REG-ECR Minerals plc Drilling Continues to Extend Gold Mineralisation within the Maori Reef

ECR MineralsAnnouncement

02/03/2022 08:00

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Drilling Continues to Extend Gold Mineralisation within the Maori Reef

 

ECR MINERALS plc

(“ECR Minerals”, “ECR” or the “Company”)

Drilling Continues to Extend Gold Mineralisation within the Maori Reef

ECR Minerals plc (LON: ECR), the gold exploration and development company
focussed on gold exploration in Australia, is pleased to provide results from
hole BH3DD019, drilled into the north end of the Maori Reef within HR3 at
Bailieston, Victoria, Australia.

ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433), which
is operated under its Australian wholly owned subsidiary Mercator Gold
Australia Pty Ltd (“MGA”).

ECR Chairman David Tang commented: “I am delighted to report that our team
of geologists headed by Adam Jones are reporting some very encouraging gold
grades at hole BH3DD019. Furthermore, the epizonal mineralisation identified
through the drilling work and assay results correlates with nearby deposits at
Costerfield, Nagambie and Whroo mine and this is assisting with our
understanding of the regional gold trend as we work towards identifying a
possible ore resource.”

"As outlined below, following COVID-19 delays the assay results are now
starting to flow back to us, and I look forward to announcing further results
in the coming weeks.”

SUMMARY:


 * Assays from one drill hole (BH3DD019) now received. This isthe deepest hole
drilled under the north end of the Maori Reef and it has identified four
mineralised zones. Best intercepts include 0.5m @ 9.5 g/t Au from 99.9m, 0.8m
@ 4.96 g/t Au from 100.4m, 0.3m @ 4.59 g/t Au from 143.4m and 0.6m @ 6.15 g/t
Au from 231.5m.

 * Geological logging of visible stibnite in holes drilled into the Maori Reef
also correlates well with expectations of reportable gold.

 * Stibnite, arsenopyrite and gold mineralisation collectively identifies with an
‘epizonal’ style of mineralisation which is typical of the nearby deposits
such as Costerfield, Nagambie and Whroo.

BH3DD019

Hole BH3DD019, drilled into the Maori Reef at the northern limits of the
historical gold workings was part of a series of 4 holes (including BH3DD012,
BH3DD014, BH3DD020 and BH3DD021), designed to crosscut the HR3 goldfield to
aid interpretation and identify the main faults and folding that is associated
with gold mineralisation. Staffing issues at the laboratory due to COVID-19
outbreaks have resulted in slower than expected drilling reports and data over
the new year period, but we are pleased to report that ECR is now starting to
receive assay results from these overdue drillholes. To date BH3DD019 have
been received, 3 holes are awaited.

A visual reference to the following geological notes regarding BH3DD019 is
provided in figure 1:

https://www.ecrminerals.com/images/2022/Fig1.jpg
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2FFig1.jpg&esheet=52588339&newsitemid=20220302005483&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2FFig1.jpg&index=1&md5=894d47864aa98d4f2045a4a784ca4d08)

BH3DD019 was drilled due east at a dip of -58° from surface. Drilling ended
at a depth of 279.5m. Geological logging of bedding has revealed a broad
inclined hinge zone located around 120 metres down hole. The hinge correlates
well to the inferred anticline zone which hosts the Maori Reef, and our hinge
projections back up to the surface will become targeted in follow-up drilling.
Two zones featuring an arsenic and antimony high within laminated quartz in
faulted ground returned some of the best results including 0.5m @ 9.5 g/t Au
from 99.9m followed by 0.8m @ 4.96 g.t Au from 100.4m depth. A similar zone
was intersected on the east side of the hinge point where assays returned 0.3m
@ 4.59 g/t Au from 143.4m. This last interval also included a visible solid
stibnite vein with a drilled thickness of approximately 10cm wide.

A parasitic flexure causing two smaller hinges within the steeply east dipping
bedding at 220m hosts perpendicular massive quartz veins ‘PMQ’ with
interconnecting quartz stockworks. The PMQ veins form a fan pattern around the
first hinge zone. Unfortunately, this hinge only carries low reportable levels
of gold. Between the two parasitic hinges, a bedding laminated vein ‘BLQ’
carrying visible stibnite returned 0.6m @ 6.15 g/t Au from 231.5m downhole.
The up-dip projection of this vein is not revealed at the surface and will be
followed up with future drilling.

EPIZONAL MINERALISATION

Mineralisation formed at temperatures below 300°C often with associated
arsenic and antimony sulphides visibly presented in drill core as arsenopyrite
and stibnite is defined as ‘Epizonal’. MGA geologists are frequently
recording such sulphides below the oxide level within the Maori Reef, a
phenomenon that has also prompted the team to investigate how nearby gold
deposits are mineralised. This investigation has shown that narrow stibnite
veins with arsenopyrite have also been identified by adjacent tenement holders
at the Costerfield Mine, the historic Nagambie Mine open pits and more
recently at the historic Whroo Mine by ‘Mawson Gold’.

FUTURE PLANS

Geological interpretation of BH3DD019 is now providing an insight into the
bigger picture of mineralisation within the HR3 Goldfield. With the assay
results now flowing in more regularly, we are anticipating more targets to
follow up. Although the drilling work undertaken to date is still very much in
its infancy, the Directors note that no drilling campaign of this complexity
and detail has ever been undertaken in this area previously. The Company’s
objective is to identify the trends of gold mineralisation or ‘shoots’ and
once completed, ECR expect to be able to complete an accurate assessment in
regard to a possible ore resource.

ECR also recently reported that drilling into the Maori Anticline at the
intersection of the Hard-Up Reef was continuing. These holes have been
recently completed and assay results are awaited. Again, once completed the
Directors anticipate these results will help towards identifying the gold
trend.

The Company has also drilled two holes (BH3DD026 and BH3DD027) to investigate
the ground underneath soil ‘anomaly A’ that was reported from soil
sampling results in December 2021. Assays are also pending for these
drillholes. The soil sampling also revealed three other anomalies associated
with the central reef known as ‘Scoulers’ that are still to be followed up
with drilling once the initial Maori Reef drilling is completed.

Table 1. Summary of drill intercepts containing reportable levels of gold
greater than 0.1 g/t Au for BH3DD019 (*highlights in bold). Mineralised
‘Zones’ shown in figure 1.

BH3DD019
 From   To     Grade (g/t Au)  Interval (m)  Zone             
 5.6    6.4    0.22            0.8                            
 22.3   22.7   0.2             0.4                            
 26.3   27     0.17            0.7                            
 38.3   39.4   0.31            1.1           ZONE 1           
 39.4   39.9   0.39            0.5           ZONE 1           
 39.9   40.3   0.74            0.4           ZONE 1           
 47     48     0.12            1                              
 48     49     0.49            1                              
 49     50     0.14            1                              
 51.8   52.3   0.17            0.5                            
 52.3   52.9   0.26            0.6                            
 54     55     0.14            1                              
 55     56     0.27            1                              
 56     56.8   0.28            0.8                            
 56.8   57.5   0.15            0.7                            
 57.5   58     0.11            0.5                            
 58     58.7   0.2             0.7                            
 58.7   59.2   0.16            0.5                            
 60     61     0.11            1                              
 61     61.5   0.23            0.5                            
 61.5   62     0.23            0.5                            
 76.3   76.6   0.11            0.3                            
 90.5   90.9   0.12            0.4                            
 92.7   93.4   0.12            0.7                            
 93.4   94.3   0.2             0.9                            
 95.3   96.2   0.14            0.9                            
 96.2   96.7   0.25            0.5                            
 96.7   97.5   0.22            0.8                            
 97.5   98.4   0.76            0.9           ZONE 2           
 98.4   98.7   2.46            0.3           ZONE 2           
 98.7   99.2   3.16            0.5           ZONE 2           
 99.2   99.9   1.66            0.7           ZONE 2           
 99.9   100.4  9.5             0.5           ZONE 2           
 100.4  101.2  4.96            0.8           ZONE 2           
 101.2  101.7  0.64            0.5           ZONE 2           
 101.7  102.7  0.43            1             ZONE 2           
 102.7  103.4  0.13            0.7                            
 103.4  104.4  0.18            1                              
 105.4  106.4  0.11            1                              
 107.4  108.4  0.12            1                              
 116.2  116.7  0.32            0.5                            
 124.1  124.9  0.11            0.8                            
 131.6  132.3  0.2             0.7                            
 132.7  133.4  0.19            0.7                            
 137.1  137.8  0.11            0.7                            
 142.7  143.4  0.22            0.7           ZONE 3           
 143.4  143.7  4.59            0.3           STIBNITE VEIN    
 143.7  144.5  0.2             0.8                            
 164.1  164.4  0.19            0.3                            
 165    165.6  0.13            0.6                            
 165.6  166.2  0.76            0.6                            
 166.2  167    0.14            0.8                            
 173.4  174    0.46            0.6                            
 197.6  198.4  0.13            0.8                            
 215.8  216.4  0.15            0.6                            
 222.1  223    0.18            0.9           Hinge Stockwork  
 223    224    0.11            1             Hinge Stockwork  
 224    225    0.14            1             Hinge Stockwork  
 225    226    0.29            1             Hinge Stockwork  
 226    227    0.38            1             Hinge Stockwork  
 227    228    0.35            1             Hinge Stockwork  
 228    229    0.21            1             Hinge Stockwork  
 231.5  232.1  6.15            0.6           ZONE 4           
 232.1  232.5  0.2             0.4           ZONE 4           
 232.5  232.9  0.94            0.4           ZONE 4           
 232.9  233.4  0.12            0.5                            
 234    234.6  0.13            0.6                            
 234.6  235.5  0.15            0.9                            
 241    241.7  0.11            0.7                            


REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, a director of ECR Minerals
plc. Adam Jones is a professional geologist and is a Member of the Australian
Institute of Geoscientists (MAIG). He 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                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                        
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 info@ecrminerals.com (mailto:info@ecrminerals.com)                                                                                                                                                                                                                                     
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ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly
owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has
100% ownership of the Bailieston and Creswick gold projects in central
Victoria, Australia, has eight licence applications outstanding including two
licence applications lodged in eastern Victoria. (Tambo gold project). MGA is
currently drilling at both the Bailieston (EL5433) and Creswick (EL6148)
projects and has an experienced exploration team with significant local
knowledge in the Victoria Goldfields and wider region.

https://mercatorgold.com.au/
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ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd
(“LUX”) which has three licence applications covering 900 km2 covering a
relatively unexplored area in Queensland, Australia.

https://luxexploration.com/
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Following the sale of the Avoca, Moormbool and Timor gold projects in
Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the
subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd
(TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up
to A$2 million in payments subject to future resource estimation or production
from projects sold to Fosterville South Exploration Limited.

ECR holds a 25% interest in the Danglay gold project; an advanced exploration
project located in a prolific gold and copper mining district in the north of
the Philippines, which has a 43-101 compliant resource. ECR also holds a
royalty on the SLM gold project in La Rioja Province, Argentina and can
potentially receive up to US$2.7 million in aggregate across all licences.



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