TIDMECR
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
Multiple High Grade Gold Intercepts from hole BH3DD034 at HR3,
Bailieston Victoria
ECR Minerals plc (LON: ECR), the exploration and development
company focused on gold in Australia, is pleased to announce a
progressive update from drilling at HR3, Bailieston with high gold
intercepts received for hole BH3DD034. Visible gold was previously
announced from this hole (see announcement dated 14(th) March
2022)
ECR Minerals plc has 100% ownership of the Bailieston Project
(EL5433) which contains the gold prospects known as HR3, Cherry
Tree, Blue Moon and Black Cat. The projects are operated by ECR's
Australian wholly owned subsidiary Mercator Gold Australia Pty Ltd
("MGA").
ECR CEO Andrew Haythorpe commented: "This is an outstanding
result, capably executed and delivered by Adam and the drill team.
As a geologist myself, along with the team, I am excited by the
continuity of grade and the manner in which the Maori Anticline is
further revealing itself through each assay result. There is
clearly much more to come."
ECR Chairman David Tang added: "There is a palpable sense of
excitement at ECR Minerals as the intensive drilling campaign
across our Victoria assets is now, despite the delays in assay
processing, yielding consistently high gold grades. I am delighted
for Adam and the team -- this exceptional result today and the
continuity of grade between Zone 2 and Zone 3 could well indicate a
significant find. We look forward to the remaining assay results
from the adjacent holes."
HIGHLIGHTS:
-- Drillhole BH3DD034 returned four high gold grade intercepts at drilled
depths; (0.3m@ 20.34 g/t Au from 18.2m), (0.65m @ 13.02 g/t Au from
54.2m), (0.3m @ 10.59 g/t Au from 97.9m) and (0.25m @ 45.0 g/t Au from
149.2m).
-- Visible gold recorded at 149.2m depth.
-- Mineralised zones show continuity to adjacent previously drilled
intercepts in hole BH3DD019.
The links to three figures that will be referenced in the
following comments can be found here;
Fig 1:
https://www.ecrminerals.com/images/2022/fig1_BH3DD034_section_220606.png
Fig 2:
https://www.ecrminerals.com/images/2022/fig2_BH3DD034_Plan_220606.png
Fig 3:
https://www.ecrminerals.com/images/2022/fig3_BH3DD034_Best_Intercepts.png
BH3DD034
Hole BH3DD034 was one of four holes completed as follow-up
drilling to previously announced hole BH3DD019 (see announcement
dated 2(nd) March 2022), where four mineralised 'zones' were
identified down-hole. The location of this drilling is shown at the
top of the plan in fig 2 (linked above). To date, drilling and
geological logging has been completed with assay results pending
for complimentary adjacent drillholes BH3DD032, BH3DD033 and
BH3DD035.
Hole BH3DD034 was drilled between the 4(th) and 11(th) of April
2022, and finished at a total drilled depth of 167.5m. Drilling was
completed over six working days averaging 28m per day, which
includes mobilisation and setup time. Progress was initially
hampered by water loss and broken ground within the first 100m of
drilling.
Visible gold was reported at a depth of 149.2m, hosted within a
narrow bedded laminated quartz vein. Gold specks up to a particle
size of 2mm are present. This vein resulted in an intercept of
0.25m @ 45.0 g/t Au. The immediate wall rock either side of this
vein is supported by low, sub-gram gold grades representing a
mineralised drilled interval of 6.7m @ 2.13 g/t Au from 146.3m.
Three other mineralised zones have been identified further up-hole
including 0.3m @ 20.34 g/t Au from 18.2m, 0.65m @ 13.02 g/t Au from
54.2m and 0.3m @ 10.59 g/t Au from 97.9m. Each mineralised zone is
approximately spaced throughout the drilled hole depth (see fig
1).
Arsenopyrite (sulphide) crystals in the shape of small lathes
and needles were seen within the high-grade interval at 97.9m.
Sulphides crystallised in this manner are known to be associated
with good gold values, such as those at nearby deposits located at
Nagambie and the Fosterville Fault zone.
ECR Geologists have linked some of the four mineralised zones in
BH3DD034 to similar zones in hole BH3DD019. Intercepts in hole
BH3DD019 are within 50m to the south of intercepts in BH3DD034.
Details of the link between mineralised zones can be seen in fig 1.
In particular, we have noted the continuity of grade between Zone 2
in BH3DD019 and Zone 3 in BH3DD034. Due to the broken nature of
these intercepts, a clear understanding of the dip of
mineralisation is not well understood at this stage. The laminated
texture of the quartz and the relationship of the angle of quartz
intercepts to bedding planes infers that the mineralised zone is
likely to be bedding parallel in nature. The veins reside in the
hanging-wall of a narrow fault where bedding dip angles change
dramatically. This fault contains low gold mineralisation.
Table 1. Summary of drill intercepts containing reportable
levels of gold greater than 0.1 g/t Au for BH3DD034 (*highlights in
bold).
BH3DD034
From (m) To (m) Grade (g/t Au) Interval (m) Comment
3 3.5 0.39 0.5
11 11.3 0.26 0.3
18.2 18.5 20.34 0.3 Zone 1
18.5 19.5 0.21 1 Zone 1
20.5 21.5 0.18 1 Zone 1
25.5 26 0.17 0.5 Zone 1
26.5 27.5 3.46 1 Zone 1
33 34 0.79 1
34 35 0.39 1
35 36 0.35 1
36 36.6 0.50 0.6
36.6 37 0.31 0.4
37 37.3 0.46 0.3
37.3 38.1 0.57 0.8
38.1 39 0.21 0.9
39 39.5 1.66 0.5
39.5 40 0.53 0.5
46.1 46.6 0.28 0.5
46.6 47.2 0.30 0.6
50.7 51.3 0.14 0.6 Zone 2
51.6 52 0.17 0.4 Zone 2
52 53 0.15 1 Zone 2
53 53.5 0.30 0.5 Zone 2
53.5 54.2 0.24 0.7 Zone 2
54.2 54.85 13.02 0.65 Zone 2
56.5 57 0.19 0.5
58.2 58.7 0.18 0.5
71.6 72.25 0.98 0.65
72.8 73.4 0.16 0.6
80.2 81 0.22 0.8
81 81.6 0.41 0.6
97.2 97.5 0.50 0.3 Zone 3
97.5 97.9 0.60 0.4 Zone 3
97.9 98.2 10.59 0.3 Zone 3 (Arsenopyrite Needles)
98.2 98.75 0.26 0.55 Zone 3
99.4 100 0.13 0.6 Zone 3
105.5 106 0.34 0.5
146.3 146.6 0.62 0.3 Zone 4
146.6 147 0.46 0.4 Zone 4
147 147.8 0.17 0.8 Zone 4
147.8 148.2 0.58 0.4 Zone 4
148.2 148.6 1.92 0.4 Zone 4
148.6 149.2 0.49 0.6 Zone 4
149.2 149.45 45.0 0.25 Zone 4 (Visible Gold)
149.45 150 0.43 0.55 Zone 4
150 150.5 0.83 0.5 Zone 4
150.5 151 0.36 0.5 Zone 4
151 152 0.25 1 Zone 4
152 153 0.14 1 Zone 4
LOOKING FORWARD STATEMENTS
With the results of BH3DD034 now received, the board eagerly
awaits the results of adjacent holes BH3DD032, BH3DD033 and
BH3DD035. Despite the narrow nature of the reported mineralised
zones, there is high optimism for continuity of mineralisation as
seen currently by the correlating intercepts between hole BH3DD019
and BH3DD034.
It is becoming clear the fold hinge (termed the 'Maori
Anticline') hosts multiple narrow faults and bedded veins that host
gold-antimony arsenic (stibnite) mineralisation. Heading south from
BH3DD034 toward the intersection of the Maori Reef with the Hard-Up
Reef, drilling is now complete for hole BH3DD038. Logging is nearly
complete, with samples already in waiting for completion of assays
at the laboratory. Similar mineralised zones as seen in BH3DD034
have been identified in the latest drilling and the Company is
looking forward to publishing these results in due course. The
mineralised system is open immediately to the north of BH3DD034 and
it is with this understanding that a complimentary drillhole will
be undertaken within this vicinity.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Technical
Director of Exploration at 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
Andrew Haythorpe, CEO
Email:
info@ecrminerals.com
Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0) 207 220 1666
Nominated Adviser
Katy Mitchell / Andrew de Andrade
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited Tel: +44 (0) 20 7399 9425
Broker
Jon Belliss
BlytheRay Tel: +44 (0) 207 138 3204
Public Relations
Tim Blythe
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 (EL5433) and Creswick (EL6148)
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 Queensland,
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), Mercator Gold
Australia Pty Limited has the right to receive up to A$2 million in
payments subject to future resource estimation or production from
projects sold to Fosterville South Exploration Limited.
ECR holds a 70% 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, which has a 43-101
compliant resource. ECR also holds a royalty on the SLM gold
project in La Rioja Province, Argentina and can potentially receive
up to US$2.7 million in aggregate across all licences.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20220607006202/en/
CONTACT:
ECR Minerals plc
SOURCE: ECR Minerals plc
Copyright Business Wire 2022
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