ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce results for three more drill holes from the Blue Moon Prospect, Bailieston, Victoria, including our best gold intercept for this 2022 drilling campaign in hole BBMDD010.
ECR Minerals plc 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 wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
ECR CEO Andrew Haythorpe commented: “The Board are pleased to report further drill results from Blue Moon, with the drilling campaign almost complete, and that we have for the most part seen continuity of grades across results from the holes announced today. As largely expected by the geo team, the best result came from hole BBMDD010, with an impressive composite grade of 6.35m @4.56 g/t from 84.9m down. With the modelling for Blue Moon nearly complete, we are close to finalising our plan of action here for 2023.”
“My thanks to Adam Jones and the team for working through the logistical challenges encountered during the campaign, and I look forward to reporting next steps for Blue Moon on receipt of assays for holes BBMDD012 and BBMDD013 in the next few weeks.”
- Results from drillholes BBMDD009, BBMDD010 and BBMD011 received
- Intercepts from hole BBMDD010 at 84.9m depth composite together at a grade of 6.35m @ 4.56 g/t Au (using a cut-off of 1 g/t Au).
- Best results from hole BBMDD010 include 0.5m @ 17.77 g/t Au from 84.9m, 0.4m @ 15.02 g/t Au from 85.4m and 0.3m @ 10.62 g/t Au from 85.8m.
- Results include 0.4m @ 0.25 g/t Au from 205.2m (BBMDD009).
- 1m @ 0.72 g/t Au from 95m (BBMDD011).
- Recognition of potential plunging high-grade shoot.
Figure 1. Overview of 2022-2023 diamond drilling campaign to February 2023:
Figure 2. Long-section of 2022-2023 diamond drilling campaign to February 2023 showing hypothesised high grade gold shoot:
Diamond drilling has now been completed at Blue Moon, with the Midas rig demobilised on the 23rd February 2023. Midas will undergo a service before delivery to the Brewery Lane property at Creswick (EL006184). The rig is expected to be up and drilling within the property boundary by mid to late next week, and drilling is scheduled to follow up on the RC drill results from the 2019 Creswick campaign. The Board has also planned a number of drillholes into the quartz reef (Spring Hill Reef) where recent high grade rock chips in situ were taken from the walls of the historic workings (see RNS dated February 7 2023 here).
Drillhole BBMDD009 was designed to test the deeper levels of the Blue Moon dyke vertically below the best previous intercept in hole BBMDD004 of 0.5m @ 7.29 g/t Au. Although the dyke target was intercepted in hole BBMDD009 at a depth of 200m, the contained gold was negligible, with 0.4m @ 0.25 g/t Au from 205.2m the best result.
Site access and wet weather hampered access to drillholes BBMDD010 and BBMDD011 at the start of the campaign. Both drillholes were designed to test the shallower levels of the Blue Moon dyke either side of ECR’s best intercept to date in RC hole BBM007 (11m @ 5.13 g/t Au from 55m). Once drilling at BBMDD010 commenced, an immediate increase in the width of the hosting dyke became apparent, supported by the best drill intercepts from the current drilling campaign including 0.5m @ 17.77 g/t Au from 84.9m, 0.4m @ 15.02 g/t Au from 85.4m and 0.3m @ 10.62 g/t Au from 85.8m. Grouped together, the intercepts from 84.9m depth composite together at a grade of 6.35m @ 4.56 g/t Au (using a cut-off of 1 g/t Au).
Drillhole BBMDD011 did not contain any significant value, with a best intercept of 1m @ 0.72 g/t Au from 95m depth.
The drilling of earlier holes BBMDD004 to BBMDD008 was designed to test the possible extent of mineralisation to the west. If the drill results from these initial holes had proven successful, the known strike extent of Blue Moon will effectively double.
Table 1. Drill intercepts containing reportable levels of gold > 0.11 g/t Au, holes BBMDD009 to BBMDD011. Best grade intercepts highlighted in bold.
|Hole ID||From (m)||To (m)||Length (m)||Au g/t||*Gram metres|
*Gram metres represents the contained Au metal within the reported length, calculated as interval (m) multiplied by grade (g/t Au)
RECOGNITION OF POTENTIAL HIGH GRADE GOLD TREND AND NEXT STEPS
Drilling into the Blue Moon Project between 2018 and to date includes 12 diamond drill holes and 12 RC drill holes. Plotting the best intersections to date onto a long-section profile along strike of the Blue Moon dyke does, in the opinion of the Board, indicate the presence of a high-grade gold shoot, which may plunge moderately to the west under hole BBMDD004 (refer to Figure 2 above). A lineal trend plots between high grade gold intercepts in hole BBM004 (RC drilled), hole BBMDD004 and hole BBMDD010 (diamond drilled). The last drilled hole BBMDD013 is targeting the downward trend of this hypothetical shoot. The presence of some high grades from Blue Moon drilling results to date is encouraging, although the width and strike of the predicted grade plunge is narrower than at first thought. Once results from holes BBMDD012 and BBMDD013 are received (anticipated in the next two to three weeks) the Board can finalise a 2023 plan of action for Blue Moon.
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.
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.
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|
|Brand Communications||Tel: +44 (0) 7976 431608|
|Public & Investor Relations|
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 six licence applications outstanding which includes one licence application lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at the Bailieston Blue Moon Project (EL5433) and undertaking geochemical exploration on the Creswick (EL6148) project 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 approved exploration permits covering 946 km2 over 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