ECR Minerals plc Planned Activities at Avoca and Bailieston Gold Projects, Australia
April 27 2016 - 1:00AM
UK Regulatory
TIDMECR
ECR MINERALS plc("ECR Minerals", "ECR" or the "Company")
AIM: ECRUS OTC: MTGDY
PLANNED ACTIVITIES ATAVOCA AND BAILIESTON GOLD PROJECTS,
AUSTRALIA
The directors of ECR Minerals plc (the "Directors") are pleased
to announce details of immediate plans to advance the Avoca and
Bailieston gold projects in Victoria, Australia. ECR's wholly owned
Australian subsidiary Mercator Gold Australia Pty Ltd ("MGA") has
agreed to acquire 100% ownership of the projects, as previously
announced.
In accordance with ECR's announcement dated 11 March 2016, the
Company has already arranged sufficient funding for the activities
listed below, which are expected to be completed during May and
June 2016.
Avoca project
As MGA's primary immediate objective is to demonstrate the
viability of reprocessing historical waste dumps at the Avoca
project to produce gold, with the additional possibility of
producing saleable gravel and sand by-products, the following
principal activities are planned:
* Completion of a mineral resource estimate for the dumps, which
entails additional sampling;
* Metallurgical testwork on samples from the dumps, with a focus
on gravity recovery options;
* Preparation of an economic study of the proposed reprocessing
of the dumps, setting out the capital requirements and projected
returns from the operation, and the timescale which would be
required to reach production.
Bailieston project
* MGA plans to complete a rotary air blast (RAB) percussion or
air-core drilling programme of up to 1000m (comprising up to
approximately 20 individual drill holes) at the Bailieston project
during June 2016, to test targets in the Byron and Black Cat
areas.
Significant historical drill and trench intercepts from the
Byron area are tabulated below.
Hole ID From (m) To (m) Length (m) Au (g/t) Reef Type
BLP126 40 43 3 13.80 Scoulars North Drill RC
BLP136 44 46 2 17.16 Maori Drill RC
BLP140 35 38 3 14.74 Byron Drill RC
BLP181 24 54 30 0.75 Dan Genders Drill RC
TR14 138 162 24 0.56 Scoulars South Trench
The information in the table above is historical and therefore
indicative only, in relation to the JORC Code. For more
information, shareholders are encouraged to refer to the competent
person's report completed for ECR in relation to the Avoca and
Bailieston projects which is available for download from the
Company's website (www.ecrminerals.com). Information regarding the
projects, and the terms on which MGA has agreed to acquire them, is
also available in the Company's announcements dated 3 March 2016
and 20 April 2016.
Stephen Clayson, Chief Executive Officer of ECR, commented:
"The programmes outlined above are, in the case of the Avoca
project, intended to generate the data needed to move the project
towards production as rapidly as possible. In the case of
Bailieston, it is hoped that the proposed drilling will confirm the
strong exploration potential indicated by historical data and more
recent surface mapping and sampling. Updates will be provided to
the market as progress is made."
Review of Announcement by Qualified Person
This announcement has been reviewed by William (Bill) Howell BSc
(Hons), FAusIMM, FSEG, ECR's Non-Executive Chairman. Mr Howell is a
geologist with 49 years of experience in the minerals industry, and
is a Qualified Person as that term is defined by the AIM Note for
Mining, Oil and Gas Companies.
ABOUT ECR
ECR is a mineral exploration and development company with the
right to earn a 50% interest in the Danglay epithermal gold project
in the Philippines. Danglay is an advanced exploration project
located in a prolific gold and copper mining district in the north
of the Philippines. An NI43-101 technical report was completed in
respect of the Danglay project in December 2015, and is available
for download from ECR's website.
ECR's wholly owned subsidiary Ochre Mining 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.
ECR's wholly owned Australian subsidiary Mercator Gold Australia
(MGA) has agreed to acquire 100% ownership of the Avoca and
Bailieston gold projects in Victoria, Australia. Mercator Gold
Australia is estimated to have tax losses of approximately AUD 66M
as at 30 June 2015, which may be available, subject to certain
conditions (as described in ECR's announcement dated 4 December
2014), to reduce MGA's future taxable profits. This is considered
particularly significant in view of an opportunity which may exist
at Avoca to establish relatively near term gold production from the
reprocessing of historical mine dumps, with the potential for sale
of gravel and sand by-products. A competent person's report in
relation to the Avoca and Bailieston projects is available for
download from ECR's website.
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)20 7148 7900
Nominated Adviser
Emma Earl / Jo Turner
Vicarage Capital Ltd Tel: +44 (0)20 3651 2910
Broker
Rupert Williams / Jeremy Woodgate
Blytheweigh Tel: +44 (0)20 7138 3204
Public Relations
Tim Blythe / Camilla Horsfall
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.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20160426006670/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
April 27, 2016 02:00 ET (06:00 GMT)
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