TIDMECR
15 June 2021
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
HIGH GOLD AND ANTIMONY RESULTS FROM SOIL SAMPLING, VICTORIA,
AUSTRALIA
EXPLORATION AT HR3 BAILIESTON PROJECT HIGHLIGHTS POTENTIAL
UNDEVELOPED REEF LINES
ECR Minerals plc (LON: ECR), the gold exploration and
development company focused on Australia, is pleased to announce
results from recent soil sampling undertaken within the Historic
Reserve #3 (HR3) Bailieston in Victoria, Australia and 100%-owned
by ECR's wholly owned Australian subsidiary Mercator Gold Australia
Pty Ltd ("MGA").
Craig Brown, Chief Executive Officer, commented:
"I am delighted to announce further positive exploration news,
this time from the implementation of a soil sampling programme
utilising an innovative exploration methodology (see below) at HR3
that has revealed particularly high gold grades in soils and
therefore identified a new target for drilling.
The significance of these findings means we have now submitted a
request for consent to undertake additional exploration drilling at
the location, which is over and above initial planned drill holes
in the area.
As the momentum of our two rig drill programmes continues to
build, additional findings such as those announced today further
demonstrate the geological prospectivity of our licence areas. I
look forward to providing further updates as material exploration
data is received and reviewed by the Company."
HIGHLIGHTS
-- Soil sampling has revealed high gold anomalies (up to 3.75 g/t Au) along
with spatially associated antimony which is thought to be from the
mineral stibnite which forms a close association with gold
mineralisation.
-- A total of 720 B-horizon soil samples were taken across the central and
eastern part of the Bailieston Historic Reserve # 3 (HR3) between
February and March 2021.
The samples were tested by portable X-ray fluorescence ("pXRF")
for anomalous pathfinder elements for gold and a selected sub-set
of 229 samples have been sent for trace element analysis (TL) for
Au, Ag, As, Sb, Zn, Cu and Pb.
-- Results of this work show a strong spatial relationship between Au (gold),
Sb (antimony) and to a lesser extent As (arsenic). Plotting of spatial
Au-Sb elemental maps reveals trends which may correspond to the
weathering of high grade gold shoots under shallow cover (fig. 1).
-- Field mapping shows sub-cropping quartz with little to no historical
workings associated with these anomalies. Plans have been submitted for
approval to drill along strike to test these quartz reefs at depth.
METHODOLOGY
Soils grids were designed over known and the possible strike
extensions of gold-bearing quartz reefs. A 10m x 10m spaced grid
was chosen as it is known that narrow high-grade gold reefs will
erode over a small spatial area into the adjacent soil.
Metal detector prospectors in central Victoria know this
phenomenon creating what are known as 'patches' and often contain
visible coarse gold. Soils have been taken from the B-horizon,
often at the gravel-clay interface at a depth around 10cm. This is
where the gravels have not transported too far from their source
rocks.
Soils located within gullies and adjacent mullock dumps were
removed due to contamination. All soils were sieved on site to <
2mm and bagged, producing a sample around 300g in weight. A total
of 720 samples have been taken to date (June 2021).
All soils were systematically analysed in-house using ECR's
owned Olympus pXRF. Analysis is undertaken using three sequential
beams with a 15 second count attributing to each beam. Results are
evaluated for traditional pathfinder elements such as As, Ag, Pb,
Zn, Cu and Sb.
Soil with moderate arsenic content (generally > 40 ppm) and
soils spatially close to extensions to known reef lines were
selected for further trace elemental analysis for Au, Ag, As, Pb,
Zn, Cu and Sb. A total of 229 sub-samples have been selected and
sent to ALS laboratories, Adelaide, South Australia. Method
Au-TL44/ME-ICP44 was chosen for analysis.
A detection limit in ppm is sufficient given the proximity to
possible gold sources. Any Au-TL44 results greater than 1 ppm was
analysed by Au-AROR44 which is used for 'ore grade' analysis. A 50g
charge from a 95% passing 75um pulverise was chosen due to the
likely presence of coarse gold.
RESULTS
Thirteen samples returned gold values above 0.1 g/t Au. Silver,
Copper, lead and Zinc results are low within the soils.
Arsenic is traditionally used as a pathfinder element for gold
mineralisation and occurs at moderate levels within soils at HR3
and is fairly distributed which will mask blind gold deposits.
Antimony (Sb) results are variable with high results correlating
spatially with high gold assays (fig1)
Figure 1:
https://www.ecrminerals.com/images/fig1_HR3_Au-Sb_Soils_210608.jpg
Rock chips taken during 2018 along strike of the main soil
anomaly showed a visible speck of coarse gold (fig. 2). Assays for
these rock chips were analysed using a small charge fire assay
resulting in variable results (up to 0.32 g/t Au) reflecting how
coarse gold can be missed using traditional assay methods.
Furthermore, non-executive director (Adam Jones) in February 2019
has found coarse gold by using a metal detector within the shallow
soils in the vicinity of the reported soil anomalies (fig 3).
Figure 2:
https://www.ecrminerals.com/images/fig2_LX0819_vg__2018.jpg
Figure 3:
https://www.ecrminerals.com/images/fig3_036g_nugget_HR3.jpg
Table 1 Summary of results for analysis of a 229 selected soil
samples using method Au-TL44/ME-ICP44.
Au-PREF Ag-T L44 As-TL44 Cu-TL44 Pb-TL44 Sb-TL44 Zn-TL44
ppm ppm ppm ppm ppm ppm ppm
Number 229 229 229 229 229 229 229
Minimum 0 0.1 7.5 1.8 4.8 3 3
Maximum 3.75 0.1 124 14.9 28.6 386 44
Mean 0.05 0.1 46.78 6.68 10.52 43.47 9.99
Lower Quartile 0.01 0.1 33.7 4.7 8.5 14 6
Median 0.01 0.1 45.1 6.5 10.4 24 9
Upper Quartile 0.02 0.1 56.8 8.25 12.2 51 12
STD-deviation 0.26 0 21.61 2.52 3.17 54.96 5.99
CV 5.53 0 0.46 0.38 0.3 1.26 0.6
Range 3.75 0 116.5 13.1 23.8 383 41
LOOKING FORWARD STATEMENT
Results from the undertaking of this work reflect a close
gold-antimony spatial relationship with a low to moderate arsenic
undertone within the Bailieston goldfield. Further soil analysis
for pathfinder elements will be undertaken on other tenements now
under increased exploration activity within central Victoria such
as Creswick, near Ballarat.
The outcome of this work will greatly increase the chances of
finding blind sub-surface gold bearing reefs that have been missed
by previous explorers.
To our current knowledge, this is the first-time geochemical
analysis has been undertaken at such a high standard within these
tenements.
Plans have been submitted for approval to drill underneath and
along strike of these anomalous soils. Once approved, this drilling
will be a continuation of the current drilling program that is
underway on nearby HR4, Cherry Tree.
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/20210615005553/en/
CONTACT:
ECR Minerals plc
SOURCE: ECR Minerals plc
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