ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to provide results from hole BH3DD019, drilled into the north end of the Maori Reef 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: “I am delighted to report that our team of geologists headed by Adam Jones are reporting some very encouraging gold grades at hole BH3DD019. Furthermore, the epizonal mineralisation identified through the drilling work and assay results correlates with nearby deposits at Costerfield, Nagambie and Whroo mine and this is assisting with our understanding of the regional gold trend as we work towards identifying a possible ore resource.”
“As outlined below, following COVID-19 delays the assay results are now starting to flow back to us, and I look forward to announcing further results in the coming weeks.”
- Assays from one drill hole (BH3DD019) now received. This is the deepest hole drilled under the north end of the Maori Reef and it has identified four mineralised zones. Best intercepts include 0.5m @ 9.5 g/t Au from 99.9m, 0.8m @ 4.96 g/t Au from 100.4m, 0.3m @ 4.59 g/t Au from 143.4m and 0.6m @ 6.15 g/t Au from 231.5m.
- Geological logging of visible stibnite in holes drilled into the Maori Reef also correlates well with expectations of reportable gold.
- Stibnite, arsenopyrite and gold mineralisation collectively identifies with an ‘epizonal’ style of mineralisation which is typical of the nearby deposits such as Costerfield, Nagambie and Whroo.
Hole BH3DD019, drilled into the Maori Reef at the northern limits of the historical gold workings was part of a series of 4 holes (including BH3DD012, BH3DD014, BH3DD020 and BH3DD021), designed to crosscut the HR3 goldfield to aid interpretation and identify the main faults and folding that is associated with gold mineralisation. Staffing issues at the laboratory due to COVID-19 outbreaks have resulted in slower than expected drilling reports and data over the new year period, but we are pleased to report that ECR is now starting to receive assay results from these overdue drillholes. To date BH3DD019 have been received, 3 holes are awaited.
A visual reference to the following geological notes regarding BH3DD019 is provided in figure 1:
BH3DD019 was drilled due east at a dip of -58° from surface. Drilling ended at a depth of 279.5m. Geological logging of bedding has revealed a broad inclined hinge zone located around 120 metres down hole. The hinge correlates well to the inferred anticline zone which hosts the Maori Reef, and our hinge projections back up to the surface will become targeted in follow-up drilling. Two zones featuring an arsenic and antimony high within laminated quartz in faulted ground returned some of the best results including 0.5m @ 9.5 g/t Au from 99.9m followed by 0.8m @ 4.96 g.t Au from 100.4m depth. A similar zone was intersected on the east side of the hinge point where assays returned 0.3m @ 4.59 g/t Au from 143.4m. This last interval also included a visible solid stibnite vein with a drilled thickness of approximately 10cm wide.
A parasitic flexure causing two smaller hinges within the steeply east dipping bedding at 220m hosts perpendicular massive quartz veins ‘PMQ’ with interconnecting quartz stockworks. The PMQ veins form a fan pattern around the first hinge zone. Unfortunately, this hinge only carries low reportable levels of gold. Between the two parasitic hinges, a bedding laminated vein ‘BLQ’ carrying visible stibnite returned 0.6m @ 6.15 g/t Au from 231.5m downhole. The up-dip projection of this vein is not revealed at the surface and will be followed up with future drilling.
Mineralisation formed at temperatures below 300°C often with associated arsenic and antimony sulphides visibly presented in drill core as arsenopyrite and stibnite is defined as ‘Epizonal’. MGA geologists are frequently recording such sulphides below the oxide level within the Maori Reef, a phenomenon that has also prompted the team to investigate how nearby gold deposits are mineralised. This investigation has shown that narrow stibnite veins with arsenopyrite have also been identified by adjacent tenement holders at the Costerfield Mine, the historic Nagambie Mine open pits and more recently at the historic Whroo Mine by ‘Mawson Gold’.
Geological interpretation of BH3DD019 is now providing an insight into the bigger picture of mineralisation within the HR3 Goldfield. With the assay results now flowing in more regularly, we are anticipating more targets to follow up. Although the drilling work undertaken to date is still very much in its infancy, the Directors note that no drilling campaign of this complexity and detail has ever been undertaken in this area previously. The Company’s objective is to identify the trends of gold mineralisation or ‘shoots’ and once completed, ECR expect to be able to complete an accurate assessment in regard to a possible ore resource.
ECR also recently reported that drilling into the Maori Anticline at the intersection of the Hard-Up Reef was continuing. These holes have been recently completed and assay results are awaited. Again, once completed the Directors anticipate these results will help towards identifying the gold trend.
The Company has also drilled two holes (BH3DD026 and BH3DD027) to investigate the ground underneath soil ‘anomaly A’ that was reported from soil sampling results in December 2021. Assays are also pending for these drillholes. The soil sampling also revealed three other anomalies associated with the central reef known as ‘Scoulers’ that are still to be followed up with drilling once the initial Maori Reef drilling is completed.
Table 1. Summary of drill intercepts containing reportable levels of gold greater than 0.1 g/t Au for BH3DD019 (*highlights in bold). Mineralised ‘Zones’ shown in figure 1.
|From||To||Grade (g/t Au)||Interval (m)||Zone|
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) 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|
|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.