Further high grade mineralisation at Abbeytown
Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.
Erris Resources plc / EPIC: ERIS.L / Market: AIM / Sector: Mining
24 October 2018
Erris Resources plc
("Erris Resources" or the "Company")
Further High Grade Mineralisation Intersected at
Abbeytown Zinc-Lead-Silver-Copper Project, Ireland
Erris Resources plc, the European focused mineral exploration company with a portfolio of zinc and base metals projects in Ireland and gold projects in Sweden, is pleased to announce the final drill results from the surface diamond drilling programme at its 100% owned Abbeytown zinc-lead-silver-copper project in County Sligo, Ireland.
Highlights
· 15.63% Zn+Pb combined and 90.68 g/t Ag over 4.1m in ERAB005
· 15.57% Zn+Pb combined, 1.9% Cu and 51.50 g/t Ag over 2m from 150.0m-152.0m and 9.14% Zn+Pb combined with 92.89 g/t Ag over 4.5m from 105.0m-109.5m in ERAB007
· Copper rich intersection in ERAB010 with 5m grading 4.7% Zn+Pb combined, 1.12% Cu and 29.3 g/t Ag from 119.5m to 124.5m including 3.5m grading 6.29% Zn+Pb combined, 1.59% Cu and 39.93 g/t Ag from 121.0m to 124.5m.
· Mineralisation defined over 250m and open to the historic mine workings to the north and open to the south away from this new area of mineralisation.
· New Zn soil anomalies define parallel trends for further targeting with potential to expand the target zone.
Erris Resources COO, Aiden Lavelle, said, "Drilling at Abbeytown continues to deliver excellent results. Recent holes have extended the strike of mineralisation under investigation as part of this programme, with some very high-grade intersections of zinc, lead, silver and copper. The additional surface drill holes have further improved our understanding of the controls on mineralisation and expanded the project potential with good continuity of mineralisation demonstrated south of the old Abbeytown mine. It is now planned to test the gap between the underground mine and this recent surface drilling by focused drilling from two underground drill pads to give maximum information on continuity and grade. We look forward to keeping the market updated with our ongoing progress as we advance the project. "
Further Details
Abbeytown is a near-surface brownfields project with potentially low-cost underground development. A surface diamond drilling programme consisting of ten angled holes has been completed at the Abbeytown project. Work focused on an area between 140m and 375m south of the old mine. The programme was designed to test strike and depth extensions of the mineralisation away from the old mine with many holes intersecting strong mineralisation. Results for the first four holes (ERAB001-ERAB004) were reported previously.
The most recent holes, ERAB005-ERAB010, are step-outs on fences along the trend, north and south of the previously reported four holes, ERAB001-ERAB004. Overall, the defined strike length of mineralisation in this area south of the mine is 250m to date. ERAB005 and ERAB008 are located on a drill fence 375m south of the southernmost extent of the old workings and drilled on azimuth 280o, inclined at -60o. Holes ERAB006 and ERAB007 are located on a drill fence 180m south of the workings and drilled on azimuth 280o, inclined at -60o. ERAB009 and ERAB010 are located on a drill fence 140m south of the workings and drilled on azimuth 290o, inclined at -50o. Mineralisation remains open both to the north and to the southwest, and Erris Resources plans an underground drill programme to test the area between the drill holes reported here and the historic mine workings.
Drill plans and selected sections are available at www.errisresources.com/technical-reports .
Table 1 Highlighted intersections from ERAB005, ERAB006, ERAB007, ERAB009 & ERAB010*
|
Hole ID |
Length m |
From |
To |
Ag g/t |
Cu % |
Pb % |
Zn % |
Zn+Pb % |
|
ERAB005 |
4.1 |
171.4 |
175.5 |
90.68 |
0.18 |
11.60 |
4.03 |
15.63 |
|
including |
1.5 |
171.4 |
172.9 |
95.63 |
0.03 |
11.29 |
4.31 |
15.60 |
|
Including |
2.1 |
173.4 |
175.5 |
106.93 |
0.33 |
14.56 |
4.79 |
19.35 |
|
ERAB006 |
3 |
127 |
130 |
28.02 |
0.02 |
4.19 |
2.44 |
6.63 |
|
ERAB007 |
10 |
105 |
115 |
48.84 |
0.10 |
1.98 |
4.16 |
6.14 |
|
including |
4.5 |
105 |
109.5 |
92.89 |
0.01 |
1.7 |
7.45 |
9.14 |
|
Including |
3 |
112 |
115 |
18.91 |
0.31 |
3.8 |
1.43 |
5.22 |
|
ERAB007 |
2 |
122 |
124 |
4.03 |
1.29 |
0.37 |
1.24 |
1.61 |
|
ERAB007 |
2.5 |
130 |
132.5 |
8.00 |
0.07 |
3.44 |
0.07 |
3.52 |
|
ERAB007 |
2 |
150 |
152 |
51.5 |
1.90 |
13.57 |
2.00 |
15.57 |
|
ERAB009 |
6.00 |
92.00 |
98.00 |
19.73 |
0.00 |
0.64 |
1.62 |
2.26 |
|
including |
3.00 |
94.00 |
97.00 |
33.23 |
0.00 |
1.18 |
2.52 |
3.70 |
|
ERAB009 |
4.00 |
106.00 |
110.00 |
29.56 |
0.00 |
0.52 |
3.02 |
3.53 |
|
ERAB010 |
5.00 |
119.50 |
124.50 |
29.30 |
1.12 |
0.46 |
4.24 |
4.70 |
|
including |
3.50 |
121.00 |
124.50 |
39.93 |
1.59 |
0.64 |
5.65 |
6.29 |
*Intersections of mineralisation in ERAB008 did not meet internal reporting criteria
The grades reported are the length-weighted averages of the zinc, lead, copper and silver grades. The combined grade reported above is the sum of the zinc and lead (Zn + Pb) as shown in the last column.
Composites are generated using a length weighted average for assays >2% Zn+Pb, maximum total length of internal waste 2m, maximum consecutive length of waste 1m. The true thickness of mineralised intervals is interpreted to be approximately 50-60% of the sampled thickness for structurally controlled mineralisation.
The zonation of calcite +/- pyrite at shallow depth and base metals at depth (increasing from Zn to Pb to Cu with depth) on the same structure is consistent with the revised exploration model developed by Erris Resources at Abbeytown. The mineralisation intersected between 65m and 83m in ERAB007 is believed to correspond to a sub-parallel structure that lies to the east of the main mineralised zone further downhole. Recent tight-spaced soil sampling (10m spacing) on lines across the structural trends have successfully highlighted mineralised structures intersected in drilling. The soil sampling programme is being expanded to identify the strike extent of the known mineralised structures and to test for parallel mineralised structures. Mineralisation intersected to date is associated with north-northeast striking normal faults that show only minor displacement, typically only a few meters.
The Company previously announced results from its first hole, ERAB001, on 5 July 2018, and holes ERAB002 to ERAB004 on 16 July 2018.
Technical Background
All drill holes undergo geological logging, geotechnical logging, marking up, cutting and sampling. Collected samples are delivered to ALS Loughrea for multi-element analysis by using aqua regia leach and ICP-MS, with Ag / Cu / Pb / Zn over range assays automatically undergoing ore grade analysis by aqua regia and ICP-AES. CRMs, blanks and duplicates are inserted into the assay stream by Erris Resources staff.
The technical information in this announcement has been compiled on behalf of Erris Resources by Aiden Lavelle. Aiden Lavelle (BSc (Hons), MSc, MIGI, P.Geo) is Erris Resources' chief operating officer. Mr. Lavelle has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person in accordance with the guidance note for Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies, which outlines standards of disclosure for mineral projects. Mr. Lavelle consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
See the Company website (www.errisresources.com/technical-reports) for maps and section.
*ENDS*
For further information visit www.errisresources.com or contact:
|
Anton du Plessis /Aiden Lavelle |
Erris Resources plc |
+353 (0) 86 392 1523 |
|
David Hart/Liz Kirchner |
Allenby Capital (Nominated Adviser) |
+44 (0) 20 3328 5656 |
|
Erik Woolgar |
Shard Capital (Joint Broker) |
+44 (0) 20 7186 9952 |
|
Andy Thacker |
Turner Pope Investments (TPI) Ltd (Joint Broker) |
+44 (0) 20 3621 4120 |
|
Isabel de Salis/Gaby Jenner |
St Brides Partners (Financial PR) |
+44 (0) 20 7236 1177 |
Notes
Erris Resources plc (EPIC: ERIS.L) is an AIM quoted, European focused, discovery driven exploration company. Supported by Canadian mining majors, Osisko Gold Royalties, which has a 18.9% interest in the Company, and Centerra Gold KB Inc, a wholly owned subsidiary of TSX listed Centerra Gold Inc., the Company has an established portfolio of zinc and base metals assets in Ireland and gold projects in Sweden, which it is looking to further build on. Led by a highly qualified team with extensive corporate and sector experience, Erris Resources' strategy is to create shareholder value through commercial discovery of base or precious metal assets in proven mineral districts and in favourable European jurisdictions.
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