TIDMECR
22 June 2021
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
EARLY SUCCESS AT CRESWICK GOLD PROJECT, VICTORIA, AUSTRALIA
ECR Minerals plc (LON: ECR), the gold exploration and
development company focused on Australia, is pleased to announce a
drilling update from the Creswick Gold project (the "Project"), in
the Victoria Goldfields, Australia. The Project is 100%-owned by
ECR's wholly owned Australian subsidiary Mercator Gold Australia
Pty Ltd ("MGA").
The programme is designed to establish the position of the
Dimocks Main Shale ("DMS`') and associated structures within the
Project, and target the main geological structures considered to be
gold bearing at Creswick.
Craig Brown, Chief Executive Officer, commented:
"We have made great progress to date, with the first four holes
at Creswick now complete and approaching 1,000m of diamond drilling
undertaken efficiently and safely at the Project.
The Company has now received assay results from hole CSD001 and
I am delighted to confirm we have intersected gold in this, the
first drill hole, in our Creswick campaign. This is highly
encouraging and particularly significant considering that CSD001 is
the first diamond hole into the DMS in the entire tenement.
With CSD001 we have located the position of the DMS and are
building our understanding of the types of folding and faulting
within the system which will assist with ongoing drill
targeting.
Overall, the hole one assay result has delivered the outcome we
were all hoping for. This has been very much a team effort, and I
would like to put on record my thanks to Dr. Rod Boucher, Adam
Jones, the drilling team and the core shed staff for their hard
work that has delivered a raft of data and information in record
time. I look forward to reporting to the market with regard to
further assay results, and their geological significance, as they
become available."
HIGHLIGHTS
-- Four diamond holes completed to date for 909.2m completed (CSD001 --
CSD004).
-- Currently drilling the fifth hole CJD001 . At the date of release this
hole was at 220m.
-- Assay testing has now been undertaken on the first Creswick hole, CSD001
and the assay results confirm immediate success intersecting gold, with
1m @9.68 g/t confirmed.
-- Drilling continues with diamond hole CSD005 now underway, and assay
results are awaited in respect of holes CSD002 -- CSD004.
-- Following receipt of additional assay results and our in-house geological
interpretation, our findings will be provided in further announcements.
TECHNICAL INFORMATION
The first diamond hole drilled at Creswick has immediate success
intersecting 1 m @ 9.68 g/t.
The first hole, CSD001 has been completed to 295m. This hole is
an orientation hole to establish the position of the Dimocks Main
Shale (DMS) and associated structures. As previously reported
(21/6/19) data from the RC drilling conducted in 2019 showed a lack
of geological continuity indicating faulting and folding of the
DMS. CSD001 intersected quartz zones within the DMS in addition to
multiple reefs above and below it. Drilling of CSD001 has
demonstrated that much of the 2019 RC drilling was done into the
minor reefs above the DMS
CSD001 revealed three parallel reef systems above the DMS that
have been folded by small and large parasitic folds. The DMS was
reached at 72m down the hole and continued to 93 m and intersected
two 2 m quartz zones at the upper contact and at 86m with minor
veining throughout the shale. The hole continued to 295m to test
the folding and faulting beneath the DMS and encountered an
additional 8 reef zones that mostly related to east-dipping faults
and minor shales. 76 of the 108 samples sent for laboratory testing
from CSD001 have been reported from the lab with the best result 1
m @ 9.68 g/t from an east-dipping fault beneath the DMS. Results
from the final 32 samples are awaiting laboratory analysis.
CSD002 was collared 10 m to the west of CSD001 and drilled
steeper to target where projected parasitic folding and the
mineralised east-dipping fault intersect the DMS. The previously
reported result from 2019 from CSR005 of 1 m @ 81.0 g/t came from
quartz in the parasitic folds. Drilling of CSD001 intersected an 8
m quartz zone where the DMS and these structures intersect plus
minor veining throughout the shale. The core from CSD002 has been
logged, sampled and sent to the laboratory for analysis.
Figure 1 shows the best quartz zone intercepted in the DMS in
CSD002:
https://www.ecrminerals.com/images/CSD002_DMS_quartz.jpg
Work to better understand the nugget effect at Creswick is
ongoing. As described in the release dated 5/11/19 grade
variability due to the nugget effect was demonstrated at Creswick
with some of the initial samples under-reported and others
over-reported.
ASSAY RESULTS -- CSD001
See TABLE 1 below for initial results:
Table 1 Best intercepts from the first 76 to 108 assays results
from CSD001
AZIMUTH TOTAL
EASTING (GDA NORTHING (GDA (True DEPTH SIGNIFICANT
HOLE ID Zone 54) Zone 54) Dip North) (metres) INTERCEPTS
1.0 m @
9.68 g/t
from 131.9
m, 0.9 m @
0.88 g/t
from 58.2
m, 1.0 m @
0.21 g/t
from 147.7
CSD001 759,271 5,854,636 -58.0 101.0 295 m
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
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 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
SI Capital Ltd Tel: +44 (0)1483 413500
Broker
Nick Emerson
Tel: +44 (0)20 7399 9425
Novum Securities Limited
Broker
Jon Belliss
Brand Communications
Public Relations Tel: +44 (0) 7976 431608
Alan Green
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, has eight licence
applications outstanding including two licence applications lodged
in eastern Victoria. (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.
https://mercatorgold.com.au/
ECR also owns 100% of an Australian subsidiary LUX Exploration
Pty Ltd ("LUX") which has three licence applications covering 900
km2 covering a relatively unexplored area in Queesnland,
Australia.
https://luxexploration.com/
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/20210622005506/en/
CONTACT:
ECR Minerals plc
SOURCE: ECR Minerals plc
Copyright Business Wire 2021
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