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ECR Minerals #ECR – Presenting at Proactive One2One Investor Forum on July 6th

ECR Minerals #ECR CEO Andrew Haythorpe and Technical Director Adam Jones are presenting at Proactive One2One Investor Forum on July 6th.

Click here to register

ECR Minerals #ECR – Technical Director Adam Jones Updates on Bumper Grades in Hole 34

Technical Director Adam Jones discusses the bumper gold grades in hole BH3DD034 at HR3, Bailieston. Adam talks through the gold grades discovered at different levels in zones 1-4, and outlines his conclusions for the collective data picture across the Maori Reef and Hard Up Reef. Alan asks whether there is a case for developing a mine on ECR’s land at Nagambie-Rushworth, and Adam discusses the the likely activities across the region. We then look at further developments at Creswick, technical target follow-ups and soil samples, before Adam outlines upcoming activities over the next few months, including drill rig movements, Blue Moon etc.

ECR Minerals #ECR – Multiple High Grade Gold Intercepts from hole BH3DD034 at HR3, Bailieston Victoria

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce a progressive update from drilling at HR3, Bailieston with high gold intercepts received for hole BH3DD034. Visible gold was previously announced from this hole (see announcement dated 14th March 2022)

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 Australian wholly owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

ECR CEO Andrew Haythorpe commented: “This is an outstanding result, capably executed and delivered by Adam and the drill team. As a geologist myself, along with the team, I am excited by the continuity of grade and the manner in which the Maori Anticline is further revealing itself through each assay result. There is clearly much more to come.”

ECR Chairman David Tang added: “There is a palpable sense of excitement at ECR Minerals as the intensive drilling campaign across our Victoria assets is now, despite the delays in assay processing, yielding consistently high gold grades. I am delighted for Adam and the team – this exceptional result today and the continuity of grade between Zone 2 and Zone 3 could well indicate a significant find. We look forward to the remaining assay results from the adjacent holes.”

HIGHLIGHTS:

  • Drillhole BH3DD034 returned four high gold grade intercepts at drilled depths; (0.3m@ 20.34 g/t Au from 18.2m), (0.65m @ 13.02 g/t Au from 54.2m), (0.3m @ 10.59 g/t Au from 97.9m) and (0.25m @ 45.0 g/t Au from 149.2m).
  • Visible gold recorded at 149.2m depth.
  • Mineralised zones show continuity to adjacent previously drilled intercepts in hole BH3DD019.

The links to three figures that will be referenced in the following comments can be found here;

Fig 1: https://www.ecrminerals.com/images/2022/fig1_BH3DD034_section_220606.png

Fig 2: https://www.ecrminerals.com/images/2022/fig2_BH3DD034_Plan_220606.png

Fig 3: https://www.ecrminerals.com/images/2022/fig3_BH3DD034_Best_Intercepts.png

 

BH3DD034

Hole BH3DD034 was one of four holes completed as follow-up drilling to previously announced hole BH3DD019 (see announcement dated 2nd March 2022), where four mineralised ‘zones’ were identified down-hole. The location of this drilling is shown at the top of the plan in fig 2 (linked above). To date, drilling and geological logging has been completed with assay results pending for complimentary adjacent drillholes BH3DD032, BH3DD033 and BH3DD035.

Hole BH3DD034 was drilled between the 4th and 11th of April 2022, and finished at a total drilled depth of 167.5m. Drilling was completed over six working days averaging 28m per day, which includes mobilisation and setup time. Progress was initially hampered by water loss and broken ground within the first 100m of drilling.

Visible gold was reported at a depth of 149.2m, hosted within a narrow bedded laminated quartz vein. Gold specks up to a particle size of 2mm are present. This vein resulted in an intercept of 0.25m @ 45.0 g/t Au. The immediate wall rock either side of this vein is supported by low, sub-gram gold grades representing a mineralised drilled interval of 6.7m @ 2.13 g/t Au from 146.3m. Three other mineralised zones have been identified further up-hole including 0.3m @ 20.34 g/t Au from 18.2m, 0.65m @ 13.02 g/t Au from 54.2m and 0.3m @ 10.59 g/t Au from 97.9m. Each mineralised zone is approximately spaced throughout the drilled hole depth (see fig 1).

Arsenopyrite (sulphide) crystals in the shape of small lathes and needles were seen within the high-grade interval at 97.9m. Sulphides crystallised in this manner are known to be associated with good gold values, such as those at nearby deposits located at Nagambie and the Fosterville Fault zone.

ECR Geologists have linked some of the four mineralised zones in BH3DD034 to similar zones in hole BH3DD019. Intercepts in hole BH3DD019 are within 50m to the south of intercepts in BH3DD034. Details of the link between mineralised zones can be seen in fig 1. In particular, we have noted the continuity of grade between Zone 2 in BH3DD019 and Zone 3 in BH3DD034. Due to the broken nature of these intercepts, a clear understanding of the dip of mineralisation is not well understood at this stage. The laminated texture of the quartz and the relationship of the angle of quartz intercepts to bedding planes infers that the mineralised zone is likely to be bedding parallel in nature. The veins reside in the hanging-wall of a narrow fault where bedding dip angles change dramatically. This fault contains low gold mineralisation.

Table 1. Summary of drill intercepts containing reportable levels of gold greater than 0.1 g/t Au for BH3DD034 (*highlights in bold).

BH3DD034

From (m) To (m) Grade (g/t Au) Interval (m) Comment
3 3.5 0.39 0.5
11 11.3 0.26 0.3
18.2 18.5 20.34 0.3 Zone 1
18.5 19.5 0.21 1 Zone 1
20.5 21.5 0.18 1 Zone 1
25.5 26 0.17 0.5 Zone 1
26.5 27.5 3.46 1 Zone 1
33 34 0.79 1
34 35 0.39 1
35 36 0.35 1
36 36.6 0.50 0.6
36.6 37 0.31 0.4
37 37.3 0.46 0.3
37.3 38.1 0.57 0.8
38.1 39 0.21 0.9
39 39.5 1.66 0.5
39.5 40 0.53 0.5
46.1 46.6 0.28 0.5
46.6 47.2 0.30 0.6
50.7 51.3 0.14 0.6 Zone 2
51.6 52 0.17 0.4 Zone 2
52 53 0.15 1 Zone 2
53 53.5 0.30 0.5 Zone 2
53.5 54.2 0.24 0.7 Zone 2
54.2 54.85 13.02 0.65 Zone 2
56.5 57 0.19 0.5
58.2 58.7 0.18 0.5
71.6 72.25 0.98 0.65
72.8 73.4 0.16 0.6
80.2 81 0.22 0.8
81 81.6 0.41 0.6
97.2 97.5 0.50 0.3 Zone 3
97.5 97.9 0.60 0.4 Zone 3
97.9 98.2 10.59 0.3 Zone 3 (Arsenopyrite Needles)
98.2 98.75 0.26 0.55 Zone 3
99.4 100 0.13 0.6 Zone 3
105.5 106 0.34 0.5
146.3 146.6 0.62 0.3 Zone 4
146.6 147 0.46 0.4 Zone 4
147 147.8 0.17 0.8 Zone 4
147.8 148.2 0.58 0.4 Zone 4
148.2 148.6 1.92 0.4 Zone 4
148.6 149.2 0.49 0.6 Zone 4
149.2 149.45 45.0 0.25 Zone 4 (Visible Gold)
149.45 150 0.43 0.55 Zone 4
150 150.5 0.83 0.5 Zone 4
150.5 151 0.36 0.5 Zone 4
151 152 0.25 1 Zone 4
152 153 0.14 1 Zone 4

LOOKING FORWARD STATEMENTS

With the results of BH3DD034 now received, the board eagerly awaits the results of adjacent holes BH3DD032, BH3DD033 and BH3DD035. Despite the narrow nature of the reported mineralised zones, there is high optimism for continuity of mineralisation as seen currently by the correlating intercepts between hole BH3DD019 and BH3DD034.

It is becoming clear the fold hinge (termed the ‘Maori Anticline’) hosts multiple narrow faults and bedded veins that host gold-antimony (stibnite) mineralisation. Heading south from BH3DD034 toward the intersection of the Maori Reef with the Hard-Up Reef, drilling is now complete for hole BH3DD038. Logging is nearly complete, with samples already in waiting for completion of assays at the laboratory. Similar mineralised zones as seen in BH3DD034 have been identified in the latest drilling and the Company is looking forward to publishing these results in due course. The mineralised system is open immediately to the north of BH3DD034 and it is with this understanding that a complimentary drillhole will be undertaken within this vicinity.

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.

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

Andrew Haythorpe, CEO

Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0) 207 220 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

BlytheRay 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.

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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.

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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 and can potentially receive up to US$2.7 million in aggregate across all licences.

ECR Minerals #ECR – Andrew Scott talks to Andrew Haythorpe

ECR Minerals CEO Andrew Haythorpe talks to Andrew Scott. Andrew discusses the reasons behind the appointment of Adam Jones – his technical knowledge and attention to detail which has resulted in some science based breakthroughs. Andrew says the board are looking at projects wider afield, and discusses the Danglay gold project in the Philippines before returning to Bailieston and the challenges created by the COVID driven assay delays. Andrew looks at Blue Moon, where there are good grades over 2m and a strong antimony association. The drill collars have all been planned by Adam, now awaiting drilling permissions. Andrew then looks at Lolworth, where access agreements have been made with landowners, and with field crews all set they could be ready to go in 6-8 weeks. Andrew looks at the Queensland structure, a multiple host environment, including large porphyry / breccia structures similar to Mt Leyshon & Kitston, plus epithermal veins (similar to Hemlo in Canada) and the historic Charters Towers mine. He concludes with the value opportunity – a great believer in Warren Buffet’s philosophy – why now – GARP – Growth at the Right Price – lots of growth opportunity, good commercial business and jv opportunities with neighbours.

ECR Minerals #ECR – Appointment of Adam Jones as Technical Director, Exploration

ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that Non-Executive Director Adam Jones will become an Executive Director with immediate effect. Adam’s new role will be Technical Director of Exploration across ECR’s portfolio of projects.

As previously announced on December 16th 2020, Adam Jones holds a Bachelor of Science degree from Ballarat University and First Class Honours from Adelaide University. Adam has over 12 years’ experience as a professional geologist in Australia, including significant experience and knowledge of regional gold exploration and production.

Adam is a member of the Australian Institute of Geoscientists (AIG) and has worked as an independent consulting geologist since 2015. His clients include or have included the A1 gold mine, Dart Mining, Nagambie Resources in Victoria and Vendetta Mining in Queensland.

Adam is a director of and has provided consultancy services to ECR’s Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) since April 2018 and has been involved in the supervision of drilling programmes and has undertaken geochemical and rock chip sampling and geological mapping campaigns.

He has considerable experience in geological interpretation, geotechnical and fault modelling, geological mapping and sampling, turbidite sequence-structural interpretations, wireframing and 3D modelling using Vulcan Software.

Adam will assume technical responsibilities for all of ECR’s projects, including the Lolworth Range project in North Queensland owned by ECR’s 100% owned subsidiary LUX Exploration Limited (“LUX”). He lives in Victoria close to ECR’s Bailieston and Creswick gold projects.

ECR Chairman David Tang commented: “Adam has been a key member of the ECR team since the day he joined, and I am delighted that he is now assuming an executive director role. I know he impressed our CEO on his recent trip to Victoria, and, looking forward, the Company will now benefit from his guidance and input on a higher strategic level.

ECR CEO Andrew Haythorpe added: “My decision to join ECR was very much influenced by the manner in which Adam has managed the Company’s ongoing drilling campaigns in Victoria as well as the skillset and vision demonstrated in his assessment and acquisition of the Lolworth Range project. My recent trip served to confirm my early impressions, and I very much look forward to working closely with him and benefitting from his expertise as we develop our asset portfolio.”         

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

ECR Minerals plc Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman

Andrew Haythorpe, CEO

Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0) 207 220 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

BlytheRay 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 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 and can potentially receive up to US$2.7 million in aggregate across all licences.

ECR Minerals #ECR – Adam Jones talks to Alan Green

ECR Minerals #ECR interview – Adam Jones talks to Alan Green. We discuss Adam’s site visit to Bailieston and Creswick with new CEO Andrew Haythorpe, before looking at plans to get boots on the ground at the recently awarded Lolworth Range license areas in N Queensland. Adam then discusses the latest developments at Creswick, including recently released LIDAR imagery, and we then look at the recent gold intercepts and developments through drilling at Bailieston, HR3 and the Maori Anticline. Adam talks through the correlation between stibnite and gold, before summarising upcoming developments and delayed assay results.

ECR Minerals #ECR – CEO Andrew Haythorpe talks to Andrew Scott

Andrew Haythorpe talks to Andrew Scott in his first interview since taking the helm as CEO. Andrew gives his first impressions of Bailieston and Creswick following a site visit with geologist Adam Jones. He discusses the infrastructure, his own ideas for developing the business and the potential he sees in the company.

ECR Minerals #ECR – New CEO onsite at Creswick and Bailieston

ECR Minerals #ECR new CEO Andrew Haythorpe has been onsite at Creswick and Bailieston this week.

he stopped in at the operational HQ at #Bendigo. Here, Senior Field Tech Steve Dunn checks core samples from the most recent drilling campaign into the Maori Anticline at HR3 #gold #goldmine #Australia

ECR Minerals #ECR – Drilling Identifies Further High Gold Grades at the Upper-Maori Anticline, Bailieston Victoria

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to provide another update from drilling at HR3 with further high gold grades identified at the upper part of the Maori Anticline in hole BH3DD022.

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 Australian wholly owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

ECR Chairman David Tang commented: “Hot on the heels of our best HR3 gold grade yet, Adam Jones and the team have reported another high-grade gold find from the Maori Reef at hole BH3DD022. As the backlog of assay results continue to arrive, our Maori Anticline target model continues to evolve.”

“I know our new CEO Andrew Haythorpe is monitoring developments very closely, and we are very much looking forward to his input as he takes the helm.

ECR CEO Andrew Haythorpe added: “I am delighted to see that the drilling campaign initiated by my predecessor Craig Brown and capably managed by Adam Jones is bearing fruit. We are seeing a detailed model of the Maori Anticline and surrounding reefs emerging, and once we have the remaining assay results in, the next steps in developing our asset can be set in motion.”      

HIGHLIGHTS:

  • Drillhole BH3DD022 has returned a result of 0.5m @ 12.74 g/t Au.
  • The Maori Reef is open for potential mineralisation further to the south-east of BH3DD022.

Links to two figures referencing hole BH3DD022 are below;

https://www.ecrminerals.com/images/2022/Fig1_BH3DD022_Section.png

https://www.ecrminerals.com/images/2022/Fig2_BH3DD022_Location_Plan.png

BH3DD022

Hole BH3DD022 was drilled into the upper part of the Maori Anticline at the point where our geologists had hypothesised the intersection of the Maori Reef and Hard-Up Reef. The Maori Reef was successfully intercepted at the shallow drilled depth of 49.5m, which included 0.5m @ 12.74 g/t Au. This intercept is supported by lower grades either side, making a total foot-wall to hanging-wall intersection of 3.5m @2.93 g/t Au. Although the intercepts are regarded as narrow, there is continuity of grades between previously reported holes BH3DD009, 010 and 011 (see RNS dated 26/11/2021 here and 22/12/2021 here). The Maori Reef system remains open and untested to the south east of BH3DD022 (see fig2).

Table 1. Summary of drill intercepts containing reportable levels of gold greater than 0.1 g/t Au for BH3DD022 (*highlights in bold).

BH3DD022

From To Grade (g/t Au) Interval (m) Comment
21.5 22.5 0.48 1.00
31.1 31.8 0.21 0.70
36.15 36.35 0.99 0.20
36.35 37.35 0.14 1.00
40.9 41.1 0.13 0.20
44.5 45.5 0.40 1.00
47.5 47.8 0.48 0.30 Foot-wall Zone
47.8 48.5 0.15 0.70 Foot-wall Zone
48.5 49.5 0.49 1.00 Foot-wall Zone
49.5 50 12.74 0.50 Maori Reef
50 51 0.80 1.00 Hanging-wall Zone
51.6 52 0.90 0.40
52.8 53.4 0.42 0.60
53.4 53.7 0.18 0.30
53.7 54.15 0.46 0.45
54.15 55.15 0.28 1.00
55.15 56.15 0.13 1.00
60 60.5 0.28 0.50
67.3 67.7 0.25 0.40
67.7 68.5 0.37 0.80
71 71.5 0.11 0.50
72 72.4 0.16 0.40
72.4 72.7 0.11 0.30
72.7 73.5 0.33 0.80
78.8 79.15 0.19 0.35
79.15 80.1 0.51 0.95
81 81.65 0.11 0.65
88.75 89.75 0.11 1.00
90.8 91.9 0.14 1.10
91.9 92.3 0.65 0.40

 

CURRENT DRILLING PROGRESS

Drilling has now been completed into selected zones of both the upper and north end of the known Maori Reef. Geological logging is helping us to model the Maori Anticline and understand how the main Reef systems consist of narrow stibnite-sulphide veining propagating up through the fold. Recently drilled hole BH3DD034 suggests gold mineralisation is still open along strike to the north, while high grade gold mineralisation and highest grade Gold intercept yet confirmed at hole BH3DD027 (under Hard-Up Reef), along with the result from hole BH3DD022 toward the southern end of the Maori Reef today provide evidence of mineralisation to the south. Further assay results will assist in follow-up drilling as needed.

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

Andrew Haythorpe, CEO

Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0) 207 220 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

BlytheRay 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 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 and can potentially receive up to US$2.7 million in aggregate across all licences.

ECR Minerals #ECR increases shareholding in Danglay Gold Project from 25% to 70%

ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that following an agreement with Philippines based company Cordillera Tiger Gold Resources, Inc. (“Cordillera Tiger”, “Cordillera”), in which ECR has a 25% shareholding, the Cordillera Chairman & Vice President Ludevico Estacio has agreed to sell his shares (1,499,996 in total) to ECR Minerals.

The consideration for the additional 1,499,996 shares in Cordillera is 1,499,996.00 Philippine pesos (approx £22,000), which has been paid for in cash. Following this acquisition, ECR hold 2,333,329 Ordinary Shares in Cordillera representing 70% of its issued share capital

ECR Chairman David Tang commented: “We are delighted to have the opportunity to acquire a majority stake in the Danglay Gold project from an existing shareholder, alongside whom we have worked over the years. We have already invested £1.2 million into the Danglay Gold Project license EP-006 to date, and while ECR’s priority and focus is on the continued development of our Australian assets, we believe today’s acquisition adds value to the ECR asset portfolio given the continued improvement in the political climate for the minerals industry in the Philippines.”

ECR CEO Andrew Haythorpe added: “Although I have yet to visit the Philippines and view the Danglay project first hand, I am very much aware that not only did Cordillera renew license EP-006 in July 2021 for a further two years, but alongside Cordillera, ECR engaged in a Community Development Programme in the Danglay area to foodpack assistance to families affected by COVID19.”

“I look forward to reporting further developments at Danglay to our shareholders, and I also look forward to working with Adam Jones and the geology team here on the ground in Australia to bring shareholders the latest developments and results from drilling campaigns at Creswick and Bailieston.”    

Danglay Project Background

In July 2021, Cordillera Tiger successfully renewed Exploration License EP-006 at the Danglay gold project for a further two years. This licence is located in an established gold and copper mining district in the north of the Philippines.

Most recently ECR has been engaged in a Community Development Programme in the Danglay area. ECR, in the name of Cordillera, has provided foodpack assistance, helping to get rice, canned meat & fish delivered to families affected by COVID19 in the Danglay region.

As reported in the Annual Report on March 23rd 2021, ECR was at that stage entitled to a 25% interest in the Danglay gold project in the Philippines, which is held by Philippines corporation Cordillera Tiger Gold Resources, Inc. under an Exploration Permit. The issuance of the 25% shareholding in Cordillera Tiger to the Company had been delayed since 2016, largely due to a court case filed by an individual who is a minority shareholder and former director of Cordillera Tiger. This matter was successfully resolved (see announcement dated July 30th 2021)

The completion of today’s acquisition of a majority shareholding in Cordillera Tiger is timely. The ECR Directors believe the political climate for the minerals industry in the Philippines is improving and considers that the Danglay gold project has potential for further exploration to build upon the existing inferred mineral resource estimate of 63,500 ounces of gold at 1.55 g/t gold. This resource was reported by ECR in 2015 to the Canadian NI43-101 standard (see announcement dated 15 December 2015), based on exploration carried out at Danglay by ECR during 2014 and 2015. In addition to the resource, an NI43-101 target for further exploration (conceptual potential quantity and grade of mineralisation expressed as ranges) of 95,000 to 170,000 ounces of gold at 5 to 7.5 g/t was reported.

The Directors recognise that this resource statement is not prepared to a standard currently recognised by AIM and accordingly this information is provided for guidance purposes only and is subject to further work, verification and updating. In addition, targets for further exploration are not mineral resource estimates, are conceptual in nature, are used where there has been insufficient exploration to define the target as a mineral resource, and where it is uncertain if further exploration will result in the target being delineated as a mineral resource.

In the year to December 2021, Cordillera Tiger Gold Resources Inc recorded no revenues or profits, and a deferred mine exploration cost of 27,800,747 Philippine pesos (approx £406,000) (audited).

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 REGULATION (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) as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018. 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

Andrew Haythorpe, CEO

Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0) 207 220 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 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 and can potentially receive up to US$2.7 million in aggregate across all licences.

 

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