TIDMECR
13 May 2021
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
EXPLORATION UPDATE -- VICTORIA GOLDFIELDS AUSTRALIA
COMMENCEMENT OF DRILLING AT CRESWICK GOLD PROJECT AND
BAILIESTON GOLD PROJECT PROGRESS UPDATE
ECR Minerals plc (LON: ECR), the gold exploration and
development company focussed on Australia, is pleased to provide an
exploration update for shareholders covering drilling and related
activities underway across the Bailieston and Creswick gold
exploration projects.
Both projects are located in the Victoria Goldfields, Australia
and are 100%-owned by ECR's wholly owned Australian subsidiary
Mercator Gold Australia Pty Ltd ("MGA").
Craig Brown, Chief Executive Officer, commented:
"We are pleased to now have drilling underway at two gold
projects in the Victoria Goldfields, and we look forward to
updating the market with assay results in due course.
Our drilling at Bailieston continues successfully using our
in-house diamond drill rig and we look forward to assay results of
recent holes, particularly following the initial geological review
of the drill core. Additionally, soil sampling from the HR3 area
(see below) has identified very high gold grades in soils, further
supporting the geological modelling and drill targeting.
With our strong cash position we have been able to expand
drilling operations and have now commenced drilling at Creswick
using external contractors. We are very excited by the potential
scale of the opportunity at Creswick and a larger scale drill
programme at the project is something we have been eager to
undertake.
We look forward to providing further updates in due course."
COMMENCEMENT OF DRILLING AT CRESWICK GOLD PROJECT
In 2019 exploration drilling was undertaken at Creswick
targeting gold mineralisation associated with quartz veins hosted
in the Dimocks Main Shale (DMS).
The DMS is the hard-rock source of much alluvial and deep lead
gold, with historical alluvial and deep lead production estimated
at up to 2.5 million ounces in the Creswick/Berry lead system, and
up to 11 million ounces in the entire Ballarat area, of which the
DMS is a significant contributor.
A 2019 drill programme conducted by the Company tested circa 300
metres of the DMS trend, which extends over approximately 15
kilometres, 7 kilometres of which is covered by MGA's granted
exploration licence and two exploration licence applications.
MGA has engaged a contractor for a minimum of 1,200 metres of
diamond drilling at Creswick, and the first drill hole in this
programme is now underway. It is planned to drill around 10 holes
from drill sites located on State Forest land within exploration
licence EL006184.
The drill sites for the current programme are approximately 2.2
km south along the DMS-trend from those used in MGA's previous
drilling programme at Creswick in 2019, individual samples from
which returned assays as high as 80.97 g/t gold over one metre
(announced on 5 November 2019).
PROGRESS AT BAILIESTON GOLD PROJECT
As previously announced, drilling is ongoing in the Historic
Reserve #3 (HR3) area of the Bailieston project using ECR's own
diamond drill rig. Assay results from the first four holes
(BH3DD001 to 4) were announced on 20 April 2021. Assay results and
final geological interpretations are currently awaited in respect
of four further holes (BH3DD005 to 8).
Hole BH3DD005 has targeted the Maori Reef, and holes BH3DD006
and 7 have targeted a hypothesised central anticline (as discussed
in the Company's announcement dated 20 April 2021). Hole BH3DD006
was also drilled to test the Dan Genders Reef. Initial geological
interpretation of holes BH3DD005, 6 and 7 indicates that the
hypothesised central anticline does exist and represents a
favourable target for hosting gold mineralisation such as
limb-thrust type vein systems.
SOIL SAMPLING
MGA has received the results from laboratory analysis of 229
soil samples taken across the central and eastern part of the HR3
area. These results are currently being plotted and analysed in
comparison with results from portable X-Ray Fluorescence ("XRF")
analysis. The laboratory results include gold values up to 3.75
parts per million (equivalent to grams per tonne). The results will
help identify potential extensions of and potential undiscovered
veins running parallel to known reef systems and further updates
will be provided in due course as appropriate.
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
Craig Brown, Director & CEO
Email:
info@ecrminerals.com
Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
Tel: +44 (0)20 7399 9425
Novum Securities Limited
Broker
Jon Belliss
SI Capital Ltd Tel: +44 (0)1483 413500
Broker
Nick Emerson
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, and two licence
applications lodged in eastern Victoria for the Tambo gold project.
MGA is currently drilling at both the Bailieston and Creswick
projects and 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), MGA 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/20210512005701/en/
CONTACT:
ECR Minerals plc
SOURCE: ECR Minerals plc
Copyright Business Wire 2021
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