Soil Sample Results Extend Mineralised Footprint
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
26 March 2019
Erris Resources plc
("Erris Resources" or the "Company")
Positive Soil Sample Results Extend Footprint of Abbeytown Mineralisation
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 and Finland, is pleased to provide results from soil sampling carried out at the Abbeytown Project ('Abbeytown' or 'the Project') in County Sligo, Ireland.
Highlights
· Positive results from 527 closely spaced soil samples define new targets south of the Abbeytown mine
· Three new targets identified up to 1.25km southwest of the Abbeytown mine
· Coincident zinc, silver and lead soil anomalies identified on trend south of mineralisation intersected in surface drilling giving possible strike extensions to mineralisation intersected in surface hole ERAB005
· Maximum value of 10.65ppm silver (Ag), 1,585 ppm lead (Pb) and 2,530ppm zinc (Zn) returned from one soil sample near the Ox Mountains Fault
Erris Resources CEO, Anton du Plessis, said, "The soil sampling programme has returned some excellent results and shows that anomalies exist well outside the area of previous surface drilling by the Company at Abbeytown. The new close-spaced sampling across inferred extensions of structures that control mineralisation at the mine is delivering positive results. These structures inferred from aeromagnetic EM data, which were thought to be prospective for base metal mineralisation, can now be related to soil anomalies. The anomaly identified near the Ox Mountains fault, 1.2km south of the mine, one of the most important regional structures, is notably encouraging due to the very high level of base metals in two adjacent samples in a favourable structural setting for mineralisation. If continuity of mineralisation indicated by these soil anomalies is confirmed, then we are looking at a number of new zones of mineralisation that could potentially indicate a much larger deposit at Abbeytown. We believe that Abbeytown has exciting potential with many advantages and is significantly undervalued with respect to the Company's recent share price performance. "
Further Information
The Company has received results from a soil sampling programme carried out in January and early February 2019 at its Abbeytown zinc-lead-silver-copper project in County Sligo, northwest Ireland. This work was focused on a new target area near the Ox Mountains Fault, an important regional structure related to basin development. To date, 527 soil samples have been collected along 15 lines with a sample spacing of 10m. Nine of the lines were planned to cross structures adjacent to the Ox Mountains Fault, located approximately 1.2-1.3km south of the southernmost end of the workings in the Abbeytown mine. The results were postitive and several anomalies have been identified, most of which are on trend with mineralisation intersected in surface drilling, or coincident with structures inferred from the aeromagnetic EM survey data, increasing confidence in the exploration model devised by the Company.
The strongest anomaly occurs over two lines spaced 100m apart and is coincident with an inferred northeast trending splay off the Ox Mountains Fault, 1.25km southwest of the Abbeytown mine. Values up to 10.65ppm Ag, 1,585ppm Pb and 2,530ppm Zn were returned in one sample, compared to a sample located 10m to the north of this which had values of 2.84ppm Ag, 631 ppm Pb and 738ppm Zn. On the adjacent line 100m to the east, a cluster of anomalous samples are centred around a sample which returned 1.63ppm Ag, 413 ppm Pb and 404 ppm Zn. The tenor, scale and structural setting of this anomaly make it a key target for follow up work.
Closer to the Abbeytown mine, sampling on two lines located 160m and 260m south of drill hole ERAB005, the southernmost drill hole drilled by the Company, which contained 15.63% Zn+Pb combined and 90.68 g/t Ag over 4.1m, identified two anomalies which appear to be on trend with mineralisation intersected in surface drilling. The southern line had the stronger anomaly; a sample returned 1.62ppm Ag, 597 ppm Pb and 366 ppm Zn. These results show that the mineralising system at Abbeytown is open to expansion to the south and that further work is warranted to step out from mineralisation intersected in surface drilling.
Erris Resources has carried out extensive work at Abbeytown over the past year. Re-entry into the Abbeytown mine, mapping, sampling and underground drilling has significantly improved the Company's understanding of the geology and potential of the project. Excellent results have been returned from surface and underground drilling and recent soil sampling has greatly expanded the footprint of the mineralising system to the south of the Abbeytown mine. Mineralisation is open to the south of drill hole ERAB005 with several new targets identified. Furthermore, results of the preliminary metallurgical analysis show that clean saleable concentrates with good recoveries can be produced at Abbeytown, while the material tested was relatively soft for milling and responded well to a standard flotation process. Access and ground conditions in the mine are very favourable, while future development would essentially begin in a mineralised zone within the underground mine. This could reduce the amount of pre-mining development required should a sufficient resource be identified to advance the Project.
The technical information in this announcement has been compiled on behalf of Erris by Aiden Lavelle. Aiden Lavelle (BSc (Hons), MSc, MIGI, P.Geo) is Erris' 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.
*ENDS*
For further information visit www.errisresources.com or contact:
|
Anton du Plessis /Aiden Lavelle |
Erris Resources plc |
+353 (0) 94 902 8481 |
|
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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