TIDMECR
20 April 2021
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
HIGH-GRADE DRILLING RESULTS -- BAILIESTON GOLD PROJECT, VICTORIA
GOLDFIELDS, AUSTRALIA
ECR Minerals plc (LON: ECR), the gold exploration and
development company, is pleased to announce high-grade drilling
results from the Bailieston gold project in the Victoria
Goldfields, Australia. The Bailieston project is 100% owned by
ECR's wholly owned Australian subsidiary Mercator Gold Australia
("MGA").
Craig Brown, Chief Executive Officer of ECR Minerals plc,
commented: "These are the first results generated by our new
drilling rig, and to our knowledge they are also the first diamond
drilling results ever obtained from the HR3 area. The extra
geological insight afforded by diamond drilling will be of great
use in vectoring further work, and this is an advantage which
previous explorers have not had.
As is to be expected with early-stage exploration drilling, not
all holes reported today have intersected significant gold
mineralisation, but we are very encouraged by the fact that
BH3DD001 returned two high-grade intercepts, including one of 0.5
metres at 19 g/t gold, and all holes have provided data which will
feed into our evolving geological model for the area. Drilling is
continuing and we look forward to reporting the next round of
results.
We remain as excited as ever about the potential of the
Bailieston gold project, which is located around 30 kilometres from
the Fosterville gold mine owned by Kirkland Lake Gold and which
includes the Blue Moon gold discovery confirmed by high-grade
results from previous drilling by ECR."
HIGHLIGHTS:
-- Five diamond drillholes across the Historic Reserve #3 (HR3) area
covering the Byron and Maori reef lines have been completed for a total
of 1082m. Drilling at Byron shows west dipping sediments whereas drilling
at Maori intersected all east (and south-east) dipping beds, indicating
the possibility of anticline-related gold mineralisation between the two
reefs.
-- Drilling of BH3DD006 is currently in progress to test a hypothesised
anticline that may exist in the vicinity of the Dan Genders-Scoulers line
of workings. Historic shallow gold workings may be small reefs linking
and coalescing to a much larger fault related anticline system at depth.
-- Drilling to date has been on the periphery of a central mineralised
system (Byron and Maori Reef lines). Drilling has been through mostly
shales, however sandy bedding, which is best for brittle vein development
is expected to be more likely in the central part of the HR3 goldfield.
-- Drillhole BH3DD001 into the Byron Reef returned a high-grade intersection
of 0.5m @ 19 g/t Au from 110.9m downhole. Furthermore, a potentially new
mineralised system was intersected at 157m (1m @ 4.25 g/t Au). Rubbly
quartz from this same intersection assayed 21.1 g/t Au.
-- Drilling of BH3DD005 into the Maori Reef shows an increase in sandy
bedding and sulphide development compared to the Byron Mine area. Final
assay results for this hole are pending.
-- Geochemical soil sampling has been completed over half of the HR3
goldfield. Some 720 samples have been taken with 229 samples currently
being analysed for key gold pathfinder elements, and these results will
assist with drill targeting.
SUMMARY OF DRILLING TO DATE
(fig. 1) - Plan showing locations of 2021 drilling, historical
gold workings and reef lines.
https://www.ecrminerals.com/images/0421fig1.jpg
BYRON REEF
908m of the 1082m total drilling to date has been drilled into
the Byron Reef surrounding the historic Byron Mine. Production
records show the Byron Mine to have produced a total of 8698 tonnes
for 4416 oz (average 15.5 g/t Au), indicating it was the biggest
producer within the HR3 goldfield. On this basis and considering
the relative ease of drilling access at Byron, holes BH3DD001 to
BH3DD004 were drilled into this reef.
BH3DD001
This hole was designed to test the down-dip mineralisation
underneath the historic Byron Mine and understand the structural
context of the orebody. The target (Byron Main Reef) intersected a
milky, massive-vuggy quartz reef with laminated margins, 5.3m in
apparent thickness. A visible speck of gold was seen when sampling
the core. Results show the laminated hanging-wall portion of this
reef contains the gold with assay returning (0.5m @ 19.0 g/t Au)
from 110.9m. The massive-vuggy portion of the reef did not return
gold. Additionally, a newly discovered potential mineralised
position occurs in thin, overturned sands containing perpendicular
veins that returned (1m @ 4.25 g/t Au) from 157m. Furthermore,
cave-in (rubbly quartz) resulting from a drill bit change within
these veins at the same depth of 157m returned 21.1 g/t Au.
Drilling continued into the footwall of the reef to end of hole at
296.6m depth. The entire hole was drilled down the western limb of
a large anticline, likely to exist at an unknown distance to the
east. A parallel reef system known as 'Scoulers Reef' may be
situated on such an anticline.
BH3DD002
BH3DD002 was drilled to test the vertical down-dip extension of
the Byron Main Reef intersected in BH3DD001. The reef was drilled
through at 144m down hole where the vein had narrowed to 25cm in
width. Assay results show no significant intercepts with gold below
the detection limit (BDL). There is 40m in vertical difference
between the reef intersection in BH3DD001 and BH3DD002. Drilling
continued to test the hypothesis that the reef may be
bedding-parallel and be dipping back under eastwards, however no
additional quartz related mineralisation was intersected. No
sulphides were visible and portable XRF (pXRF) readings failed to
identify any significant pathfinder elements in the quartz or
surrounding wall-rock. This hole ended at 242.5m depth.
(fig. 2) - Geological interpretation and best results are
shown.
https://www.ecrminerals.com/images/0421fig2.jpg
BH3DD003
BH3DD003 was designed to test the hypothesised down-plunge shoot
extension of the Byron Main Reef to the north of BH3DD001 and
BH3DD002. In reference to the deepest known historical workings in
the Byron Mine on long-section and the down-dip direction of mined
stopes, the productive mineralised portion of the reef, known as a
'shoot' possibly plunges to the north (fig. 3). The reef was
intersected at 126.3m downhole where flexures in the bedding caused
a large body of quartz-sulphide development. This mineralisation
continued to 147.5m. Best results were 0.8m @ 1.19 g/t Au from
135.8m depth.
https://www.ecrminerals.com/images/0421fig3.jpg
BH3DD004
BH3DD004 was drilled to test the vertical extent of the large
quartz-sulphide dilation intersected in BH3DD003. The conclusion of
this drillhole, as with BH3DD002, was that the width of the Byron
Reef narrows and has no grade continuity at this depth.
(fig. 4) - Geological interpretation of BH3DD003 and BH3DD004
shown.
https://www.ecrminerals.com/images/0421fig4.jpg
MAORI REEF
BH3DD005
BH3DD005 was designed to test the structural context of the
Maori Reef. Bedding is shown to be dipping towards the east and
south-east directions. Between 76 and 151 metres the host rocks are
more sand dominated and below this zone a 40cm wide laminated
quartz vein was intersected. This hole was drilled to a final depth
of 174.3 metres. Assays results are pending for this hole.
ANTICLINE HYPOTHESIS
BH3DD006
Drilling to date covers the western and eastern boundaries of
the currently known mineralisation within the HR3 goldfield.
Geological observations of drilling to date confirms the lithology
of the bedding to be more sand dominant in the vicinity of the
Maori Reef. Bedding dips towards the west at the Byron Mine and
dips east to south-east at the Maori Reef, suggesting a main
anticline hinge zone to exist between these two reef lines. It is
likely the north-west striking Dan Genders Reef and Scoulers Reef
systems may be linked to a potential larger anticline-system at
depth. (refer to fig. 1 for reef locations). Similar
anticline-related faulting is seen at the nearby old Bailieston
open pit (located 2.8km to the north) and characteristic elsewhere
in Central Victoria. BH3DD006 is currently being drilled across
strike of the Dan Genders Reef to test this hypothesis.
(fig. 5) -- Hypothesised Central Anticline Model.
https://www.ecrminerals.com/images/0421fig5.jpg
Table A Details of current drilling and significant intercepts
to date (April 2021).
EASTING NORTHING AZIMUTH TOTAL
(GDA Zone (GDA Zone (True DEPTH SIGNIFICANT
HOLE ID 55) 55) DIP North) (metres) INTERCEPTS
0.5m @ 19.0 g/t
Au from 110.9m
1m @ 4.25 g/t Au
from 157m*
*rubbly quartz
from this zone
re-assayed 21.1
BH3DD001 326313 5931394 -60 060 296.6 g/t Au
No significant
intercepts
(below detection
BH3DD002 326313 5931394 -70 060 242.5 limit)
0.8m @ 1.19 g/t
BH3DD003 326313 5931394 -60 023 165.6 Au from 135.8m
No significant
BH3DD004 326313 5931394 -67 023 203 intercepts
All samples were assayed by Gekko Systems Pty Ltd in Ballarat,
Australia.
Review of Announcement by Qualified Persons
The Exploration Results in this report have been compiled by
Adam Jones and Dr Rodney Boucher.
Adam Jones is a Member of the Australian Institute of
Geoscientists (MAIG). Adam Jones has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration, and to the activity which he is undertaking, to
qualify as a Competent Person as defined in the 2012 edition of the
"Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves". He consents to the inclusion in this
report of these matters based on the information in the form and
context in which it appears.
This announcement has been reviewed by Dr Rodney Boucher of
Linex Pty Ltd. Linex Pty Ltd provides geological services to
Mercator Gold Australia Pty Ltd, including the services of Dr
Boucher, who has a PhD in geology, is a Member and RPGeo of the
Australian Institute of Geoscientists and is a Member of the
Australasian Institute of Mining and Metallurgy. Dr Boucher 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 Regulation (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
Craig Brown, Director & CEO
Email:
info@ecrminerals.com
Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
Katy Mitchell/James Sinclair-Ford
SI Capital Ltd Tel: +44 (0)1483 413500
Joint Broker
Nick Emerson
Novum Securities Limited Tel: +44 (0) 20 7399 9400
Joint Broker
Jon Belliss
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company.
ECR's wholly owned Australian subsidiary Mercator Gold Australia
Pty Ltd has 100% ownership of the Bailieston and Creswick gold
projects in central Victoria, Australia, and two license
applications lodged in eastern Victoria for the Tambo Gold project.
ECR is currently drilling high priority targets on the Bailieston
gold project using the Company's own diamond drill rig, backed by a
support network at the company's central Victoria HQ at Bendigo.
ECR has an experienced exploration team with significant local
knowledge in the Victoria Goldfields and wider region.
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), ECR 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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210420005550/en/
CONTACT:
ECR Minerals plc
SOURCE: ECR Minerals plc
Copyright Business Wire 2021
(END) Dow Jones Newswires
April 20, 2021 04:04 ET (08:04 GMT)
Ecr Minerals (LSE:ECR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ecr Minerals (LSE:ECR)
Historical Stock Chart
From Apr 2023 to Apr 2024