ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to provide a business update for shareholders further to its announcement dated 11 July 2018, in which ECR Minerals outlined details of a strategic financing and an update on various areas where the additional working capital would be applied going forward. A link to this announcement is provided below:
Within the above ECR Minerals noted that it would prioritise work on Blue Moon, following the positive exploration drilling update, highlights which included evidence of a significant near surface mineralised system, with large mineralised gold intercepts up to 39.5 metres (apparent width) just 24.2 metres from surface, a link to which is also provided below.
The accelerated development programme for Blue Moon will be released to market shortly, subject to certain commercially sensitive matters, namely in respect of new licence applications.
The Company also noted within the 11 July 2018 update, that ECR Minerals was “aware of numerous opportunities to augment its Australian gold exploration portfolio and the additional funds raised would enable ECR Minerals to review and crystallise those opportunities that could add considerable value for shareholders.”
The ECR Mineral’s technical team have reviewed many existing opportunities and identified a number of further potential target areas within Australia.
The target areas selected focus primarily on precious and strategic energy metals & minerals.
Those new precious metal opportunities are predominantly gold, including conglomerate hosted gold in Western Australia, alongside more traditional gold targets in the wider Victoria Region, to complement existing gold project interests.
Strategic energy metals & mineral opportunities include a wide range of options, but recent work has generally been focused on lithium and cobalt target areas.
ECR are moving forward rapidly and in order to pursue its growth agenda and to act on opportunities as they arise, an initial fund of A$100,000 (circa £56,000) has been ringfenced for activities including initial due diligence and licence application costs, where applicable.
Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “The recent strategic financing has placed the Company in an extremely strong financial position with sufficient working capital against current operational plans until at least Q3 2019.
The strength of this financial position means, as a Company, we are able to proactively progress our current business interests but also to aggressively pursue new opportunities that may complement our existing portfolio of projects in Australia.
This announcement confirms that we are seeking to build ECR’s portfolio expeditiously reflecting the resurgence in the Australian resource environment and the steadily reducing pool of reasonably priced projects and exploration ground.
At this time significant opportunities still exist and are to be seized upon by those with the focus, skillset and vision to do so.
Further updates will be provided as soon as practicable.”
COMPETENT PERSON STATEMENT
The information in this announcement that relates to Exploration Results is based on information compiled 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 Australian Institute of Mining and Metallurgy. Dr Boucher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Boucher consents to the inclusion in the announcement of the material based on his information in the form and context in which it appears.
ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, Australia.
ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015 and is available for download from ECR’s website.
ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near-term production.
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|
|Katy Mitchell/James Sinclair-Ford|
|Optiva Securities Ltd||Tel: +44 (0)203 137 1902|
|SI Capital Ltd||Tel: +44 (0)1483 413500|
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such statements may be subject to numerous known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations. There can be no assurance that such statements will prove to be accurate and therefore actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. Any forward-looking statements contained herein speak only as of the date hereof (unless stated otherwise) and, except as may be required by applicable laws or regulations (including the AIM Rules for Companies), the Company disclaims any obligation to update or modify such forward-looking statements because of new information, future events or for any other reason.