REG-ECR Minerals plc EXPLORATION UPDATE – VICTORIA GOLDFIELDS AUSTRALIA
13/05/2021 07:00
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EXPLORATION UPDATE – VICTORIA GOLDFIELDS AUSTRALIA
13 May 2021
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
EXPLORATION UPDATE – VICTORIA GOLDFIELDS AUSTRALIA
COMMENCEMENT OF DRILLING AT CRESWICK GOLD PROJECT AND
BAILIESTON GOLD PROJECT PROGRESS UPDATE
ECR Minerals plc (LON: ECR), the gold exploration and development company
focussed on Australia, is pleased to provide an exploration update for
shareholders covering drilling and related activities underway across the
Bailieston and Creswick gold exploration projects.
Both projects are located in the Victoria Goldfields, Australia and are
100%-owned by ECR’s wholly owned Australian subsidiary Mercator Gold
Australia Pty Ltd (“MGA”).
Craig Brown, Chief Executive Officer, commented:
“We are pleased to now have drilling underway at two gold projects in the
Victoria Goldfields, and we look forward to updating the market with assay
results in due course.
Our drilling at Bailieston continues successfully using our in-house diamond
drill rig and we look forward to assay results of recent holes, particularly
following the initial geological review of the drill core. Additionally, soil
sampling from the HR3 area (see below) has identified very high gold grades in
soils, further supporting the geological modelling and drill targeting.
With our strong cash position we have been able to expand drilling operations
and have now commenced drilling at Creswick using external contractors. We are
very excited by the potential scale of the opportunity at Creswick and a
larger scale drill programme at the project is something we have been eager to
undertake.
We look forward to providing further updates in due course.”
COMMENCEMENT OF DRILLING AT CRESWICK GOLD PROJECT
In 2019 exploration drilling was undertaken at Creswick targeting gold
mineralisation associated with quartz veins hosted in the Dimocks Main Shale
(DMS).
The DMS is the hard-rock source of much alluvial and deep lead gold, with
historical alluvial and deep lead production estimated at up to 2.5 million
ounces in the Creswick/Berry lead system, and up to 11 million ounces in the
entire Ballarat area, of which the DMS is a significant contributor.
A 2019 drill programme conducted by the Company tested circa 300 metres of the
DMS trend, which extends over approximately 15 kilometres, 7 kilometres of
which is covered by MGA’s granted exploration licence and two exploration
licence applications.
MGA has engaged a contractor for a minimum of 1,200 metres of diamond drilling
at Creswick, and the first drill hole in this programme is now underway. It is
planned to drill around 10 holes from drill sites located on State Forest land
within exploration licence EL006184.
The drill sites for the current programme are approximately 2.2 km south along
the DMS-trend from those used in MGA’s previous drilling programme at
Creswick in 2019, individual samples from which returned assays as high as
80.97 g/t gold over one metre (announced on 5 November 2019).
PROGRESS AT BAILIESTON GOLD PROJECT
As previously announced, drilling is ongoing in the Historic Reserve #3 (HR3)
area of the Bailieston project using ECR’s own diamond drill rig. Assay
results from the first four holes (BH3DD001 to 4) were announced on 20 April
2021. Assay results and final geological interpretations are currently awaited
in respect of four further holes (BH3DD005 to 8).
Hole BH3DD005 has targeted the Maori Reef, and holes BH3DD006 and 7 have
targeted a hypothesised central anticline (as discussed in the Company’s
announcement dated 20 April 2021). Hole BH3DD006 was also drilled to test the
Dan Genders Reef. Initial geological interpretation of holes BH3DD005, 6 and 7
indicates that the hypothesised central anticline does exist and represents a
favourable target for hosting gold mineralisation such as limb-thrust type
vein systems.
SOIL SAMPLING
MGA has received the results from laboratory analysis of 229 soil samples
taken across the central and eastern part of the HR3 area. These results are
currently being plotted and analysed in comparison with results from portable
X-Ray Fluorescence (“XRF”) analysis. The laboratory results include gold
values up to 3.75 parts per million (equivalent to grams per tonne). The
results will help identify potential extensions of and potential undiscovered
veins running parallel to known reef systems and further updates will be
provided in due course as 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
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=52428323&newsitemid=20210512005701&lan=en-US&anchor=www.ecrminerals.com&index=1&md5=75044771685525e2eda5e9ca2e364004)
WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
Tel: +44 (0)20 7399 9425
Novum Securities Limited
Broker
Jon Belliss
SI Capital Ltd Tel: +44 (0)1483 413500
Broker
Nick Emerson
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, and two licence applications lodged in eastern Victoria
for the 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.
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.
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