HR3 Goldfield. Holes have been logged and sampled and we now await the results from the laboratory. At this stage we expect a flow of assay results throughout July, August and September 2022. Our drilling campaign continues to identify narrow veining deeper into the axis of the Maori Anticline over a strike length of approximately 300m, and once the final results are in, the board will determine the next steps for this project area. In addition, as outlined by our CEO Andrew Haythorpe at his presentation at the Proactive One2One event in London on 6 July 2022, the Company plans to commence drilling at its ‘Blue Moon’ prospect in August 2022.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Technical Director of Exploration at 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
Andrew Haythorpe, CEO
|WH Ireland Ltd||Tel: +44 (0) 207 220 1666|
Katy Mitchell / Andrew de Andrade
|SI Capital Ltd||Tel: +44 (0) 1483 413500|
|Novum Securities Limited||Tel: +44 (0) 20 7399 9425|
|BlytheRay||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 70% 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.