REG-ECR Minerals plc Early Success at Creswick Gold Project, Victoria, Australia

ECR MineralsAnnouncement

22/06/2021 08:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20210622:nBw996mDXa&default-theme=true


Early Success at Creswick Gold Project, Victoria, Australia

 

22 June 2021

ECR MINERALS plc

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

EARLY SUCCESS AT CRESWICK GOLD PROJECT, VICTORIA, AUSTRALIA

ECR Minerals plc (LON: ECR), the gold exploration and development company
focused on Australia, is pleased to announce a drilling update from the
Creswick Gold project (the “Project”), in the Victoria Goldfields,
Australia. The Project is 100%-owned by ECR’s wholly owned Australian
subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

The programme is designed to establish the position of the Dimocks Main Shale
(“DMS`’) and associated structures within the Project, and target the main
geological structures considered to be gold bearing at Creswick.

Craig Brown, Chief Executive Officer, commented:

“We have made great progress to date, with the first four holes at Creswick
now complete and approaching 1,000m of diamond drilling undertaken efficiently
and safely at the Project.

The Company has now received assay results from hole CSD001 and I am delighted
to confirm we have intersected gold in this, the first drill hole, in our
Creswick campaign. This is highly encouraging and particularly significant
considering that CSD001 is the first diamond hole into the DMS in the entire
tenement.

With CSD001 we have located the position of the DMS and are building our
understanding of the types of folding and faulting within the system which
will assist with ongoing drill targeting.

Overall, the hole one assay result has delivered the outcome we were all
hoping for. This has been very much a team effort, and I would like to put on
record my thanks to Dr. Rod Boucher, Adam Jones, the drilling team and the
core shed staff for their hard work that has delivered a raft of data and
information in record time. I look forward to reporting to the market with
regard to further assay results, and their geological significance, as they
become available.”

HIGHLIGHTS


 * Four diamond holes completed to date for 909.2m completed (CSD001 – CSD004).


 * Currently drilling the fifth hole CJD001 . At the date of release this hole
was at 220m.


 * Assay testing has now been undertaken on the first Creswick hole, CSD001 and
the assay results confirm immediate success intersecting gold, with 1m @9.68
g/t confirmed.


 * Drilling continues with diamond hole CSD005 now underway, and assay results
are awaited in respect of holes CSD002 – CSD004.


 * Following receipt of additional assay results and our in-house geological
interpretation, our findings will be provided in further announcements.

TECHNICAL INFORMATION

The first diamond hole drilled at Creswick has immediate success intersecting
1 m @ 9.68 g/t.

The first hole, CSD001 has been completed to 295m. This hole is an orientation
hole to establish the position of the Dimocks Main Shale (DMS) and associated
structures. As previously reported (21/6/19) data from the RC drilling
conducted in 2019 showed a lack of geological continuity indicating faulting
and folding of the DMS. CSD001 intersected quartz zones within the DMS in
addition to multiple reefs above and below it. Drilling of CSD001 has
demonstrated that much of the 2019 RC drilling was done into the minor reefs
above the DMS

CSD001 revealed three parallel reef systems above the DMS that have been
folded by small and large parasitic folds. The DMS was reached at 72m down the
hole and continued to 93 m and intersected two 2 m quartz zones at the upper
contact and at 86m with minor veining throughout the shale. The hole continued
to 295m to test the folding and faulting beneath the DMS and encountered an
additional 8 reef zones that mostly related to east-dipping faults and minor
shales. 76 of the 108 samples sent for laboratory testing from CSD001 have
been reported from the lab with the best result 1 m @ 9.68 g/t from an
east-dipping fault beneath the DMS. Results from the final 32 samples are
awaiting laboratory analysis.

CSD002 was collared 10 m to the west of CSD001 and drilled steeper to target
where projected parasitic folding and the mineralised east-dipping fault
intersect the DMS. The previously reported result from 2019 from CSR005 of 1 m
@ 81.0 g/t came from quartz in the parasitic folds. Drilling of CSD001
intersected an 8 m quartz zone where the DMS and these structures intersect
plus minor veining throughout the shale. The core from CSD002 has been logged,
sampled and sent to the laboratory for analysis.

Figure 1 shows the best quartz zone intercepted in the DMS in CSD002:
https://www.ecrminerals.com/images/CSD002_DMS_quartz.jpg
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2FCSD002_DMS_quartz.jpg&esheet=52449242&newsitemid=20210622005506&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2FCSD002_DMS_quartz.jpg&index=1&md5=5fdfd9c91796915a3c629e6f1b192da2)

Work to better understand the nugget effect at Creswick is ongoing. As
described in the release dated 5/11/19 grade variability due to the nugget
effect was demonstrated at Creswick with some of the initial samples
under-reported and others over-reported.

ASSAY RESULTS – CSD001

See TABLE 1 below for initial results:

Table 1 Best intercepts from the first 76 to 108 assays results from CSD001
 HOLE ID  EASTING (GDA Zone 54)  NORTHING (GDA Zone 54)  Dip    AZIMUTH (True North)  TOTAL DEPTH (metres)  SIGNIFICANT INTERCEPTS          
 CSD001   759,271                5,854,636               -58.0  101.0                 295                   1.0 m @ 9.68 g/t from 131.9 m,  
                                                                                                            
                               
                                                                                                            0.9 m @ 0.88 g/t from 58.2 m,   
                                                                                                            
                               
                                                                                                            1.0 m @ 0.21 g/t from 147.7 m   


REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Dr Rodney Boucher of Linex Pty Ltd.
Linex Pty Ltd provides geological services to Mercator Gold Australia Pty Ltd,
including the services of Dr Boucher, who has a PhD in geology, is a Member
and RPGeo of the Australian Institute of Geoscientists and is a Member of the
Australasian Institute of Mining and Metallurgy. Dr Boucher 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                                                                                                                                                                                                                                                    
 Craig Brown, Director & 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=52449242&newsitemid=20210622005506&lan=en-US&anchor=www.ecrminerals.com&index=2&md5=c13ee67105b1e92fe3b0cb94d9f350e7)                                                                 
                                                                                                                                                                                                                                                                                       
 WH Ireland Ltd                                                                                                                                                                                                                                          Tel: +44 (0)161 832 2174      
 Nominated Adviser                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                       
 SI Capital Ltd                                                                                                                                                                                                                                          Tel: +44 (0)1483 413500       
 Broker                                                                                                                                                                                                                                                                                


Nick Emerson
                                Tel: +44 (0)20 7399 9425      
 
                                                            
 Novum Securities Limited                                     
 
                                                            
 Broker                                                       
 
                                                            
 Jon Belliss                                                  


Brand Communications

Public Relations Tel: +44 (0) 7976 431608

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 eight licence applications outstanding including two
licence applications lodged in eastern Victoria. (Tambo gold project). MGA is
currently drilling at both the Bailieston and Creswick 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=52449242&newsitemid=20210622005506&lan=en-US&anchor=https%3A%2F%2Fmercatorgold.com.au%2F&index=3&md5=ad4a51f7c5f0124261ce023f00379f44)

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 Queesnland, Australia.

https://luxexploration.com/
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fluxexploration.com%2F&esheet=52449242&newsitemid=20210622005506&lan=en-US&anchor=https%3A%2F%2Fluxexploration.com%2F&index=4&md5=4f2985526cdde223f4fd7de255d410b8)

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), MGA has the right to receive up to A$2 million in payments
subject to future resource estimation or production at any of those projects.

ECR has earned 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, and holds a royalty on the SLM gold project in
La Rioja Province, Argentina.



View source version on businesswire.com:
https://www.businesswire.com/news/home/20210622005506/en/
(https://www.businesswire.com/news/home/20210622005506/en/)

ECR Minerals plc


Copyright Business Wire 2021