New Gold Discovery - Blue Moon Deposit, Victoria, Australia
New Gold Discovery - Blue Moon Deposit, Victoria, Australia
ECR Minerals plc
1 May 2019
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
New Gold Discovery - Blue Moon Deposit, Victoria, Australia
ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce further results from the reverse circulation (RC) drilling programme completed in February and March 2019 at the Blue Moon gold prospect in the state of Victoria, Australia.
The Blue Moon prospect is located within the Bailieston gold project (EL5433), which is 100%-owned by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
Readers are advised to review the Company’s announcement dated 28 January 2019 regarding the initiation of the Blue Moon drilling programme, which can be viewed through the following link:
https://polaris.brighterir.com/public/ecr_minerals/news/rns/story/x2q8qzx
Readers are also advised to review the Company’s announcement dated 14 March 2019 regarding the results of RC holes BBM004, BBM006 and BBM007 drilled at Blue Moon, which included high grade intervals and significant widths of anomalous gold grades. The announcement can be viewed through the following link:
https://polaris.brighterir.com/public/ecr_minerals/news/rns/story/wk5q62w
Highlights:
- Twelve reverse circulation (RC) holes completed for 1,718 metres drilled at Blue Moon, with significant intersections of gold mineralisation in nine holes (see Table 1, and further information in Table 2).
- Based on the results of this programme, together with other exploration as previously reported, Blue Moon constitutes a new gold discovery within the Bailieston project area.
-
Across the full RC drilling programme, significant intersections
included:
- 2 metres at 17.87 g/t gold within a zone of 15 metres at 3.81 g/t gold from 51 metres in BBM007;
- 3 metres at 3.88 g/t gold within a zone of 11 metres at 2.42 g/t gold from 169 metres in BBM006;
- 1 metre at 2.15 g/t gold at the top of a zone of 16 metres at 0.28 g/t gold from 85 metres in BBM004;
- 2 metres at 1.40 g/t gold within a zone of 14 metres at 0.54 g/t gold in BBM005 from 132 metres;
- 1 metre at 1.94 g/t gold from 138 metres and 5 metres at 0.46 g/t gold from 152 metres in BBM010;
- 5 metres at 1.09 g/t gold from 97 metres in BBM013.
- The RC programme was devised following the results of a diamond drilling programme completed in 2018 which intersected gold mineralisation in all three holes, together with field mapping and soil geochemical sampling undertaken subsequently.
- The RC drilling results indicate that the host sandstone is thicker and the gold grades significantly higher on the westerly section, and further exploration will therefore seek to follow the system to the west, subject to agreeing access with landowners.
- Further exploration to the west would initially comprise surface geochemical sampling, potentially followed by drill testing.
Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “I am pleased to announce the complete results of the RC drilling programme undertaken at the Blue Moon prospect and the new gold discovery we have now confirmed.
Within this follow-up programme, we have reported gold grades of up to 17.87 g/t gold over 2 metres from 57 metres and have significantly increased our knowledge of the geology at Blue Moon. This represents considerable advancement when set against the diamond drilling results reported in July 2018 from the first three holes at Blue Moon, which included a significant intersection of 39 metres at 0.3 g/t gold from 24.2 metres.
With the knowledge gained from the RC programme we believe that the gold mineralisation intensifies further west and now have a clear action plan to follow the system. We are excited by the findings and will continue our work at Blue Moon and other prospects in the Bailieston project area, with our strategic objective remaining a multi-million ounce gold discovery.”
Further Information
A map showing the location of all drill holes completed at Blue Moon by MGA may be viewed through the following link: https://www.ecrminerals.com/images/BBM_As_2019.jpg
As previously announced, gold mineralisation at Blue Moon is associated with sandstone plus dykes intruding the sandstone and adjacent to it. Sericitic alteration, silicification, sulphide development and gold mineralisation are restricted to the host sandstone with rare sulphides developed in the dykes. Quartz is generally low to absent, even in drill hole BBM007 where quartz was estimated at up to 2% and arsenopyrite at up to 1%.
MGA’s 2018 diamond drilling did not obtain fresh samples from beneath the oxide zone. The twelve reverse circulation (RC) holes completed in February and March 2019 (BBM004-15) aimed to intercept the sandstone on 50 metre spacing across three sections and to gain samples from beneath the oxide zone. Samples from the RC drilling were sent to Gekko Systems in Ballarat, Victoria for fire assay.
Table 1
Significant Intersections from February-March
2019 RC Drilling at the Blue Moon Gold Prospect
EL5433,
Victoria, Australia
NB:
Intersections reported are apparent width.
Results from
holes BBM004, BBM006 and BBM007 previously announced on 14 March 2019.
| Hole ID | Interval (m) | From (m) |
To
(m) |
Grade
(g/t gold) |
||||
| BBM004 |
16 |
85 | 101 | 0.28 | ||||
| inc. |
1 |
85 | 86 | 2.15 | ||||
| inc. |
1 |
90 | 91 | 1.02 | ||||
| BBM005 |
14 |
132 | 146 | 0.54 | ||||
| inc. |
2 |
134 | 136 | 1.40 | ||||
| BBM006 |
11 |
169 | 180 | 2.42 | ||||
| inc. |
3 |
170 | 173 | 3.88 | ||||
| inc. |
4 |
176 | 180 | 2.21 | ||||
|
4 |
199 | 203 | 1.19 | |||||
| BBM007 |
15 |
51 | 66 | 3.81 | ||||
| inc. |
11 |
55 | 66 | 5.16 | ||||
| inc. |
6 |
55 | 61 | 8.32 | ||||
| inc. |
2 |
57 | 59 | 17.87 | ||||
| BBM008 |
2 |
57 | 59 | 0.64 | ||||
| BBM009 |
1 |
98 | 99 | 0.88 | ||||
| BBM010 |
1 |
138 | 139 | 1.94 | ||||
|
5 |
152 | 157 | 0.46 | |||||
| BBM013 |
5 |
97 | 102 | 1.09 | ||||
| BBM014 |
6 |
133 | 139 | 0.72 |
COMPETENT PERSON STATEMENT
This announcement has been reviewed by Dr Rodney Boucher of Linex Pty Ltd, which provides geological services, including the services of Dr Boucher, to the Company’s wholly owned subsidiary Mercator Gold Australia Pty Ltd. Dr Boucher has a PhD in geology, is a Member and RPGeo of the Australian Institute of Geoscientists and a Member of the Australian Institute of Mining and Metallurgy, and 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:
|
||
| Website: www.ecrminerals.com | ||
| WH Ireland Ltd | Tel: +44 (0)161 832 2174 | |
| Nominated Adviser | ||
| Katy Mitchell/James Sinclair-Ford | ||
| SI Capital Ltd | Tel: +44 (0)1483 413500 | |
| Broker | ||
| Nick Emerson |
ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Limited has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, Australia and the Windidda gold project in the Yilgarn Region, Western 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.
Table 2
Complete Results and Hole Details
February-March
2019 RC Drilling at the Blue Moon Gold Prospect
EL5433,
Victoria, Australia
NB:
Intersections reported are apparent width.
Results from
holes BBM004, BBM006 and BBM007 previously announced on 14 March 2019.
Azimuth
of all holes was 179 degrees magnetic (190 degrees true).
Coordinates
are MGA zone 55.
| Hole ID | Easting | Northing | Interval (m) |
From
(m) |
To (m) |
Grade
(g/t gold) |
Hole depth (m) | Declination | ||||||||
| BBM004 | 326,158 | 5,922,563 |
16 |
85 | 101 | 0.28 | 120 | -80 | ||||||||
| inc. |
1 |
85 | 86 | 2.15 | ||||||||||||
| inc. |
1 |
90 | 91 | 1.02 | ||||||||||||
| BBM005 | 326,158 | 5,922,561 |
14 |
132 | 146 | 0.54 | 167 | -87 | ||||||||
| inc. |
2 |
134 | 136 | 1.40 | ||||||||||||
| BBM006 | 326,158 | 5,922,569 |
11 |
169 | 180 | 2.42 | 210 | -90 | ||||||||
| inc. |
3 |
170 | 173 | 3.88 | ||||||||||||
| inc. |
4 |
176 | 180 | 2.21 | ||||||||||||
|
4 |
199 | 203 | 1.19 | |||||||||||||
| BBM007 | 326,158 | 5,922,565 |
15 |
51 | 66 | 3.81 | 78 | -61 | ||||||||
| inc. |
11 |
55 | 66 | 5.16 | ||||||||||||
| inc. |
6 |
55 | 61 | 8.32 | ||||||||||||
| inc. |
2 |
57 | 59 | 17.87 | ||||||||||||
| BBM008 | 326,262 | 5,922,545 |
2 |
57 | 59 | 0.64 | 84 | -61 | ||||||||
| BBM009 | 326,262 | 5,922,547 |
1 |
98 | 99 | 0.88 | 115 | -80 | ||||||||
| BBM010 | 326,261 | 5,922,550 |
1 |
138 | 139 | 1.94 | 165 | -87 | ||||||||
|
5 |
152 | 157 | 0.46 | |||||||||||||
| BBM011 | 326,261 | 5,922,553 | No significant intersections | 211 | -90 | |||||||||||
| BBM012 | 326,212 | 5,922,553 | No significant intersections | 78 | -61 | |||||||||||
| BBM013 | 326,212 | 5,922,556 | 5 | 97 | 102 | 1.09 | 125 | -80 | ||||||||
| BBM014 | 326,212 | 5,922,558 | 6 | 133 | 139 | 0.72 | 154 | -87 | ||||||||
| BBM015 | 326,212 | 5,922,561 | No significant intersections | 211 | -90 | |||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20190430006287/en/
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