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ECR Minerals #ECR – Bailieston (HR3) Soil Sampling Strengthens Mineralisation Model

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to announce that further to the HR3 drilling update announced on December 22nd, soil sample results from HR3 have identified further gold anomalies, giving further confidence in our previous geological interpretations for dilational jog zones within the HR3 goldfield 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 said yesterday that our understanding of the Maori Anticline and HR3 had grown exponentially: this understanding has taken a further step forward today with soil sampling results that not only show a growing and extending area of anomalies, but that also support the dilational jog model outlined by our head geologist Adam Jones at holes BH3DD009, BH3DD010 and BH3DD011.”

“Along with our geologists, the board are genuinely excited at the scale and development potential of HR3. I look forward to reporting further assay results to you as they become available.”

SUMMARY:

  • Gold assays from further soil sampling reveal four gold anomalies along strike of the Scoulers-Dan Genders Reef lines, with two of the anomalies within an area of limited to no historic gold workings.
  • One anomaly in association with the convergent of two Reef lines fits in with the dilational jog mineralisation model recently identified in BH3DD009, BH3DD010 and BH3DD011.

Soil analysis results for an additional 160 soil samples taken across the central portion of the HR3 goldfield have been received, resulting in the identification of four gold anomalies. Samples are spatially related to the strike extents of the NW striking Scoulers and Dan Genders Reefs and the NNE striking Hard Up Reef.

Six of the 160 samples returned gold values above 0.1 g/t Au. The majority of these samples are affiliated with moderate arsenic levels (As) and high antimony levels (Sb)

The locations referred to in the following paragraphs can be found at the following link (figure 1):

https://www.ecrminerals.com/images/2021/XXXXX

Table 1. Best results for 160 soil assays (above 0.1 g/t Au) in descending order. Also showing related levels of arsenic (As) and antimony (Sb).

 

Sample Number Au (g/t) As (ppm) Sb (ppm)
SC_092 0.79 158.5 789
SC_118 0.2 93.3 445
SC_142 0.145 67.5 306
SC_108 0.125 84.4 144
SC_098 0.122 104.5 41
SC_072 0.118 119 60

 

INTERPRETATION OF SOIL RESULTS

Anomaly A

Gold results have highlighted an anomaly associated with the south projection of the Hard Up Reef and its convergence with the Dan Genders Reef. Recent drilling of BH3DD009, BH3DD010 and BH3DD011 identified high grade gold formed within a dilational jog zone where the Hard Up Reef converges with the Maori Reef. Anomaly A has potential to be related to a similar mineralisation style. Drilling is planned to confirm this.

Anomaly B

This anomaly is situated central to the Scoulers and Dan Genders Reef lines. Ground truthing evidence shows this anomaly to be located within an area of very few historic gold workings. The company will follow up this anomaly with rock chip samples of quartz float on the sub-surface. Outcome of these results will decide on the best plan to test this location by drilling.

Anomaly C

Earlier this year (June 2020), the first soil results were released and revealed a spot anomaly of 3.75 g/t Au. This earlier best result is located at the north-east end of the trail of Anomaly C (refer to figure 1). With the additional results now received, the source of this trail can be traced back to the Scoulers Reef. There are the remains of a backfilled shallow historic shaft at the source area that by judgement of the size of the remnant mullock dump, appears to be less than 4 metres deep. There is potential to drill underneath the historic shaft.

Anomaly D

Anomaly D is located at the north end of the Scoulers Reef line. The Reef dips into deeper soils to the north as it approaches a local watercourse. As with Anomaly C, there are limited shallow historic workings at this location. Some of the highest results have been obtained in ground that has no influence from the historic workings, thereby indicating the possibility of shallow sub-cropping mineralisation. ECR has current drill permits to test this location, and it is our intention to drill Anomaly D as part of the current drilling campaign.

FORWARD LOOKING STATEMENTS

Planning soil sampling in areas of previous mining will always present challenges in regard to the interpretation of results. To minimise contamination of samples from disturbance at surface by previous mining, ECR geologists take care in offsetting samples to minimise these errors. Although prospecting has taken place in the area for over 100 years by miners during the gold rush era, the technology and methodology at our disposal today can deliver worthwhile anomalous results that in some cases can revive and create value from a previously dormant goldfield.

There is a palpable sense of excitement among our team of geologists as interpretation of the extensive exploration work achieved this year is now slowly revealing the area mineralisation and considerable potential for development.

The supporting Australian team is now on a brief holiday period, returning to full working capacity on the 4th and 5th of January 2022. We will still be receiving assay results from recent drilling surrounding BH3DD009, 010 and 011 over the holiday period. On our return to work, the team will prioritise to drill through Anomaly A to reveal if mineralisation is similar to BH3DD009, 010 and 011. Pending results for current drilling, the rig will then finish off testing the upper end of the Maori Reef Anticline before proceeding to test Anomalies B, C and D.

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
Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0) 20 7220 1666
Nominated Adviser
Katy Mitchell, Andrew de Andrade
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker

Jon Belliss

Blytheweigh Tel: +44 (0) 207 138 3204
Public Relations
Tim Blythe

 

 

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.

 

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), 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.

ECR Minerals #ECR – Bailieston Drilling Update For Holes BH3DD010 and BH3DD011

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to provide updated results from the initial first drill section across the ‘Maori’ Anticline target 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: “We are pleased with the follow-up results for holes BH3DD010 and BH3DD011 at HR3. Our understanding of the Maori Anticline, along with the extent and types of mineralisation, has grown exponentially, and our team on the ground continues to work to a tight schedule and maintain our aggressive drilling programmes. Further assay results and data are due very shortly, and I look forward to sharing those with our shareholders as they become available.”

“As our search for a new CEO continues, our committee of directors, including myself, Trevor Davenport and Adam Jones continue to drive the business forward. I would also like to stress that we are all easily contactable should shareholders and investors have any queries during this transition period”

SUMMARY:

  • Assay results now received for holes BH3DD010 and BH3DD011, completing the first diamond drill section across the upper part of the ‘Maori’ Anticline.
  • Highest results are from hole BH3DD011 with 0.4m @ 4.65 g/t Au from 39.8m and 0.5m @ 6.97 g/t Au from 68m down-hole.
  • Three mineralised zones within each drill hole identified.
  • Structural observations from drill core show how dilational gold / antimony mineralised zones form at favourable intersections between NW and NE striking veins.

Assay results for a further two diamond holes across the first drilled section of the upper part of the ‘Maori Anticline’ target have now been received. These results follow-up ECR’s previous announcement released on the 29/11/2021 in regards to hole BH3DD009 where an initial successful result of 0.7m @ 28.06 g/t Au from 52.7m was recorded. Holes BH3DD010 and BH3DD011 were subsequently drilled on the same azimuth, but at two different angles to test the up and down dip continuance of the grade in BH3DD009.

The following link to the interpreted geological section for holes BH3DD009, BH3DD010 and BH3DD011 relates to the detailed information in the paragraphs below.

https://www.ecrminerals.com/images/2021/ECRsection.jpg

BH3DD010

Hole BH3DD010 was collared with a dip of -67 degrees. Three mineralised ‘zones’ have been drilled through with the best intercept of 0.9m @ 1.18 g/t Au from 64.4m down-hole. This intersection is part of a broader anomalous halo as shown as ‘Zone 2’ on the accompanying figure 1. Drilling passed through the Maori Anticline where drilling ended at a depth of 111.2m.

BH3DD011

BH3DD011 was drilled with a dip of -50.5 degrees from horizontal to a final depth of 102.2m. Three mineralised zones were also passed. The upper ‘Zone 4’ is a hanging-wall system to the Maori Reef. Interpretations from orientated drill core show this to be a linking quartz-splay system between the Hard Up and Maori Reef. Best intersection in Zone 4 was 0.4m @ 4.65 g/t Au from 39.8m depth.

The Maori Reef was intercepted as expected around 55m depth where a fault zone with complex folding on the immediate hanging wall was identified. This zone contained no significant intercepts. A broad quartz mineralised ‘Zone 5’ was encountered at 60.1m depth. Best intersection within Zone 5 was 0.5m @ 6.97 g/t Au from 68m depth. This intercept is supported by a lower grade halo with other results of 1m @ 2.68 g/t from 65.4m and 0.7m @ 2.05 g/t Aufrom 69m. Structural logging of veining through this zone shows the vein to strike NNE with a dip direction to the NW which correlates well to the cross-vein known as the Hard Up Reef. Further drilling passed a faulted system ‘Zone 6’ which returned a best grade of 0.5m @ 1.09 g/t Au. Drilling ended at 102.2m depth on the eastern dipping sediments of the anticline.

MINERALISATION MODEL REVEALED

Drilling of BH3DD009, BH3DD010 and BH3DD011 shows three broad mineralised zones that are accompanied by visual evidence of stibnite (a sulphide of Antimony). Relating to figure 1, orientated drill core shows that quartz mineralisation is bedding parallel in Zone 1 and Zone 2, oblique to bedding in Zone 5 and hosted in brittle faults between Zone 3 and Zone 6. Best intercepts from all three holes suggests the best gold developments have formed where structures are favourable to dilate adjacent to structures that compress and pinch as seen at 55m depth in BH3DD011. Stockwork veining and oblique structures to bedding also relate spatially to elevated gold values as seen in Zone 5 in BH3DD011 and the stockwork veining in BH3DD009. At the goldfield level of scale, there is a close spatial development of such structures within the acute angle of intersecting NNW and NE striking veining where a ‘wrench’ or dilational ‘jog’ develops. This pattern is also observable and outlined in plan view by the numerous historic mined trenches and pits across the HR3 goldfield. Information gleaned from drilling this first drill section may also apply to other similar lineation trends across the field.

Table 1. Summary of drill intercepts containing reportable levels of gold greater than 0.1 g/t Au for BH3DD010 and BH3DD011 (*highlights in bold)

BH3DD010

From (m) To (m) Grade (g/t Au) Interval (m) ‘Zone’
51.05 51.6 0.14 0.55 Zone 1
52.8 53.8 0.37 1 Zone 1
53.8 54.7 0.16 0.9 Zone 1
57.5 58.5 0.15 1 Zone 1
63.6 64.4 0.2 0.8 Zone 2
64.4 65.3 1.18 0.9 Zone 2
66.8 67.7 0.31 0.9 Zone 2
69.1 70 0.2 0.9 Zone 2
70 70.9 0.15 0.9 Zone 2
71.9 72 0.13 0.1 Zone 2
100 101 0.22 1 Zone 3
103.8 104.6 0.16 0.8 Zone 3

 

BH3DD011

From (m) To (m) Grade (g/t Au) Interval (m) ‘Zone’
2.5 2.8 0.11 0.3
35.2 36.2 0.37 1
39.8 40.2 4.65 0.4 Zone 4
40.2 41.2 0.39 1 Zone 4
55.5 56 0.13 0.5
56 56.5 0.19 0.5
57.7 58.2 0.11 0.5
60.1 61.1 0.11 1 Zone 5
61.1 62.1 0.11 1 Zone 5
62.1 62.7 0.12 0.6 Zone 5
62.7 63.7 0.17 1 Zone 5
63.7 64.7 0.13 1 Zone 5
64.7 65.4 0.24 0.7 Zone 5
65.4 66.4 2.68 1 Zone 5
66.4 67.2 0.91 0.8 Zone 5
67.2 68 1.81 0.8 Zone 5
68 68.5 6.97 0.5 Zone 5
68.5 69 0.96 0.5 Zone 5
69 69.7 2.05 0.7 Zone 5
69.7 70 0.86 0.3 Zone 5
73 74 0.11 1
82.5 83.5 0.11 1
88.4 89.1 0.16 0.7 Zone 6
89.1 90 0.21 0.9 Zone 6
90 90.7 0.71 0.7 Zone 6
90.7 91.2 1.09 0.5 Zone 6
91.2 91.6 0.35 0.4 Zone 6
94 95 0.13 1
95 95.8 0.67 0.8

 

FORWARD LOOKING STATEMENTS

With these results logged, MGA continues to drill the upper end of the Maori Reef system towards the north. First impressions of drill core continue to show visual indicators of mineralisation of pyrite, stibnite and to a lesser extent arsenopyrite. We will continue to report these results to the markets in the coming weeks.

As stated on the previous HR3 drilling update on November 29th 2021, MGA continued to engage the services of the same contract rig that completed drilling at Creswick at hole EL006148. MGA also decided to utilise its larger rig to complete orientated drill core over the broader HR3 goldfield. The contract drilling is now complete. Logging is still in progress for this drilling campaign, with initial results scheduled for release shortly. Follow-up drilling will commence using ECR’s owned and operated ‘Midas’ drill rig where appropriate.

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
Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0) 161 832 2174
Nominated Adviser
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker

Jon Belliss

Blytheweigh Tel: +44 (0) 207 138 3204
Public Relations
Tim Blythe

 

 

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.

 

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), 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.

ECR Minerals #ECR – Approval of Two New Exploration Tenements in Victoria, Australia

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to announce the granting of two gold exploration tenements in Victoria, Australia.

ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433) and the Creswick Project (EL006184), both of which are currently undergoing intense exploration by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

ECR Chairman David Tang commented: “On behalf of the board and our team on the ground in Victoria, I am very pleased to announce that we can confirm the award of exploration licenses EL006907 and EL007484. In particular, the granting of license EL006907 linking Creswick to Ballarat East-Nerrina goldfield was something our former CEO Craig Brown always viewed as a key step in developing our Creswick interests and our understanding of the Dimocks Main Shale. With the data and knowledge base we have amassed now, I know our team on the ground, headed by Adam Jones are very keen to start work in the new area and bring Craig’s vision to fruition.

Licence EL007484 is an important addition to our enlarged footprint to the east of Victoria in the Tambo region. With a second drilling machine due to arrive any day now, I look forward to reporting further exploration progress as our intensive exploration and drilling campaigns expand and develop.

Our board are actively engaged in a search for a new CEO, and I look forward to reporting back with developments here in the near term.”  

SUMMARY:

  • Two new tenements recently granted for undertaking exploration work within Victoria, Australia. ‘MGA’ now has a total of 523 km2 of ground granted for exploration for gold within Victoria.
  • One tenement (EL006907) is strategically placed between the historical rich Ballarat East-Nerrina goldfield and the current exploration licence ‘EL006148’. This tenement is host to the continued strike of the Dimocks Main Shale (“DMS”) horizon, believed to host the source veining for much of the alluvial gold within the Creswick deep lead alluvial system.
  • The second tenement (EL007484) is situated 50km north of Bairnsdale in the east of the state of Victoria encompassing the alluvial fields of Swifts Creek and the Mid to Upper reaches of the Tambo River.

EL006907 (Creswick)

MGA is pleased to report that Exploration licence 006907 was granted on 26/11/2021 for a period of five years, with the added possibility of an extension, provided expenditure requirements, (a minimum of $160,050 AUD over the five-year term), are met. The licence lies midway between the current Creswick lease of EL006184 and the Ballarat East and Nerrina goldfields, with a total ground area of 81km2.

EL006907 contains the southern strike extension of the DMS horizon believed to host the source rocks to the abundant historical alluvial gold production within the region. Although the true figures of alluvial gold produced are not known, the Geological Survey of Victoria estimates the region has produced in excess of one million ounces of gold, with most of the production occurring between the period of 1852-1930. Around 4km of DMS strike length is believed to be within this tenement.

Records of past exploration show that no known extensive drilling or geochemical surveys have been undertaken within the tenement.

EL007484 (Tambo North)

Licence EL007484 was also granted on 26/11/2021 for a five-year term. The total land area covers 374 km2, and covers the historic alluvial goldfields of the Tambo River and Swifts Creek. Exploration work for both precious metals and base metals has been undertaken previously, added to which the region is known for intrusives that may offer opportunity for discovering new deposits.

The figure showing location of both tenements are shown in the link below;

https://www.ecrminerals.com/images/fig1_mga_new_tenements_12_21.jpg

FORWARD LOOKING STATEMENTS

We are delighted that the long-awaited license grants for these two tenements have been awarded to MGA. MGA is still awaiting the final grant of EL006713 (Creswick) and EL007486 (Tambo South), which are both adjacent to the newly approved tenements. If approved, MGA will have exploration licenses covering the majority of the ground linking Ballarat and Creswick – an exciting and challenging prospect given the historical abundance of alluvial gold and under-explored nature of the region. Initially, the company intends to define geochemical patterns related to known alluvial gold dispersion to help define the optimum method to locate the ‘blind’ gold ‘shoots’ the central Victorian region is known for. Best outcomes will be followed up by drilling using MGA owned and operated equipment. The MGA team are very well aware that many of the gold deposits at Creswick are ‘spotty’ and coarse in nature, but this consideration is always in balance with the potential rewards.

MGA will continue to prioritise EL5433 (Bailieston) into the new year as this tenement is reaching maturity. Staff will be transitioning into exploration within the Creswick area which will include follow-up work on the recently drilled EL006184. Exploration opportunities are also available on the companies owned land also within EL006184.

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
Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0) 161 832 2174
Nominated Adviser
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker

Jon Belliss

Blytheweigh Tel: +44 (0) 207 138 3204
Public Relations
Tim Blythe

 

 

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 including one licence application lodged in eastern Victoria. (Tambo gold project). MGA is currently exploring 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.

 

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), 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.

ECR Minerals #ECR – Initial Success of ‘Phase two’ Drilling at HR3

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to update shareholders on its initial successful results from recently commenced ‘phase 2 drilling’ 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: “We are pleased with the excellent results from hole BH3DD009 at HR3. As this intensive drilling campaign continues, so our understanding of the Maori Anticline continues to grow. With a clear picture of the HR3 goldfield structure starting to emerge, it is tragic that Craig Brown is no longer with us to see these latest developments. I do know that all employees and directors at ECR and Mercator Gold are working hard to ensure that Craig’s vision for ECR’s flagship projects come to fruition. We look forward to sharing further assay results and data with shareholders as they are released by the labs.”

“It is our intention to appoint a new CEO in due course, and in this regard our search has already begun. In the interim a committee of directors, including myself, Trevor Davenport and Adam Jones will continue to drive the business forward.”     

SUMMARY:

  • Following receipt of the necessary permissions, drilling has re-commenced within the HR3 Goldfields utilising two diamond drill rigs.
  • Initial results have been received with the first hole completed, (BH3DD009) returning 0.7m @ 28.06g/t Au from 52.7m depth from the Maori Reef.
  • Gold values correlate well to high arsenic and antimony (stibnite) pXRF values – proof of their importance as pathfinder elements within the Bailieston area.
  • Drilling highlights the importance of the Maori Anticline as an important up-coming target.

 

PHASE TWO DRILLING HR3

Whilst drilling at Creswick and Cherry Tree ‘HR4’ mid-year, MGA submitted plans to government authorities requesting permission to drill from additional sites within the HR3 goldfield area. After meeting regulatory requirements, permission was granted early October 2021. Once drilling at nearby Cherry Tree and at the Creswick tenements had completed, drill rigs were mobilised to HR3 to commence phase two drilling. Drilling is being undertaken by two diamond drill rigs, one by a contractor and the second rig being MGA’s owned and operated ‘Midas’ drill rig. The contract rig is currently drilling broad holes perpendicular to the strike of the main mineralised systems throughout the HR3 goldfield and has approximately 250m of drilling to complete. Follow-up drilling is being undertaken by the ‘Midas’ drill rig and will continue to the end of the year.

A total of twelve drill sites have been approved across HR3. The sites have been well planned to ensure optimum drill coverage across the remainder of the goldfield. Particular focus will be directed at gathering structural data by use of diamond drilling to reconstruct the central and eastern mineralised systems known as the Scoulers and Maori Reefs. Extensions to the north and south of the goldfield boundaries will also be drilled. Drilling will also delineate structures drilled by previous historic percussion drilling during the 1980’s period.

To date, a total of 1478m of ‘phase two’ drilling has been completed at HR3. Between the two drill rigs, good meterage has been drilled (up to 80m per shift). Geological logging and interpretation will continue to the end of the year. A summary of drilling locations and their progression is shown in the link below;

Figure 1

BH3DD009

Phase two drilling commenced with BH3DD009 across the central portion of the Maori Reef. Drilling was targeted to follow up the down-dip of an historical Reverse Circulation drillhole intersection which returned 1m @ 11 g/t Au. BH3DD009 was successful in drilling mineralisation between 47m and 56.7m depth and the best intersection was 0.7m @ 28.06 g/t Au from 52.7m depth.

Drill core is routinely analysed for pathfinder elements during geological logging using an in-house pXRF unit to trace pathfinder elements associated with gold mineralisation. pXRF results are not used for reporting resources, only for tracing the pathways for gold mineralisation fluids. Plotting of antimony (Sb) and arsenic (As) pXRF results correlates spatially with the initial high-grade gold intercepts. A similar zone of high Sb and As has been identified in other drillholes on the same section as BH3DD009 and on the projection of the Maori Reef structure (see fig 2). Gold assay are pending for these drillholes (BH3DD010 and BH3DD011) and whilst the XRF results can not be relied upon, we are anticipating good results.

The following is a link to a section sketch showing the main geological features of BH3DD009 and the spatial association of antimony and arsenic.

Figure 2

MAORI ANTICLINE

Drilling and subsequent 3D modelling of drillholes BH3DD005, BH3DD006 and BH3DD007 earlier this year revealed a moderate south plunging fold to exist underneath and along strike of the Maori Reef workings. This has been termed the Maori anticline. Observations show the historic mined portion of the Maori Reef coincides with the projected up-dip of the anticline near surface. The Maori Reef has been intersected midway between BH3DD009 and the historical workings by an historic percussion drill hole named BLP136.  BH3DD009 intercepted 1m @ 34 g/t Au from 44m depth. These observations show the significance of the anticline. The drill rig is currently being set up to test this unexplored gap of the Maori anticline.

A long-section looking east through the anticline is shown in the link below;

Figure 3

Table 1. Summary of initial drill intercepts containing reportable levels of gold greater than 1 g/t Au for BH3DD009

BH3DD009

From (m) To (m) Grade (g/t Au) Interval (m)
47 48 0.6 1
48.2 48.8 0.40 0.6
48.8 49.1 1.70 0.3
49.1 49.6 2.49 0.5
50.5 51.5 0.61 1
51.5 52.4 1.08 0.9
52.4 52.7 1.90 0.3
52.7 53.4 28.06 0.7
53.4 54.2 1.14 0.8
54.2 54.6 0.93 0.4
54.6 55.1 0.46 0.5
55.1 55.7 0.77 0.6
55.7 56.7 0.25 1
57.7 58.7 0.17 1
58.7 59.2 0.14 0.5
59.2 60.2 0.43 1

 

 

FUTURE WORK

The initial results for drill holes BH3DD010 and BH3DD011 are due shortly. Samples from these two holes are currently being processed at the laboratory, and we expect to deliver regular drilling updates in the run up to the Christmas period. While these results are still early in the campaign, the identification of the Maori anticline and its association with high-grade gold mineralisation will now be the main focus for the next drilling campaign.

Early observations of HR3 drill cores are revealing exciting structures that appear to correlate across the HR3 goldfield. Re-construction will be key to identifying gold mineralisation patterns. A 10cm solid antimony vein was observed in recently drilled BH3DD019 around 143m depth, and is on trend to be on the northerly strike of the Maori Reef at depth. MGA’s Bendigo-based geology department will continue to gather and assimilate project data.

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
Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0) 161 832 2174
Nominated Adviser
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker

Jon Belliss

Blytheweigh Tel: +44 (0) 207 138 3204
Public Relations
Tim Blythe

 

 

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.

 

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), 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 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, 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.

 

 

 

 

 

 

ECR Minerals #ECR – Alan Green talks to CEO Craig Brown

ECR Minerals #ECR CEO Craig Brown talks to Alan Green:

~ Latest Bailieston & Creswick drilling updates, ‘mineral shoots’ etc

~ Property acquisitions – strategy, evolution into gold producer etc

~ N Queensland & license application progress

~ Danglay Gold project, Philippines

~ Upcoming milestones for shareholders to watch out for

ECR Minerals #ECR CEO Craig Brown talks to Steve Darling at Proactive Investors

ECR Minerals #ECR CEO Craig Brown talks to Steve Darling at Proactive Investors. Craig provides an update on its current aggressive drill programs in Victoria, Australia at its flagship Bailieston and Creswick projects.

Craig also discusses the objectives of the drill campaigns and the arrival of a third multi-purpose rig which is due on site shortly. Brown also discusses recent developments in the Philippines as well as funding and offers up his thoughts on the gold price and what it means for the company’s projects.

ECR Minerals #ECR – Purchase of Second, Multi-Purpose Drilling Rig for Central Victorian Goldfields, Australia

ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce the purchase of a second drilling rig by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

MGA has recently signed a contract for the purchase of a new Cortech CMR1000 multi-purpose drilling rig for a total of US$402,957. This follows the purchase of the Midas Drilling Rig (“Midas”) currently engaged in an aggressive drilling programme at the Bailieston project. The new rig is a high capacity, heavy duty multi-purpose drill rig which is highly effective in diamond coring, reverse circulation and rotary drilling techniques. It has been purchased complete with spares and all downhole equipment and is capable of drilling as deep as 2,000 metres*. The rig will be delivered in Q4 2021 and will further boost MGA’s in-house drilling capability.

With access to a growing team of experienced drilling personnel to operate the rig, along with Midas, the addition of the new CMR1000 rig increases MGA’s flexibility in the field and is expected to accelerate future drilling schedules and enable drill programmes to be completed at lower cost.

Craig Brown, Chief Executive Officer commented: “I am delighted to announce the acquisition of our second drill rig. Midas has already proved its value in the field, as it has been constantly working at Bailieston since our campaign launch at the Byron prospect announced on January 12th 2021.

The strong cash position enjoyed by ECR Minerals has enabled us to maintain aggressive drilling programmes across our existing properties, and the acquisition of the new, multi-purpose rig significantly enhances our on-the-ground capabilities.

The RC and diamond drilling capability the new CMR rig provides us with is particularly suited to the license areas at our three Queensland projects announced in May 2021. Given the recent results from the Creswick project announced on July 19th 2021, we are confident that the strategy of fast-paced and aggressive drilling programmes across multiple high-profile gold targets will expose ECR to potential new gold discoveries.”

*Factory data sheet specification http://cortech.cn/product_show.asp?id=2&lan=en

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.

OR FURTHER INFORMATION, PLEASE CONTACT:

 

ECR Minerals plc Tel: +44 (0)20 7929 1010
David Tang, Non-Executive Chairman
Craig Brown, Director & CEO
Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
SI Capital Ltd Tel: +44 (0)1483 413500
Broker

Nick Emerson

 

Novum Securities Limited  

Broker

Jon Belliss

                                            Tel: +44 (0)20 7399 9425

 

Brand Communications

Public Relations                                                                  Tel: +44 (0) 7976 431608

Alan Green

 

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.

 

Home

 

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 Queesnland, Australia.

 

Home

 

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 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, 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.

ECR Minerals #ECR Geologist Adam Jones sees huge potential at Creswick as aggressive drill program advances

ECR Minerals PLC’s #ECR geologist Adam Jones speaks to Proactive soon after the explorer announced drilling at its Creswick project in the Victoria Goldfields, Australia has identified more gold mineralisation along the strike zone in a southerly direction from the first drill hole.

To date, seven holes have been completed, with four holes fully assayed and all hitting multiple and significant zones of quartz and all intercepting gold, with the best results so far from CSD003 where there were no historic workings.

ECR Minerals #ECR – DoR & EA Approve LUX Exploration Work Programmes at North Queensland

DEPARTMENT OF RESOURCES & ENVIRONMENTAL AUTHORITY APPROVE LUX EXPLORATION WORK PROGRAMMES FOR THREE TERRITORIES WEST OF CHARTERS TOWERS IN THE LOLWORTH DISTRICT OF NORTH QUEENSLAND, AUSTRALIA

ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that the Department of Resources (DoR) and Environmental Authority have approved work programmes for three Exploration Permits (“EPM”) at its Lolworth District licence territories in North Queensland, Australia.

The EPM licenses have yet to be approved but now that the work programmes have been approved, the EPM’s will be advertised, following which there will be a 4-month consultation period. The Directors believe the licences should be granted in approximately 6 months time, and further announcements will be made at that time. Once approved, all three are valid for an initial period of 5 years to enable the Group to complete the planned exploration program, with a right to apply for permit extensions for up to a total of 15 years. The licenses will be held in the name of LUX Exploration Pty Ltd (“LUX”) which is a 100%-owned Australian subsidiary of ECR Minerals.

Craig Brown, Chief Executive Officer, commented:

“I am pleased to report that following our application for three strategic licenses in the Lolworth district announced on 27 May 2021, we have received work programme approval back in record time to complete the EPM application process.

Historical data* from the area shows that regional deposits, including Charters Towers have produced over 24m Oz in total gold production over the years, so naturally our team are very keen to get on the ground and start work.

Our strong cash position has enabled us to maintain aggressive drilling programmes, operating two diamond drill rigs at the Bailieston and Creswick projects in Victoria. While our team at Bendigo continue to assess the core and drill data, under the leadership of Geologist Adam Jones, we now have the capacity to aggressively pursue and develop this new opportunity.”

I am confident that our ongoing drilling operations across multiple high-profile gold targets will expose ECR to potential new gold discoveries, and I look forward to updating shareholders again in the near term.”

THE LOLWORTH RANGE AREA

Exploration Permits (EPM 27901, 27902 and 27903) represent 300 sub-blocks covering a total 900 km2 of highly prospective ground located within the Lolworth Range, 200km WSW of Townsville and 30km north from Pentlands, North Queensland Australia.

EXPLORATION POTENTIAL

The application area contains metamorphic rocks of the Charters Towers Province, that host historical large gold producing centres such as Charters Tower (6.6M Oz Au) *** and Ravenswood (3.5M Oz Au)****; although these numbers have not been independently validated by ECR and so are provided for guidance purposes only. The structural and basement geology is poorly understood in the area, which suggests it is possible to find new deposits.

The area also contains reported rhyolitic volcanics which play host to intrusion-related breccia gold deposits in the region such as Mount Leyshon (>2.5M oz) and Mount Wright (>1M oz). **

Desktop study of historic exploration data from the late 1980’s revealed anomalous gold stream sediment sample results within the applied areas.

The application area is encompassed on the southern boundary by rich alluvial gold deposits of the Cape River and Gorge Creek area, which drain the southern Lolworth Range.

The east boundary of EPM27902 and EPM27903 is bordered by current exploration permits exploring the Lolworth dyke swarm; a north-west trending system of rhyolitic dykes and small breccia pipes containing gold, copper and molybdenum.

Historic sample data also highlighted tin-tungsten mineralisation in the western areas of EPM27902 (see Figure 1). Reports show no detailed follow-up work has been undertaken.

Figure 1: Plan of EPM27901, 27902 and 27903 areas and historic anomalous pan stream sediments.

https://www.ecrminerals.com/images/figure1_210706.jpg

(Internally produced using data from sources set out at the end of this announcement)

EXPLORATION OUTLINE

Research suggests that  little mineral exploration work has been done within the Lolworth Range. While historical ore-deposit reports and metal prices have provided some context and background to the opportunity, the ECR board believe that the most relevant exploration work undertaken within the application area was under AP4855M (by A.R.I Limited) during the 1987-88 period. The work this company undertook is one of the main reasons for the current application area. A.R.I Limited undertook a major stream sediment program within the drainage of the Lolworth Range via helicopter access. This work highlighted seven gold anomalous areas worth following up. Historical rock chip samples also demonstrate the prospectivity of the region with elevated gold in association with rhyolites and breccias. Eleven watersheds showed visible gold in pan concentrates.

Initial exploration is likely to include confirmation of existing stream sampling anomalies to potential watersheds, followed up by soil and rock chip sampling of ridgelines that are above these anomalous watersheds. The outcome of this work will delineate worthy drill targets.

Figure 2: Planned focus of exploration activities for EPM27901, 27902 and 27903.

https://www.ecrminerals.com/images/figure2_210706.jpg

Once the EPM licence applications have been approved, LUX Exploration Pty Ltd. will have initially 5 years to complete the planned exploration program, with right to apply for permit extensions for up to a total of 15 years. LUX Exploration will need to relinquish 50% of the initial application area after 5 years.

The work programmes and forecast expenditure for licenses EPM27901, 27902 and 27903 are expected to total £1.8m over 5 years (Figure 3). NB: These forecasts and projections represent the board’s assumptions and expectations in light of currently available information, and are based on industry trends, costs and other factors that are subject to change.

Figure 3: https://www.ecrminerals.com/images/lux-work-programme.jpg

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
David Tang, Non-Executive Chairman
Craig Brown, Director & CEO
Email:
info@ecrminerals.com
Website: www.ecrminerals.com
Tel: +44 (0)20 7929 1010
WH Ireland Ltd
Nominated Adviser
Tel: +44 (0)161 832 2174

 

SI Capital Ltd
Broker
Nick Emerson
Tel: +44 (0)1483 413500
Novum Securities Limited
Broker
Jon Belliss
Tel: +44 (0)20 7399 9425
 

Brand Communications
Public & Investor Relations
Alan Green

 

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 Queesnland, 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.

*: Which has not been validated by ECR and so is provided for guidance purposes only

**: https://smedg.org.au/wp-content/uploads/2020/07/Nik_Breccias_NQ_M&W2013_Lisowiec_FINAL.pptx

***: https://www.mining-technology.com/projects/charterstowersgoldmi/

****: Open file exploration reports from licence ATP4855 (authority to prospect)

 

ECR Minerals plc #ECR – Anticline Identified Close to Maori Reef Line at the Bailieston Gold Project

ECR MINERALS plc

(“ECR Minerals”, “ECR” or the “Company”)

ANTICLINE IDENTIFIED CLOSE TO MAORI REEF LINE AT THE BAILIESTON GOLD PROJECT

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to announce drilling updates across the Bailieston Project in central Victoria, Australia.

ECR Minerals plc has 100% ownership of Bailieston Project which is operated under their Australian owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

Craig Brown, Chief Executive Officer of ECR Minerals plc, commented:

“I am delighted to announce a highly significant development resulting from the aggressive drilling programmes currently underway in the Victoria Goldfields. ECR Minerals has the advantage of owning its own diamond drilling rig and, with a centralised operational hub at Bendigo, we have been able to swiftly and efficiently interpret the core samples and secure valuable data from the programmes.

As suspected by our senior geologists, logging of three diamond holes at the Maori and Dan Genders Reef at the HR3 prospect has confirmed a steep south-plunging anticline to exist sub-parallel to the Maori Reef line which hosts quartz-arsenopyrite mineralisation and elevated gold grades.

Most significantly, the data and presence of gold in the core samples confirms the south plunging anti-cline runs close to the historical mined portions of the Maori Reef. The additional drilling planned for the northern end of the zone will help us further understand the size and shape of the structure in order that we can determine next exploration steps.”

KEY POINTS

  • Four initial diamond drill holes have been completed into the Maori and Dan Genders Reef lines for a total of 869.3m.
  • Structural logging of three diamond holes now confirms a steep south-plunging anticline that exists sub-parallel to the Maori Reef line which hosts quartz-arsenopyrite mineralisation with elevated gold grades. 3D projections of this folding are spatially associated with high-grade historic percussion drill intersections.

PROGRESS AT BAILIESTON GOLD PROJECT

First pass diamond drilling has been completed over the Maori and Dan Genders Reef lines. A summary of these four diamond holes is as follows;

BH3DD005 was drilled to investigate the merging of the Hard Up Reef and the Maori Reef structures beneath historic gold workings. The Hard Up Reef was intersected down the hole at 62.4m and is present as strongly oxidised fracturing with silica alteration. Only elevated gold was detected from this part of the reef (0.5m @ 0.80 g/t Au). The Maori Reef was intersected at 94.8m grading (0.8m @ 0.58 g/t Au). Plotting of bedding measurements in 3D software shows the hole drilled through the nose of a fold where the Maori Reef was intersected. Increasing silica alteration with disseminated pyrite is present on the immediate western limb of this fold. Assay results show the pyrite-silica zone to carry above background gold grades (0.2-0.5 g/t Au) within the fire assay analysis of the tails of the cyanide-leachwell solution. This is indicating the pyrite is carrying a refractory gold component. Another quartz-stockwork zone was drilled through at 140m (1m @ 2.89 g/t Au). The hole ended at 174.3m.

BH3DD006 was drilled to investigate a postulated anticline through the central part of the HR3 goldfield and possibly hosting the Dan Genders Reef system. Structural logging shows the Dan Genders Reef to be hosted within west dipping sediments. Assays from this Reef returned low grades from 70.3m down-hole (0.8m @ 0.86 g/t Au). The drillhole was continued to look for the fold into east dipping sediments. This fold was intersected at a drilled depth of 225m. Accompanying this fold was bedding parallel quartz-sulphide mineralisation with assays returning (0.7m @ 1.25 g/t Au) from 224.6m. Drilling continued across the fold where another unknown narrow bedded laminated quartz vein was drilled through at 342.7m depth. This intercept was the best from this hole (0.3m @ 6.06 g/t Au) from 342.7m. This drillhole ended at 344.7m. 3D modelling of bedding shows the fold axis drilled through at 225m projects up-dip to the fold drilled through at 95m in BH3DD005. This fold plunges approximately -40 degrees to the south. The up-dip projection of this fold to surface coincides with the historic Maori mine workings and a high-grade historic percussion drill hole from a previous explorer during the late 1980’s (1m @ 34 g/t Au) from 44m depth in hole BLP136. Mineralisation associated with this fold will need to be investigated further.

BH3DD007 3D projections of quartz veins and the plunge of the fold at 225m downhole in BH3DD006 hypothesised quartz veins to potentially roll over the fold hinge and become limb-thrust hosted within the east dipping beds on the eastern side of the fold further to the north of BH3DD006. BH3DD007 drilled through the fold at a drilled depth of 185.35m. Accompanying the fold was a laminated quartz vein showing fine acicular arsenopyrite needles that assayed (0.65m @ 2.90 g/t Au) from 185.35m. A supplementary rubbly quartz zone giving off high arsenic readings using a pXRF was also drilled through at 43.9m depth. Assays from this zone shows the potential of broader, low-grade gold mineralisation in the oxide levels. Assays from 43.9m (5.3m @ 0.70 g/t Au, including 0.55m @ 1.08g/t Au from 44.65m), accompanied by lower grades ranging between 0.51 and 0.89 g/t Au. Due to poor drill recoveries within this oxide zone, BH3DD008 was collared 10m away from BH3DD007 and drilled to 96.1m. Best result was (0.8m @ 0.38 g/t Au from 37.3m).

Table 1 Summary of averaged grade mineralised drill intercepts BH3DD005-BH3DD008 (g/t Au)

DD HOLE

From (metres)

Interval (metres)

@ g/t Au

Geological Comment

BH3DD005

140

1

2.89

Quartz stockwork zone

BH3DD006

BH3DD006

224.6

342.7

0.7

0.3

1.25

6.06

Anticline structure

Bedded laminated vein

BH3DD007

BH3DD007

185.35

44.65

0.65

0.55

2.90

1.08

Arsenopyrite needles

Part of broad mineralisation 5.3m @ 0.70 g/t Au from 43.9m

BH3DD008

37.3

0.8

0.38

Shallow re-drilled hole twinning BH3DD007

PHASE TWO DRILLING

Structural measurements of diamond drill core combined with 3D modelling have proved a steep south plunging anticline to now exist sub-parallel along strike to the Maori Reef line. Spatially, intense historical mined portions of the Maori Reef and high-grade percussion drill results from previous explorers coincide with the up-dip projection of the anticlinal fold.

Drilling to date has confirmed the presence of gold associated with the anticline along strike and depth to the south. Further diamond holes will be drilled in strategic positions to understand the structural controls on the high-grade portions of veins associated with this fold.

Plans for diamond drilling on the northern end of this fold zone have been submitted for approval. These plans are part of a larger campaign to drill underneath recent high-grade soil anomalies in this central and northern part of the goldfield (see previous release 15th June 2021).

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

Craig Brown, Director & CEO

Email:

info@ecrminerals.com

Website: www.ecrminerals.com

WH Ireland Ltd

Tel: +44 (0)161 832 2174

Nominated Adviser

SI Capital Ltd

Tel: +44 (0)1483 413500

Broker

Nick Emerson

Novum Securities Limited

Broker

Jon Belliss

Tel: +44 (0)20 7399 9425

Brand Communications
Public Relations

Alan Green

Tel: +44 (0) 7976 431608

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