ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce a drilling update from the Creswick Gold project (the “Project”), in the Victoria Goldfields, Australia. The Project is 100%-owned by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
The programme is designed to establish the position of the Dimocks Main Shale (“DMS`’) and associated structures within the Project, and target the main geological structures considered to be gold bearing at Creswick.
Craig Brown, Chief Executive Officer, commented:
“We have made great progress to date, with the first four holes at Creswick now complete and approaching 1,000m of diamond drilling undertaken efficiently and safely at the Project.
The Company has now received assay results from hole CSD001 and I am delighted to confirm we have intersected gold in this, the first drill hole, in our Creswick campaign. This is highly encouraging and particularly significant considering that CSD001 is the first diamond hole into the DMS in the entire tenement.
With CSD001 we have located the position of the DMS and are building our understanding of the types of folding and faulting within the system which will assist with ongoing drill targeting.
Overall, the hole one assay result has delivered the outcome we were all hoping for. This has been very much a team effort, and I would like to put on record my thanks to Dr. Rod Boucher, Adam Jones, the drilling team and the core shed staff for their hard work that has delivered a raft of data and information in record time. I look forward to reporting to the market with regard to further assay results, and their geological significance, as they become available.”
- Four diamond holes completed to date for 909.2m completed (CSD001 – CSD004).
- Currently drilling the fifth hole CJD001. At the date of release this hole was at 220m.
- Assay testing has now been undertaken on the first Creswick hole, CSD001 and the assay results confirm immediate success intersecting gold, with 1m @9.68 g/t confirmed.
- Drilling continues with diamond hole CSD005 now underway, and assay results are awaited in respect of holes CSD002 – CSD004.
- Following receipt of additional assay results and our in-house geological interpretation, our findings will be provided in further announcements.
The first diamond hole drilled at Creswick has immediate success intersecting 1 m @ 9.68 g/t.
The first hole, CSD001 has been completed to 295m. This hole is an orientation hole to establish the position of the Dimocks Main Shale (DMS) and associated structures. As previously reported (21/6/19) data from the RC drilling conducted in 2019 showed a lack of geological continuity indicating faulting and folding of the DMS. CSD001 intersected quartz zones within the DMS in addition to multiple reefs above and below it. Drilling of CSD001 has demonstrated that much of the 2019 RC drilling was done into the minor reefs above the DMS
CSD001 revealed three parallel reef systems above the DMS that have been folded by small and large parasitic folds. The DMS was reached at 72m down the hole and continued to 93 m and intersected two 2 m quartz zones at the upper contact and at 86m with minor veining throughout the shale. The hole continued to 295m to test the folding and faulting beneath the DMS and encountered an additional 8 reef zones that mostly related to east-dipping faults and minor shales. 76 of the 108 samples sent for laboratory testing from CSD001 have be reported from the lab with the best result 1 m @ 9.68 g/t from an east-dipping fault beneath the DMS. Results from the final 32 samples are awaiting laboratory analysis.
CSD002 was collared 10 m to the west of CSD001 and drilled steeper to target where projected parasitic folding and the mineralised east-dipping fault intersect the DMS. The previously reported result from 2019 from CSR005 of 1 m @ 81.0 g/t came from quartz in the parasitic folds. Drilling of CSD001 intersected an 8 m quartz zone where the DMS and these structures intersect plus minor veining throughout the shale. The core from CSD002 has been logged, sampled and sent to the laboratory for analysis.
Figure 1 shows the best quartz zone intercepted in the DMS in CSD002: https://www.ecrminerals.com/images/CSD002_DMS_quartz.jpg
Work to better understand the nugget effect at Creswick is ongoing. As described in the release dated 5/11/19 grade variability due to the nugget effect was demonstrated at Creswick with some of the initial samples under-reported and other over-reported.
ASSAY RESULTS – CSD001
See TABLE 1 below for initial results:
Table 1 Best intercepts from the first 76 to 108 assays results from CSD001
|HOLE ID||EASTING (GDA Zone 54)||NORTHING (GDA Zone 54)||Dip||AZIMUTH (True North)||TOTAL DEPTH (metres)||SIGNIFICANT INTERCEPTS|
|CSD001||759,271||5,854,636||-58.0||101.0||295||1.0 m @ 9.68 g/t from 131.9 m, 0.9 m @ 0.88 g/t from 58.2 m, 1.0 m @ 0.21 g/t from 147.7 m|
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Dr Rodney Boucher of Linex Pty Ltd. Linex Pty Ltd provides geological services to Mercator Gold Australia Pty Ltd, including the services of Dr Boucher, who has a PhD in geology, is a Member and RPGeo of the Australian Institute of Geoscientists and is a Member of the Australasian Institute of Mining and Metallurgy. Dr Boucher 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|
|Craig Brown, Director & CEO|
|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|
Public Relations Tel: +44 (0) 7976 431608
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 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), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production at any of those projects.
ECR has earned 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, and holds a royalty on the SLM gold project in La Rioja Province, Argentina.