REG-ECR Minerals plc ECR Minerals (ECR) - Bailieston Drilling Update For Holes BH3DD010 and BH3DD011
22/12/2021 15:15
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ECR Minerals (ECR) - Bailieston Drilling Update For Holes BH3DD010 and
BH3DD011
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
Bailieston Drilling Update For Holes BH3DD010 and BH3DD011
ECR Minerals plc (LON: ECR), the gold exploration and development company
focussed on gold exploration in Australia, is pleased to provide updated
results from the initial first drill section across the ‘Maori’ Anticline
target 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: “We are pleased with the follow-up
results for holes BH3DD010 and BH3DD011 at HR3. Our understanding of the Maori
Anticline, along with the extent and types of mineralisation, has grown
exponentially, and our team on the ground continues to work to a tight
schedule and maintain our aggressive drilling programmes. Further assay
results and data are due very shortly, and I look forward to sharing those
with our shareholders as they become available.”
“As our search for a new CEO continues, our committee of directors,
including myself, Trevor Davenport and Adam Jones continue to drive the
business forward. I would also like to stress that we are all easily
contactable should shareholders and investors have any queries during this
transition period"
SUMMARY:
* Assay results now received for holes BH3DD010 and BH3DD011, completing the
first diamond drill section across the upper part of the ‘Maori’
Anticline.
* Highest results are from hole BH3DD011 with 0.4m @ 4.65 g/t Au from 39.8m and
0.5m @ 6.97 g/t Au from 68m down-hole.
* Three mineralised zones within each drill hole identified.
* Structural observations from drill core show how dilational gold / antimony
mineralised zones form at favourable intersections between NW and NE striking
veins.
Assay results for a further two diamond holes across the first drilled section
of the upper part of the ‘Maori Anticline’ target have now been received.
These results follow-up ECR’s previous announcement released on the
29/11/2021 in regards to hole BH3DD009 where an initial successful result of
0.7m @ 28.06 g/t Au from 52.7m was recorded. Holes BH3DD010 and BH3DD011 were
subsequently drilled on the same azimuth, but at two different angles to test
the up and down dip continuance of the grade in BH3DD009.
The following link to the interpreted geological section for holes BH3DD009,
BH3DD010 and BH3DD011 relates to the detailed information in the paragraphs
below.
https://www.ecrminerals.com/images/2021/ECRsection.jpg
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BH3DD010
Hole BH3DD010 was collared with a dip of -67 degrees. Three mineralised
‘zones’ have been drilled through with the best intercept of 0.9m @ 1.18
g/t Au from 64.4m down-hole. This intersection is part of a broader anomalous
halo as shown as ‘Zone 2’ on the accompanying figure 1. Drilling passed
through the Maori Anticline where drilling ended at a depth of 111.2m.
BH3DD011
BH3DD011 was drilled with a dip of -50.5 degrees from horizontal to a final
depth of 102.2m. Three mineralised zones were also passed. The upper ‘Zone
4’ is a hanging-wall system to the Maori Reef. Interpretations from
orientated drill core show this to be a linking quartz-splay system between
the Hard Up and Maori Reef. Best intersection in Zone 4 was 0.4m @ 4.65 g/t Au
from 39.8m depth.
The Maori Reef was intercepted as expected around 55m depth where a fault zone
with complex folding on the immediate hanging wall was identified. This zone
contained no significant intercepts. A broad quartz mineralised ‘Zone 5’
was encountered at 60.1m depth. Best intersection within Zone 5 was 0.5m @
6.97 g/t Au from 68m depth. This intercept is supported by a lower grade halo
with other results of 1m @ 2.68 g/t from 65.4m and 0.7m @ 2.05 g/t Au from
69m. Structural logging of veining through this zone shows the vein to strike
NNE with a dip direction to the NW which correlates well to the cross-vein
known as the Hard Up Reef. Further drilling passed a faulted system ‘Zone
6’ which returned a best grade of 0.5m @ 1.09 g/t Au. Drilling ended at
102.2m depth on the eastern dipping sediments of the anticline.
MINERALISATION MODEL REVEALED
Drilling of BH3DD009, BH3DD010 and BH3DD011 shows three broad mineralised
zones that are accompanied by visual evidence of stibnite (a sulphide of
Antimony). Relating to figure 1, orientated drill core shows that quartz
mineralisation is bedding parallel in Zone 1 and Zone 2, oblique to bedding in
Zone 5 and hosted in brittle faults between Zone 3 and Zone 6. Best intercepts
from all three holes suggests the best gold developments have formed where
structures are favourable to dilate adjacent to structures that compress and
pinch as seen at 55m depth in BH3DD011. Stockwork veining and oblique
structures to bedding also relate spatially to elevated gold values as seen in
Zone 5 in BH3DD011 and the stockwork veining in BH3DD009. At the goldfield
level of scale, there is a close spatial development of such structures within
the acute angle of intersecting NNW and NE striking veining where a
‘wrench’ or dilational ‘jog’ develops. This pattern is also observable
and outlined in plan view by the numerous historic mined trenches and pits
across the HR3 goldfield. Information gleaned from drilling this first drill
section may also apply to other similar lineation trends across the field.
Table 1. Summary of drill intercepts containing reportable levels of gold
greater than 0.1 g/t Au for BH3DD010 and BH3DD011 (*highlights in bold)
BH3DD010
From (m) To (m) Grade (g/t Au) Interval (m) ‘Zone’
51.05 51.6 0.14 0.55 Zone 1
52.8 53.8 0.37 1 Zone 1
53.8 54.7 0.16 0.9 Zone 1
57.5 58.5 0.15 1 Zone 1
63.6 64.4 0.2 0.8 Zone 2
64.4 65.3 1.18 0.9 Zone 2
66.8 67.7 0.31 0.9 Zone 2
69.1 70 0.2 0.9 Zone 2
70 70.9 0.15 0.9 Zone 2
71.9 72 0.13 0.1 Zone 2
100 101 0.22 1 Zone 3
103.8 104.6 0.16 0.8 Zone 3
BH3DD011
From (m) To (m) Grade (g/t Au) Interval (m) ‘Zone’
2.5 2.8 0.11 0.3
35.2 36.2 0.37 1
39.8 40.2 4.65 0.4 Zone 4
40.2 41.2 0.39 1 Zone 4
55.5 56 0.13 0.5
56 56.5 0.19 0.5
57.7 58.2 0.11 0.5
60.1 61.1 0.11 1 Zone 5
61.1 62.1 0.11 1 Zone 5
62.1 62.7 0.12 0.6 Zone 5
62.7 63.7 0.17 1 Zone 5
63.7 64.7 0.13 1 Zone 5
64.7 65.4 0.24 0.7 Zone 5
65.4 66.4 2.68 1 Zone 5
66.4 67.2 0.91 0.8 Zone 5
67.2 68 1.81 0.8 Zone 5
68 68.5 6.97 0.5 Zone 5
68.5 69 0.96 0.5 Zone 5
69 69.7 2.05 0.7 Zone 5
69.7 70 0.86 0.3 Zone 5
73 74 0.11 1
82.5 83.5 0.11 1
88.4 89.1 0.16 0.7 Zone 6
89.1 90 0.21 0.9 Zone 6
90 90.7 0.71 0.7 Zone 6
90.7 91.2 1.09 0.5 Zone 6
91.2 91.6 0.35 0.4 Zone 6
94 95 0.13 1
95 95.8 0.67 0.8
FORWARD LOOKING STATEMENTS
With these results logged, MGA continues to drill the upper end of the Maori
Reef system towards the north. First impressions of drill core continue to
show visual indicators of mineralisation of pyrite, stibnite and to a lesser
extent arsenopyrite. We will continue to report these results to the markets
in the coming weeks.
As stated on the previous HR3 drilling update on November 29(th) 2021, MGA
continued to engage the services of the same contract rig that completed
drilling at Creswick at hole EL006148. MGA also decided to utilise its larger
rig to complete orientated drill core over the broader HR3 goldfield. The
contract drilling is now complete. Logging is still in progress for this
drilling campaign, with initial results scheduled for release shortly.
Follow-up drilling will commence using ECR’s owned and operated ‘Midas’
drill rig where appropriate.
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
Email: info@ecrminerals.com (mailto:info@ecrminerals.com)
Website: www.ecrminerals.com
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WH Ireland Ltd Tel: +44 (0) 161 832 2174
Nominated Adviser
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited Tel: +44 (0) 20 7399 9425
Broker
Jon Belliss
Blytheweigh 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/
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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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