Drill Results - Bailieston Gold Project, Australia
ECR Minerals plc
AIM: ECR
US OTC: MTGDY
ECR MINERALS plc
(“ECR Mineralsâ€, “ECR†or the “Companyâ€)
DRILL RESULTS - BAILIESTON GOLD PROJECT, AUSTRALIA
LONDON: 24 July 2017 - The directors of ECR Minerals plc are pleased to announce the results of the recently completed reverse circulation (RC) exploration drilling programme at the Bailieston gold project in Victoria, Australia.
HIGHLIGHTS
* A total of 592 m RC drilling completed in June 2017, for a total of seven holes.
* Three targets tested, being the old Byron Shaft workings, the Scoulars trend and the Maori trend.
* Results for the Scoulars and Maori trends are consistent with the geological model, whilst drilling around the Byron Shaft did not intersect the target mineralisation. All three targets warrant continued exploration along the identified geochemical anomalies.
Craig Brown, CEO of ECR, commented:
“The drilling successfully confirmed our overall geological model for the Bailieston project, and we look forward to planning the next phase of exploration, building on these first-pass results. We are currently looking at the results in the context of ECR’s wider strategy in Victoria, where the Company now has 100% ownership of four Exploration Licences containing numerous gold prospects, and will update shareholders in due course regarding next steps.â€
RESULTS OF DRILLING
The drilling programme was designed as a low-cost verification of the geological model for the Bailieston project as a whole. Hence, the programme was limited to six shallow drill holes with one deeper hole. Although no high-grade mineralisation was intersected, this is not unexpected given the relatively small size of the programme and the fact that it was spread over three prospects.
The mineralisation at the Byron Shaft appears to be a short zone of high grade mineralisation that ends abruptly at the southern end where the two drillholes on this target were placed. Drillhole MGARC02 intersected a cavity at 141 m downhole as well as weak mineralisation at 125 m downhole. It is interpreted that the cavity intersected at 141 m was the southern extension of the old workings where a narrow extension of the Byron Shaft mineralisation was mined.
o Drillhole MGARC02: 1 m at 0.93 g/t Au from 125 m downhole
Drilling on the Scoulars trend confirmed the Company’s geological model. Drillholes MGARC04 and MGARC05 intersected broader and shallow low-grade mineralisation in a zone interpreted to be several hundred metres long. Two of the three exploratory drillholes at Scoulars intersected gold mineralisation:
o MGARC04: 9 m at 0.48 g/t Au from 15 m downhole including 1 m at 1.13 g/t
o MGARC04: 6 m at 0.57 g/t Au from 34 m downhole including 1 m at 1.25 g/t
o MGARC05: 13 m at 0.85 g/t Au from 10 m downhole including 4 m at 1.46 g/t
o MGARC05: 2 m at 3.16 g/t Au from 47 m downhole
Drilling on the Maori trend provided the highest grade results with drillhole MGARC07 intersecting 2 m at 6.21 g/t Au with lower grade mineralisation either side in a zone associated with some old workings:
o MGARC07: 4 m at 3.29 g/t Au from 39 m downhole including 2 m at 6.21 g/t
COMPETENT PERSONS STATEMENT
The information in this announcement that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Ivor W O Jones, a Competent Person who is a Fellow and Chartered Professional (Geology) of The Australasian Institute of Mining and Metallurgy. Mr Jones is Executive Director and Chief Operating Officer of ECR and a full-time employee of the Company. Mr Jones has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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’. Mr Jones consents to the inclusion in the announcement of the material based on his information in the form and context in which it appears.
ABOUT ECR
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia has acquired 100% ownership of the Avoca, Bailieston, Moormbool and Timor gold projects in Victoria, Australia.
ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015, and is available for download from ECR’s website.
ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near-term production.
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.
GLOSSARY
Au: | Â | Â | gold |
g/t: | grams per tonne | ||
m: | metre | ||
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FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc | Tel: +44 (0)20 7929 1010 |
William (Bill) Howell, Non-Executive Chairman | |
Craig Brown, Director & CEO
Ivor Jones, Director & COO |
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Email: info@ecrminerals.com |
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Website: www.ecrminerals.com |
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Cairn Financial Advisers LLP | Tel: +44 (0)20 7213 0880 |
Nominated Adviser | |
Emma Earl / Jo Turner | |
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Optiva Securities Ltd | Tel: +44 (0)203 137 1902 |
Broker | |
Graeme Dickson | |
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FlowComms | Tel: +44 (0)7891 677 441 |
Investor Relations | |
Sasha Sethi |
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such statements may be subject to numerous known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations. There can be no assurance that such statements will prove to be accurate and therefore actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. Any forward-looking statements contained herein speak only as of the date hereof (unless stated otherwise) and, except as may be required by applicable laws or regulations (including the AIM Rules for Companies), the Company disclaims any obligation to update or modify such forward-looking statements because of new information, future events or for any other reason.
Table 1 Collar and target information for the June 2017 Bailieston drilling
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Hole ID | Â | Date drilled | Â | GPS Easting | Â | GPS Northing | Â | Azimuth | Â | Dip | Â | Depth | Â | Target | |
MGARC01 | Â | 16/06/2017 | Â | 326363 | Â | 5931327 | Â | 60 | Â | 60 | Â | 75 m | Â | Byron | |
MGARC02 | Â | 17/06/2017 | Â | 326322 | Â | 5931321 | Â | 60 | Â | 60 | Â | 164 m | Â | Byron | |
MGARC03 | Â | 14/06/2017 | Â | 326355 | Â | 5931532 | Â | 62 | Â | 60 | Â | 75 m | Â | Scoulars | |
MGARC04 | Â | 21/06/2017 | Â | 326459 | Â | 5931414 | Â | 58 | Â | 60 | Â | 60 m | Â | Scoulars | |
MGARC05 | Â | 16/06/2017 | Â | 326503 | Â | 5931326 | Â | 50 | Â | 60 | Â | 60 m | Â | Scoulars | |
MGARC06 | Â | 21/06/2017 | Â | 326615 | Â | 5931371 | Â | 53 | Â | 55 | Â | 80 m | Â | Maori | |
MGARC07 | Â | 22/06/2017 | Â | 326635 | Â | 5931319 | Â | 60 | Â | 60 | Â | 78 m | Â | Maori | |
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Table 2 Intersections of mineralisation from the June 2017 Bailieston drilling
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Location | Â | Hole ID | Â | From (m) | Â | To (m) | Â | Length (m) | Â | Grade (g/t Au) | |
Byron Shaft | Â | MGARC01 | Â | No significant intersections | Â | Â | Â | Â | |||
Byron Shaft | Â | MGARC02 | Â | 141 | Â | 141.5 | Â | 0.5 | Â | Cavity | |
Byron Shaft | Â | MGARC02 | Â | 125 | Â | 126 | Â | 1 | Â | 0.93 | |
Scoulars trend | Â | MGARC03 | Â | No significant intersections | Â | Â | Â | Â | |||
Scoulars trend | Â | MGARC04 | Â | 15 | Â | 24 | Â | 9 | Â | 0.48 | |
 |  |  |  |  |  | including |  | 1 |  | 1.13 | |
Scoulars trend | MGARC04 | 34 | 40 | 6 | 0.57 | ||||||
 |  |  |  |  |  | including |  | 1 |  | 1.25 | |
Scoulars trend | MGARC05 | 10 | 23 | 13 | 0.85 | ||||||
 |  |  |  |  |  | including |  | 4 |  | 1.46 | |
Scoulars trend | Â | MGARC05 | Â | 47 | Â | 49 | Â | 2 | Â | 3.16 | |
Maori trend | Â | MGARC06 | Â | No significant intersections | Â | Â | Â | Â | |||
Maori trend | MGARC07 | 39 | 43 | 4 | 3.29 | ||||||
 |  |  |  |  |  | including |  | 2 |  | 6.21 | |
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Section 1 Sampling Techniques and Data (JORC CODE, 2012 EDITION – TABLE 1)
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Criteria | Â | Classification Code explanation | Â | Commentary | |
Sampling techniques | Â |
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Drilling techniques | Â |
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Drill sample recovery | Â |
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Logging | Â |
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Sub-sampling techniques and sample preparation | Â |
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Quality of assay data and laboratory tests | Â |
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Verification of sampling and assaying | Â |
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Location of data points | Â |
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Data spacing and distribution | Â |
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Orientation of data in relation to geological structure | Â |
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Sample security | Â |
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Audits or reviews | Â |
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Section 2 Reporting of Exploration Results (JORC CODE, 2012 EDITION – TABLE 1)
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Criteria | Â | Classification Code explanation | Â | Commentary | |
Mineral tenement and land tenure status | Â |
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Exploration done by other parties | Â |
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Geology | Â |
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Drill hole Information | Â |
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Data aggregation methods | Â |
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Relationship between mineralisation widths and intercept lengths | Â |
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Diagrams | Â |
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Balanced reporting | Â |
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Other substantive exploration data | Â |
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Further work | Â |
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