TIDMECR
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
AIM: ECR
US OTC: MTGDY
UPDATE ON EXPLORATION
LONDON: 1 MAY 2015 - ECR Minerals plc is pleased to provide the
following update on activities at the Itogon gold project in the
Philippines and the SLM gold project in Argentina.
ITOGON GOLD PROJECT, PHILIPPINES
Further to the Company's news release dated 17 April 2015, the
diamond drilling programme which commenced at Itogon in January
2015 has now been completed. As previously stated, the results of
the drilling will be announced when assay results for all six holes
in the programme have been received and processed. This is expected
to be during May 2015.
A programme of trenching has been designed for the main prospect
area at Itogon and is planned to commence during May 2015. The
trenches are planned to be up to 5m deep and are intended to expose
certain of the larger mapped quartz vein structures and other
interpreted mineralised zones, including supergene zones, in the
main prospect area. Each trench will be mapped and sampled in order
to obtain additional information regarding the geology and gold
grades in the zones exposed.
If successful, the trenching is expected to enable a near
surface inferred resource to be estimated for the main prospect
area, on the basis of the results of drilling completed to date in
combination with the results of the trenching. Estimation of
resources in the measured and indicated categories, which represent
higher levels of confidence, would require additional drilling.
Trenching may be carried out in two phases so as to allow the
effectiveness of the technique to be evaluated, with the second
phase and any resource estimation being subject to this
evaluation.
Also planned to commence during May 2015 is a detailed
topographical survey of the main prospect area at Itogon using an
unmanned aerial vehicle (UAV). The resulting data is expected to be
used in resource estimation.
SLM GOLD PROJECT, ARGENTINA
Further to the Company's announcements dated 27 February 2015
and 17 April 2015, field observations at the Maestro Agüero and JV
prospects by the geologist overseeing the bulk sampling programme
at Maestro Agüero in March 2015 are considered sufficiently
encouraging by the directors of ECR to justify moving ahead with a
programme of further geological mapping at the JV prospect. This is
planned to commence during May 2015.
Exploration to date by ECR's Argentine subsidiary Ochre Mining
SA, along with historical data reported by previous explorers,
indicates that JV is the largest of the three key prospects within
the SLM project area in terms of the extent of mesothermal veins.
The planned mapping programme is intended to identify priority vein
zones for bulk sampling.
The JV prospect is located approximately six kilometres south of
the Maestro Agüero prospect, and, as at Maestro Agüero, bulk
sampling would be employed to obtain a large sample size. Given the
presence of nuggety gold and coarse flecks of secondary gold, a
large sample size is necessary to ensure statistically
representative results.
Stephen Clayson, Chief Executive Officer of ECR, commented:
"Ahead of drilling results from the Itogon project and bulk
sampling results from the Maestro Agüero prospect at SLM, both of
which are expected during May 2015, the directors of ECR consider
there to be sufficient potential indicated by the data collected to
date and field observations to justify pressing ahead with
additional work programmes to enhance our understanding of both
projects.
The estimation of an inferred resource at Itogon, subject to our
planned trenching programme being successful, is expected to be a
valuable first quantification of the project's potential.
At SLM, we hope to reach a decision during the course of 2015 as
to whether small scale gold production is likely to be viable.
Current exploration has been planned with that goal in mind."
This announcement has been reviewed by Richard Watts B.Eng.
Mining, Fellow of the South African Institute of Mining &
Metallurgy, a director of the Company with more than 40 years of
experience in the mining industry.
ABOUT ECR
ECR is a mineral exploration and development company with, among
other interests, the right to earn a 50% interest in the Itogon
gold project in the Philippines. Itogon is an advanced exploration
project located in a gold and copper mining district in the north
of the Philippines.
ECR has a 100% interest in the SLM gold project in La Rioja
Province, Argentina, the exploration strategy for which is to
delineate multiple medium to high grade, low tonnage deposits
suitable for advancement to production on a relatively low capital,
near term basis.
ECR continues to review potential new investments on a highly
selective basis, with a concentration on precious, base and
strategic metals projects in Asia and South America.
FOR FURTHER INFORMATION PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
Paul Johnson, Non-Executive Chairman
Stephen Clayson, Director & CEO
Richard (Dick) Watts, Technical Director
Email: info@ecrminerals.com
Website: www.ecrminerals.com
Cairn Financial Advisers LLP Tel: +44 (0)207 148 7900
Nominated Adviser
Emma Earl/Jo Turner
Daniel Stewart & Company plc Tel: +44 (0)20 7776 6550
Broker
Martin Lampshire
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such
statements may be subject to a number of known and unknown risks,
uncertainties and other factors that could cause actual results or
events to differ materially from current expectations. There can be
no assurance that such statements will prove to be accurate and
therefore actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward looking statements. Any
forward looking statements contained herein speak only as of the
date hereof (unless stated otherwise) and, except as may be
required by applicable laws or regulations (including the AIM Rules
for Companies), the Company disclaims any obligation to update or
modify such forward looking statements as a result of new
information, future events or for any other reason.
This information is provided by Business Wire
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