REG-ECR Minerals plc Drilling Progress Report for the Blue Moon Prospect at Bailieston, Victoria
23/01/2023 08:00
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Drilling Progress Report for the Blue Moon Prospect at Bailieston, Victoria
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
Drilling Progress Report for the Blue Moon Prospect at Bailieston, Victoria
ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce an update on the drilling
progress at the Blue Moon Prospect, Victoria. This announcement contains the
results for holes BBMDD005 to BBMDD008, which has tested the western extension
to Blue Moon, identified in a previous drilling campaign completed in 2019
(see RNS dated 1(st) May 2019 here
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fpolaris.brighterir.com%2Fpublic%2Fecr_minerals_plc%2Fnews%2Frns%2Fstory%2Fxl5km9w&esheet=53288771&newsitemid=20230122005043&lan=en-US&anchor=here&index=1&md5=33c8ef53200e557c3727cb316e71197e)
).
Drilling of associated holes BBMDD010 and BBMDD011 is currently underway in
the same area (focusing on ECR’s best RC drilling intercept to date was
completed in the 2019 campaign), and while drilling has been completed for
associated drill hole BBMDD009, the sampling work is currently still underway.
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 wholly owned Australian subsidiary
Mercator Gold Australia Pty Ltd (“MGA”).
ECR CEO Andrew Haythorpe commented: “Despite some logistical problems faced
by the drill team in completing the three remaining diamond drill holes
(BBMDD009 to BBMDD011), I am pleased that results from the holes for the west
strike extension are now in. While we intercepted the dyke rock and proved up
mineralisation, which is encouraging, the Board are particularly keen to see
the results and grades from holes BBMDD010 and BBMDD011, when drilling is
completed. This drilling follows up the Company’s best RC drill intercept at
Blue Moon to date. The results from this additional drilling should provide us
with a complete in-detail overview for Blue Moon and complete the campaign
there for this season.
The results from this final stage of drilling are expected to be received
within the next few months and we look forward to updating shareholders at
that time. In terms of next steps, our efforts will now be redirected to
developing our assets on the ground at Creswick, Lolworth and Hurricane, along
with an initial field visit to our Tambo license.”
HIGHLIGHTS
* Results from the remaining four diamond drillholes designed to test for
continuity of mineralisation to the west of previous drilling now received.
* Best results include 0.5m @ 4.09 g/t Au from 155.2m and 0.25m @ 3.57 g/t Au
from 161.3m (BBMDD006) and 0.5m @ 3.78 g/t Au from 210.8m and 0.3m @ 4.17 g/t
Au from 215.3m in (BBMDD008).
Figure 1. Overview of diamond drilling completed to date, Blue Moon.
https://www.ecrminerals.com/images/2023/Fig1_230119_BBM.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2023%2FFig1_230119_BBM.png&esheet=53288771&newsitemid=20230122005043&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2023%2FFig1_230119_BBM.png&index=2&md5=8534843585675be63572968aa72b8e02)
OPERATIONAL UPDATE
The Board announced its intention to test the westerly extent of the Blue Moon
body following the successful drill intercepts from 2019’s RC Drilling
program. A total of 1000m of diamond drilling was initially planned over 4
holes, and was subsequently expanded to 7 holes (see RNS dated 14(th)
September 2022 here
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fpolaris.brighterir.com%2Fpublic%2Fecr_minerals_plc%2Fnews%2Frns%2Fstory%2Fxegzoyw&esheet=53288771&newsitemid=20230122005043&lan=en-US&anchor=here&index=3&md5=8502f18064b62704fddebb0b4dbc55dc)
). Drilling was completed for holes BBMDD005 to BBMDD009 prior to Christmas,
with results now received for holes BBMDD005 to BBMDD008. An overview of drill
intercepts from the campaign is shown in Figure 1 above.
Drilling throughout December 2022 took longer than anticipated with some
maintenance required to the Company’s drill rig ‘Midas’, sustained wet
weather and a pause in operations over the Christmas period (December 22(nd)
to 9(th) January 2023). Drilling of holes BBMDD006 and BBMDD007 struck broken
(faulted) ground that also slowed the daily drill metres. Despite this, the
team intercepted the Blue Moon dyke rock in all 4 drill holes. Gold
mineralisation can be demonstrated to extend further to the west however given
the low grades from these holes the Board have taken the view that a final
decision regarding further drilling and exploration at Blue Moon will be made
on receipt of the final results for holes BBMDD009, BBMDD010 and BBMDD011.
NEXT STEPS TO COMPLETE BLUE MOON CAMPAIGN FOR THIS SEASON
An additional campaign of three drill holes is now underway in the Blue Moon
area. This includes drilling of holes BBMDD010 and BBMDD011 which is focused
on the same area where ECR’s best RC drilling intercept to date was
completed in 2019, and the Board expects that these results will determine the
extent of the strike and width in this part of the Blue Moon prospect. The
reason these holes were not completed first was largely due to logistics: the
drill campaign took place on active farmland that requires timely drilling and
Victoria has experienced one of the wettest winters on record which hampered
initial drilling efforts during September and November. Associated hole
BBMDD009 has also now been drilled underneath this zone, with sampling
currently being completed and further updates will be provided in due course
as appropriate.
Table 1. Drill intercepts containing reportable levels of gold > 0.11 g/t
Au, holes BBMDD005-BBMDD008. Best grade intercepts highlighted in bold.
Hole ID From To Length Sample No Au g/t *Gram x mts
BBMDD005 118.5 119.3 0.8 HX4086 0.21 0.17
BBMDD005 122.8 123.8 1 HX4091 0.19 0.19
BBMDD006 142.9 143.9 1 HX4124 0.12 0.12
BBMDD006 144.85 145.6 0.75 HX4126 0.22 0.17
BBMDD006 145.6 146.3 0.7 HX4127 0.2 0.14
BBMDD006 153 154 1 HX4135 0.2 0.20
BBMDD006 155.2 155.7 0.5 HX4139 4.09 2.05
BBMDD006 155.7 156.7 1 HX4140 0.73 0.73
BBMDD006 160.7 161.3 0.6 HX4145 0.54 0.32
BBMDD006 161.3 161.55 0.25 HX4146 3.57 0.89
BBMDD007 154.4 155.1 0.7 HX4166 0.6 0.42
BBMDD007 155.3 156 0.7 HX4167 0.22 0.15
BBMDD007 156 157 1 HX4169 0.11 0.11
BBMDD007 157 157.6 0.6 HX4170 1.8 1.08
BBMDD007 157.6 158.2 0.6 HX4171 0.25 0.15
BBMDD007 158.2 158.6 0.4 HX4172 2.03 0.81
BBMDD007 158.6 159.4 0.8 HX4173 0.11 0.09
BBMDD007 159.4 160.5 1.1 HX4174 0.34 0.37
BBMDD007 160.5 161.5 1 HX4175 0.26 0.26
BBMDD007 163.4 164 0.6 HX4178 1.1 0.66
BBMDD007 164 165 1 HX4179 0.37 0.37
BBMDD008 210.8 211.3 0.5 HX4217 3.78 1.89
BBMDD008 212.85 213.25 0.4 HX4222 0.79 0.32
BBMDD008 213.25 213.5 0.25 HX4223 0.18 0.05
BBMDD008 213.5 213.8 0.3 HX4224 0.33 0.10
BBMDD008 213.8 214.8 1 HX4225 0.34 0.34
BBMDD008 214.8 215.3 0.5 HX4226 0.35 0.18
BBMDD008 215.3 215.6 0.3 HX4227 4.17 1.25
*Gram metres represents the contained Au metal within the reported length,
calculated as interval (m) multiplied by grade (g/t Au)
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.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Technical Director of
Exploration at 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.
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
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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
Brand Communications Tel: +44 (0) 7976 431608
Public & Investor Relations
Alan Green
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 six licence applications outstanding which includes
one licence application lodged in eastern Victoria. (Tambo gold project). MGA
is currently drilling at the Bailieston Blue Moon Project (EL5433) and
undertaking geochemical exploration on the Creswick (EL6148) project and has
an experienced exploration team with significant local knowledge in the
Victoria Goldfields and wider region.
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd
(“LUX”) which has three approved exploration permits covering 946 km(2)
over a relatively unexplored area in Queensland, Australia.
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.
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