Further Positive Results from Channel Sampling at Itogon Gold Project, Philippines
Further Positive Results from Channel Sampling at Itogon Gold Project, Philippines
ECR Minerals plc
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
AIM: ECR
US OTC: MTGDY
FURTHER POSITIVE RESULTS FROM CHANNEL SAMPLING AT ITOGON GOLD PROJECT, PHILIPPINES
LONDON: 1 SEPTEMBER 2014 - ECR Minerals plc is pleased to announce further positive assay results from surface and underground channel sampling at the Itogon epithermal gold project in the Philippines.
HIGHLIGHTS
* Assay results from third phase of channel sampling by ECR at Itogon project include, at surface, 18m averaging 2.78g/t gold and 34m averaging 0.71g/t gold
* Results continue to demonstrate gold mineralisation at surface outside the zones tested by previous drilling; please see accompanying maps
* Promising results from channel sampling in underground workings; 44m averaging 0.30g/t gold in one adit and grades of up to 7.38g/t over 1m in another
* Drilling expected to recommence at Itogon project during Q4 2014
Stephen Clayson, Chief Executive Officer of ECR, commented:
“We are pleased to be reporting another round of positive channel sampling results from Itogon. Channel sampling continues at the project, and is focused on obtaining further information as to the extension of mineralisation at surface to the south, south-east, south-west and east in the central to southern sections of the main prospect area, outside the extent of previous drilling by ECR and historical drilling, and on helping to refine ECR’s overall geological interpretation of the main prospect area.
The data being generated by the current work is very valuable and is being used to inform detailed planning of the next phase of drilling. We anticipate that drilling will recommence at Itogon during Q4 2014, once a suitable drill rig becomes available from our contractors.”
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Table 1: Phase 3 Channel Sampling Itogon Gold Project, Philippines Channel Lengths and Average Grades |
||||||||||||||
| Mapping Point |
From
m |
To
m |
Length
m |
Average Grade
g/t Au |
||||||||||
| Surface channel samples | ||||||||||||||
| MP-37 | 0 | 16 | 16 | 0.32 | ||||||||||
| MP-38 | 0 | 0.5 | 0.5 | 9.86 | ||||||||||
| MP-39 | 0 | 0.5 | 0.5 | 3.29 | ||||||||||
| MP-40 | 0 | 0.5 | 0.5 | 7.26 | ||||||||||
| MP-41 | 0 | 18 | 18 | 2.78 | ||||||||||
| inc. | 0 | 2 | 2 | 2.69 | ||||||||||
| inc. | 8 | 10 | 2 | 9.08 | ||||||||||
| inc. | 10 | 12 | 2 | 1.85 | ||||||||||
| inc. | 12 | 14 | 2 | 6.52 | ||||||||||
| inc. | 16 | 18 | 2 | 2.43 | ||||||||||
| MP-42 | 0 | 10 | 10 | 0.54 | ||||||||||
| MP-43 | 0 | 6 | 6 | 0.47 | ||||||||||
| MP-44 | 0 | 8 | 8 | 0.71 | ||||||||||
| inc. | 4 | 6 | 2 | 1.44 | ||||||||||
| MP-45 | 0 | 6 | 6 | 0.96 | ||||||||||
| inc. | 0 | 2 | 2 | 1.30 | ||||||||||
| inc. | 2 | 4 | 2 | 1.27 | ||||||||||
| MP-46 | 0 | 34 | 34 | 0.71 | ||||||||||
| inc. | 12 | 14 | 2 | 2.26 | ||||||||||
| inc. | 26 | 28 | 2 | 1.41 | ||||||||||
| MP-47 | 0 | 4 | 4 | 2.03 | ||||||||||
| inc. | 0 | 2 | 2 | 3.50 | ||||||||||
| MP-48 | 0 | 3.5 | 3.5 | 1.84 | ||||||||||
| inc. | 0 | 1.75 | 1.75 | 1.40 | ||||||||||
| inc. | 1.75 | 3.5 | 1.75 | 2.28 | ||||||||||
| MP-49 | 0 | 1 | 1 | 0.32 | ||||||||||
| Underground channel samples | ||||||||||||||
| Julio’s Adit (12 separate 1m channels) | ||||||||||||||
| 0 | 1 | 1 | 2.48 | |||||||||||
| 0 | 1 | 1 | 0.49 | |||||||||||
| 0 | 1 | 1 | 0.19 | |||||||||||
| 0 | 1 | 1 | 7.38 | |||||||||||
| 0 | 1 | 1 | 6.34 | |||||||||||
| 0 | 1 | 1 | 0.63 | |||||||||||
| 0 | 1 | 1 | 0.42 | |||||||||||
| 0 | 1 | 1 | 1.18 | |||||||||||
| 0 | 1 | 1 | 0.57 | |||||||||||
| 0 | 1 | 1 | 0.08 | |||||||||||
| 0 | 1 | 1 | 2.73 | |||||||||||
| 0 | 1 | 1 | 0.01 | |||||||||||
| Benguet Exploration’s Adit | ||||||||||||||
| 0 | 44 | 44 | 0.30 | |||||||||||
| inc. | 16 | 18 | 2 | 1.23 | ||||||||||
| 0 | 12 | 12 | 0.34 | |||||||||||
A set of maps relating to the sampling results disclosed in this news
release may be viewed at:
http://www.ecrminerals.com/Itogon-channel-sampling-phases-1to3
The maps are for illustration only and should not be relied upon for technical purposes.
Geological mapping highlighted altered, mineralised and/or intensely oxidised occurrences for channel sampling, in some cases following trenching.
Where channels comprised multiple samples, Table 1 discloses the weighted average gold grade for the length of each channel and the grades of any individual samples which exceeded 1 g/t gold. No top or lower cut-off has been applied in calculating weighted averages.
A total of 97 samples were assayed (excluding QA/QC samples), each representing a channel length of between 0.5m and 2m, and representing an aggregate surface channel length of 108m and an aggregate underground channel length of 68m. Channel lengths given in this news release do not necessarily equate to true widths of mineralisation.
Assay values have been expressed in this news release as g/t (grams per tonne) gold but are received from the laboratory expressed as ppm (parts per million) gold. For the purposes hereof ppm gold and g/t can be considered equivalent.
QA/QC
Sampling was carried out under geological supervision. A secure chain of custody was maintained in the transport and storage of all samples, which were shipped to and analysed by Intertek Testing Services Philippines, Inc. (“Intertek”), an internationally accredited independent analytical laboratory in Metro Manila. Upon arrival at Intertek samples were sorted, dried, crushed, split, and a fraction was pulverised. The method of analysis for gold was fire assay (50g charge) with AAS finish.
QA/QC measures including the use of blanks and standards were implemented by ECR and separately by Intertek in relation to the analysis of the samples. The assay data reported is considered acceptable in the context of these measures.
Review by Competent Person
The contents of this announcement have been reviewed by Andrew Tunningley MAusIMM (CP), a geologist with the consultancy Exploration Alliance, which has been engaged by ECR in connection with the Itogon project.
About the Itogon Project
Exploration by ECR to date, including reverse circulation (RC) drilling completed in April 2014, indicates that gold mineralisation in the main prospect area at the Itogon project is hosted by north-north-west trending, south-west dipping to subvertical epithermal veins, with a subordinate set of generally north-east trending veins.
Channel sampling and drilling has confirmed mineralisation over a vertical extent of 250m, open along strike and down dip. ECR’s April 2014 drilling tested a strike length of 400m, and continuation of the strike approximately 200m SE is indicated by exposures observed along creeks and gullies. These exposures are the subject of geological mapping and channel sampling with the objective of confirming this continuation.
The epithermal veins are composed of grey and white, saccharoidal and vuggy quartz with associated clay, calcite, pyrite, galena, sphalerite, chalcopyrite, and vein breccia, hosted by moderately to strongly oxidised and argillised medium grained diorite. Individual veins rarely exceed 1m wide and tend to occur as approximately 0.2m wide, closely spaced, sheeted veins within the altered zones. Establishing the continuity of the vein zones between intercepts at surface, in underground workings and by drilling is an important objective of further exploration.
The highest gold grades are typically associated with multiple narrow, 1-2m wide occurrences of sheeted quartz veins and quartz vein breccia, with a mineralised selvedge grading approximately 0.30 g/t gold or higher associated with these structures.
ABOUT ECR
ECR is a mineral exploration and development company with, among other interests, the right to earn a 50% interest in the Itogon gold project in the Philippines. Itogon is an advanced exploration project located in a gold and copper mining district on the island of Luzon in the north of the Philippines.
ECR has a 100% interest in the Sierra de las Minas gold project in La Rioja Province, Argentina, the exploration strategy for which is to delineate multiple high grade, low tonnage deposits suitable for advancement to production on a relatively low capital, near term basis.
ECR holds a substantial minority stake in THEMAC Resources Group Ltd (TSX-V: MAC), which is focused on the development of the Copper Flat copper-molybdenum-gold-silver porphyry project in New Mexico, USA.
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FOR FURTHER INFORMATION PLEASE CONTACT: |
| ECR Minerals plc Tel: +44 (0)20 7929 1010 |
| Paul Johnson, Non-Executive Chairman |
| Stephen Clayson, Director & Chief Executive Officer |
|
Email: info@ecrminerals.com |
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Website: www.ecrminerals.com |
| Daniel Stewart & Company plc Tel: +44 (0)20 7776 6550 |
| Emma Earl/Harrison Clarke (Nominated Adviser) |
| Colin Rowbury (Broker) |
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such statements may be subject to a number of 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 as a result of new information, future events or for any other reason.
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GLOSSARY |
|||
| AAS: | atomic absorption spectroscopy | ||
| adit: | an opening driven horizontally into the side of a mountain or hill for providing access to a mineral deposit | ||
| alteration: | the chemical response of rocks to hydrothermal solutions causing mineralogical change | ||
| argillic alteration: | clay rich assemblages dominated by low temperature clays such as kaolinite, smectite, and interlayered illite-smectite; these are formed by low temperature (<230°C), acid to neutral, low salinity hydrothermal fluids | ||
| assay: | a test performed on a sample of ores or minerals to determine the amount of valuable metals contained | ||
| Au: | gold | ||
| breccia: | coarse (usually >2 mm) fragmental rock, consisting of generally angular clasts of one or more lithologies; a complexly veined rock can have a brecciated appearance (if veins are multi-generational and/or branching), but it is important to differentiate between the two; veins are generally linear or sinuous, whereas a breccia matrix is highly irregular | ||
| channel sampling: | a sample composed of pieces of rock that have been cut out of a small trench or channel | ||
| chlorite: | a group of platy, monoclinic, usually greenish minerals; associated with and resembling the micas; widely distributed as alteration products of ferromagnesian minerals | ||
| epidote: | a green monoclinic mineral | ||
| drussy: | pertaining to an insoluble residue or encrustation of quartz crystal | ||
| epithermal: | mineralisation produced by near surface hydrothermal fluids related to igneous activity; originally defined as having formed in the range 50-300°C | ||
| fault: | a break in the Earth’s crust caused by tectonic forces which have moved the rock on one side with respect to the other | ||
| footwall: | the rock on the underside of a vein or ore structure | ||
| g: | grams | ||
| galena: | a grey metallic mineral; has a perfect cubic cleavage; soft and very heavy; principal ore of lead | ||
| g/t: | grams per tonne | ||
| hanging wall: | the rock on the upper side of a vein or ore deposit | ||
| hematite: | a common iron mineral; occurs in rhombohedral crystals, in reniform masses or fibrous aggregate; deep red earthy forms; an alteration product in hydrothermal systems | ||
| illite: | a general name for a group of mica like clay minerals that are widely distributed in argillic altered rocks | ||
| kg: | kilogram | ||
| km: | kilometre | ||
| m: | metre | ||
| massive: | said of rocks of any origin that are more or less homogenous in texture or fabric; also said of a mineral deposit especially of sulphides, characterized by great concentration of ore in one place as opposed to a disseminated or vein type deposit | ||
| MDL: | method detection limit | ||
| outcrop: | an exposure of rock or mineral deposit that can be seen on surface, that is, not covered by soil or water | ||
| oxidation: | a chemical reaction caused by exposure to oxygen which results in a change in the chemical composition of a mineral | ||
| portal: | the entry to an underground or sub surface access such as an adit, decline or tunnel | ||
| ppm: | parts per million | ||
| propylitic alteration: | chlorite-epidote-calcite alteration assemblage | ||
| RL: | reduced level; calculated elevation in relation to a particular datum | ||
| saccharoidal: | granular aggregates of equant crystals having the appearance of sugar in hand specimen | ||
| selvedge: | the area of the point of contact between a vein and the surrounding rock | ||
| silicification: | a hydrothermal alteration assemblage dominated by silica | ||
| smectite: | mineral commonly found in argillic altered rocks | ||
| sphalerite: | a yellow, brown, or black, isometric mineral with a perfect dodecahedral cleavage and a resinous to adamantine lustre; widely distributed ore of zinc; commonly associated with galena in epithermal veins | ||
| stringer: | a narrow vein or irregular filament of a mineral or minerals traversing a rock mass usually of limited strike and dip compared to a vein | ||
| trenching: | cutting of a narrow, shallow ditch across a mineral showing or deposit to obtain channel or other samples or to observe geology | ||
| t: | tonne | ||
| vein: | material which was chemically deposited by fluids within a rock fracture; veins exhibit a range of textures and minerals, depending primarily on the temperature, depth, and composition of the fluid and host rock; may also contain a small amount (<10%) of entrained host rock and/or vein clasts | ||
| vein breccia: | rock consisting predominantly of vein fragments (<10% host rock clasts) in a chemically deposited matrix; clasts are generally sub angular, and supported in a matrix of generally similar vein minerals (such as quartz, chalcedony), which may be banded and enclose open cavities | ||
| vug: | open cavity within a rock, usually in a vein or breccia cement, which is lined by euhedral prismatic crystals that project into the cavity | ||
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