ECR Minerals plc Results of Bulk Sampling at Maestro Agüero Gold Prospect, Argentina
July 20 2015 - 7:13AM
UK Regulatory
TIDMECR
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
AIM: ECR
US OTC: MTGDY
RESULTS OF BULK SAMPLING AT
MAESTRO AGÜERO GOLD PROSPECT, ARGENTINA
LONDON: 20 JULY 2015 - The directors of ECR Minerals plc (the
"Directors") are pleased to announce the results of bulk sampling
at the Maestro Agüero prospect, one of several prospects which
comprise the SLM gold project in La Rioja Province, Argentina. The
SLM gold project is 100% held by ECR's wholly owned Argentine
subsidiary Ochre Mining SA.
The bulk sampling programme consisted of nineteen channel
samples taken across quartz vein and stockwork zones. Channels 5cm
wide and 5cm deep were cut normal to the strike of the
mineralisation using a petrol driven diamond saw. A total of
595.47kg of material within the channel cuts was collected using a
hammer and chisel. Channel cuts were distributed over a strike
length of approximately 400m.
The bulk samples were submitted to the laboratory of Alex
Stewart Argentina SA in Mendoza where they were crushed and then
riffle split to give nineteen samples weighing 1.8-3.2kg for
analysis. These samples were submitted for cyanide leach tests with
AAS finish at OMAC Laboratories Ltd ("OMAC") in Loughrea, Ireland.
The residue was then dried and pulverised before being submitted to
50g fire assay with AAS finish. This procedure allowed the gold
head grade to be calculated (cyanide leachable grade plus residual
grade) for each sample whilst providing information on the
amenability of the mineralisation to cyanide leaching.
Head grades ranged from 3.78 g/t gold to 0.13 g/t gold over
apparent widths of between 0.7m and 9.3m. Two samples assayed below
detection. Cyanide leach recoveries of between 72.09% and 92.50%
were achieved. Head grades, apparent widths and cyanide leach
recoveries for all samples are reported in the table below.
Petrographic study of selected samples indicates common flecks
of high purity secondary gold on oxidised fractures. The dominance
of secondary gold on fractures and the cyanide recoveries achieved
indicate that mineralisation at Maestro Agüero is likely to be
technically suitable for heap leaching, which would entail
relatively low capital and operating costs.
Gold grain sizes ranged from <50 microns to 0.5mm in
diameter, with the majority of grain sizes above 75 microns,
indicating that gravity recovery may also be a potential processing
option, although gravity-focused metallurgical testwork would be
required to confirm this.
Stephen Clayson, Chief Executive Officer of ECR, commented:
"The bulk sampling results reported today indicate that gold
mineralisation at Maestro Agüero is present across potentially
mineable surface widths, albeit at lower grades than had been
hoped. However, the cyanide recoveries are generally high, and the
deposit strikes along the centre of a low ridge, presenting a
favourable topographic situation for open pit mining of near
surface material.
The Directors are now considering the Company's strategic
options for Maestro Agüero and the SLM project as a whole, and for
the time being exploration at the project will pause.
ECR's primary focus remains the Itogon gold project in the
Philippines. The Company has recently reported encouraging
trenching results from Itogon, and is working towards an initial
resource estimate for the project and an accompanying NI43-101
compliant technical report, both of which are expected to be
available in September 2015."
RESULTS OF MARCH 2015 BULK SAMPLING
MAESTRO AGÜERO PROSPECT, LA RIOJA PROVINCE, ARGENTINA
Channel ID Description Apparent Width Head Grade Cyanide Recovery
(m) (g/t gold) (%)
MACW-01 Stockwork 7.10 1.47 86.39
MACW-02 Stockwork 9.30 0.26 88.46
MACW-03 Vein 4.75 1.79 88.27
MACW-04 Vein 2.80 1.01 87.13
MACW-05 Stockwork 3.40 0.42 76.19
MACW-06 Vein 1.25 0.42 80.95
MACW-07 Vein 1.80 0.56 78.57
MACW-08 Vein 0.70 1.72 72.09
MACW-09 Vein 1.05 1.89 87.30
MACW-10 Vein 1.30 0.51 84.31
MACW-11 Stockwork 2.10 0.12 91.67
MACW-12 Vein 1.65 1.05 89.52
MACW-13 Stockwork 1.80 < n/a
MACW-14 Vein 2.00 2.00 92.50
MACW-15 Stockwork 6.25 0.13 84.62
MACW-16 Vein 3.90 1.71 90.64
MACW-17 Vein 3.70 3.78 98.41
MACW-18 Stockwork 3.25 < n/a
MACW-19 Vein 1.50 0.93 83.87
QA/QC measures including the use of blanks, duplicates and
standards were applied by OMAC in relation to the analysis of the
samples. The assay data reported is considered acceptable in the
context of these measures.
Assay values have been expressed in this announcement as g/t
gold but were received from OMAC expressed as ppm gold. For the
purposes hereof ppm gold and g/t can be considered equivalent.
The contents of this announcement have been reviewed by Dr Chris
Wilson PhD, FAusIMM (CP), FSEG, a geologist with the consultancy
Exploration Alliance, which has been engaged by ECR in connection
with the SLM project.
ABOUT ECR
ECR is a mineral exploration and development company with the
right to earn a 50% interest in the Itogon epithermal gold project
in the Philippines. Itogon is an advanced exploration project
located in a prolific 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. Exploration at SLM has focused on identifying
small tonnage mesothermal gold deposits which may be suitable for
relatively near term production.
FOR FURTHER INFORMATION PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
William (Bill) Howell, 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.
GLOSSARY
AAS: atomic absorption spectroscopy
assay: a test performed on a sample of ores or minerals to determine the amount of valuable metals contained
channel sample composed of pieces of vein or mineral deposit that have been cut out of a small channel
sample:
cm: centimetre
cyanide chemical extraction of gold from crushed or ground ore by dissolving it in a weak cyanide solution
leaching:
g: grams
g/t: grams per tonne
heap a process whereby valuable metals are leached from a heap, or pad, of crushed ore by solutions percolating down through the heap and collected from a sloping, impermeable liner below
leaching:
m: metre
micron: one millionth of a metre
mm: millimetre
ppm: parts per million
stockwork: a network of veinlets, usually quartz
t: tonne
vein: a fissure, fault or crack in a rock filled by minerals that have travelled upwards from some deep source
View source version on businesswire.com:
http://www.businesswire.com/news/home/20150720005682/en/
This information is provided by Business Wire
Ecr Minerals (LSE:ECR)
Historical Stock Chart
From Apr 2024 to May 2024
Ecr Minerals (LSE:ECR)
Historical Stock Chart
From May 2023 to May 2024