REG-ECR Minerals plc Drilling Identifies Further High Gold Grades at the Upper-Maori Anticline, Bailieston, Victoria
04/05/2022 07:15
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Drilling Identifies Further High Gold Grades at the Upper-Maori Anticline,
Bailieston, Victoria
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
Drilling Identifies Further High Gold Grades at the Upper-Maori Anticline,
Bailieston Victoria
ECR Minerals plc (LON: ECR), the gold exploration and development company
focussed on gold exploration in Australia, is pleased to provide another
update from drilling at HR3 with further high gold grades identified at the
upper part of the Maori Anticline in hole BH3DD022.
ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433) which
contains the gold prospects known as HR3, Cherry Tree, Blue Moon and Black
Cat. The projects are operated by ECR’s Australian wholly owned subsidiary
Mercator Gold Australia Pty Ltd (“MGA”).
ECR Chairman David Tang commented: “Hot on the heels of our best HR3 gold
grade yet, Adam Jones and the team have reported another high-grade gold find
from the Maori Reef at hole BH3DD022. As the backlog of assay results continue
to arrive, our Maori Anticline target model continues to evolve.”
“I know our new CEO Andrew Haythorpe is monitoring developments very
closely, and we are very much looking forward to his input as he takes the
helm.”
ECR CEO Andrew Haythorpe added: “I am delighted to see that the drilling
campaign initiated by my predecessor Craig Brown and capably managed by Adam
Jones is bearing fruit. We are seeing a detailed model of the Maori Anticline
and surrounding reefs emerging, and once we have the remaining assay results
in, the next steps in developing our asset can be set in motion.”
HIGHLIGHTS:
* Drillhole BH3DD022 has returned a result of 0.5m @ 12.74 g/t Au.
* The Maori Reef is open for potential mineralisation further to the south-east
of BH3DD022.
Links to two figures referencing hole BH3DD022 are below;
https://www.ecrminerals.com/images/2022/Fig1_BH3DD022_Section.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2FFig1_BH3DD022_Section.png&esheet=52707226&newsitemid=20220503006357&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2FFig1_BH3DD022_Section.png&index=1&md5=9b5ce1bb612ec8b33955a64aff9a291b)
https://www.ecrminerals.com/images/2022/Fig2_BH3DD022_Location_Plan.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2FFig2_BH3DD022_Location_Plan.png&esheet=52707226&newsitemid=20220503006357&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2FFig2_BH3DD022_Location_Plan.png&index=2&md5=a7785660e04749de22b5a324cc61dc6f)
BH3DD022
Hole BH3DD022 was drilled into the upper part of the Maori Anticline at the
point where our geologists had hypothesised the intersection of the Maori Reef
and Hard-Up Reef. The Maori Reef was successfully intercepted at the shallow
drilled depth of 49.5m, which included 0.5m @ 12.74 g/t Au. This intercept is
supported by lower grades either side, making a total foot-wall to
hanging-wall intersection of 3.5m @2.93 g/t Au. Although the intercepts are
regarded as narrow, there is continuity of grades between previously reported
holes BH3DD009, 010 and 011 (see RNS dated 26/11/2021 here
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fpolaris.brighterir.com%2Fpublic%2Fecr_minerals_plc%2Fnews%2Frns%2Fstory%2Fxo76q3r&esheet=52707226&newsitemid=20220503006357&lan=en-US&anchor=here&index=3&md5=84379e9919e139ed6ed883b1bd24c942)
and 22/12/2021 here
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fpolaris.brighterir.com%2Fpublic%2Fecr_minerals_plc%2Fnews%2Frns%2Fstory%2Fwkn801w&esheet=52707226&newsitemid=20220503006357&lan=en-US&anchor=here&index=4&md5=e1b3f14eaf41808ddf1ce4dd76160889)
). The Maori Reef system remains open and untested to the south east of
BH3DD022 (see fig2).
Table 1. Summary of drill intercepts containing reportable levels of gold
greater than 0.1 g/t Au for BH3DD022 (*highlights in bold).
BH3DD022
From To Grade (g/t Au) Interval (m) Comment
21.5 22.5 0.48 1.00
31.1 31.8 0.21 0.70
36.15 36.35 0.99 0.20
36.35 37.35 0.14 1.00
40.9 41.1 0.13 0.20
44.5 45.5 0.40 1.00
47.5 47.8 0.48 0.30 Foot-wall Zone
47.8 48.5 0.15 0.70 Foot-wall Zone
48.5 49.5 0.49 1.00 Foot-wall Zone
49.5 50 12.74 0.50 Maori Reef
50 51 0.80 1.00 Hanging-wall Zone
51.6 52 0.90 0.40
52.8 53.4 0.42 0.60
53.4 53.7 0.18 0.30
53.7 54.15 0.46 0.45
54.15 55.15 0.28 1.00
55.15 56.15 0.13 1.00
60 60.5 0.28 0.50
67.3 67.7 0.25 0.40
67.7 68.5 0.37 0.80
71 71.5 0.11 0.50
72 72.4 0.16 0.40
72.4 72.7 0.11 0.30
72.7 73.5 0.33 0.80
78.8 79.15 0.19 0.35
79.15 80.1 0.51 0.95
81 81.65 0.11 0.65
88.75 89.75 0.11 1.00
90.8 91.9 0.14 1.10
91.9 92.3 0.65 0.40
CURRENT DRILLING PROGRESS
Drilling has now been completed into selected zones of both the upper and
north end of the known Maori Reef. Geological logging is helping us to model
the Maori Anticline and understand how the main Reef systems consist of narrow
stibnite-sulphide veining propagating up through the fold. Recently drilled
hole BH3DD034 suggests gold mineralisation is still open along strike to the
north, while high grade gold mineralisation and highest grade Gold intercept
yet confirmed at hole BH3DD027 (under Hard-Up Reef), along with the result
from hole BH3DD022 toward the southern end of the Maori Reef today provide
evidence of mineralisation to the south. Further assay results will assist in
follow-up drilling as needed.
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
Andrew Haythorpe, CEO
Email:
info@ecrminerals.com (mailto:info@ecrminerals.com)
Website: www.ecrminerals.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ecrminerals.com%2F&esheet=52707226&newsitemid=20220503006357&lan=en-US&anchor=www.ecrminerals.com&index=5&md5=6131ac43c948a3ba4d9bb2b3a5ebcaf9)
WH Ireland Ltd Tel: +44 (0) 207 220 1666
Nominated Adviser
Katy Mitchell / Andrew de Andrade
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited Tel: +44 (0) 20 7399 9425
Broker
Jon Belliss
BlytheRay Tel: +44 (0) 207 138 3204
Public Relations
Tim Blythe
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/
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fmercatorgold.com.au%2F&esheet=52707226&newsitemid=20220503006357&lan=en-US&anchor=https%3A%2F%2Fmercatorgold.com.au%2F&index=6&md5=5456d02a2fd6d62d17d18dc48a2f392e)
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/
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fluxexploration.com%2F&esheet=52707226&newsitemid=20220503006357&lan=en-US&anchor=https%3A%2F%2Fluxexploration.com%2F&index=7&md5=7069d154f5a589561f2e2de05dc31b3a)
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 70% 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.
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/
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fmercatorgold.com.au%2F&esheet=52707226&newsitemid=20220503006357&lan=en-US&anchor=https%3A%2F%2Fmercatorgold.com.au%2F&index=8&md5=359ddbfcc23e98e58bd13153bcdace0a)
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/
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fluxexploration.com%2F&esheet=52707226&newsitemid=20220503006357&lan=en-US&anchor=https%3A%2F%2Fluxexploration.com%2F&index=9&md5=02197751413d4d918254d0aab7b1b4d6)
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 70% 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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