REG-ECR Minerals plc Further Positive Results from Channel Sampling at Itogon Gold Project, Philippines <Origin Href="QuoteRef">ECRE.L</Origin>
24/11/2014 13:57
http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20140901:nBw315049a
http://www.businesswire.com/news/home/20140831005049/en
LONDON--(Business Wire)--
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
AIM: ECR
US OTC: MTGDY
FURTHER POSITIVE RESULTS FROM CHANNEL SAMPLING AT ITOGON GOLD PROJECT,
PHILIPPINES
LONDON: 1 SEPTEMBER 2014 - ECR Minerals plc is pleased to announce further
positive assay results from surface and underground channel sampling at the
Itogon epithermal gold project in the Philippines.
HIGHLIGHTS
* Assay results from third phase of channel sampling by ECR at Itogon project
include, at surface, 18m averaging 2.78g/t gold and 34m averaging 0.71g/t gold
* Results continue to demonstrate gold mineralisation at surface outside the
zones tested by previous drilling; please see accompanying maps
* Promising results from channel sampling in underground workings; 44m averaging
0.30g/t gold in one adit and grades of up to 7.38g/t over 1m in another
* Drilling expected to recommence at Itogon project during Q4 2014
Stephen Clayson, Chief Executive Officer of ECR, commented:
"We are pleased to be reporting another round of positive channel sampling
results from Itogon. Channel sampling continues at the project, and is focused
on obtaining further information as to the extension of mineralisation at
surface to the south, south-east, south-west and east in the central to southern
sections of the main prospect area, outside the extent of previous drilling by
ECR and historical drilling, and on helping to refine ECR`s overall geological
interpretation of the main prospect area.
The data being generated by the current work is very valuable and is being used
to inform detailed planning of the next phase of drilling. We anticipate that
drilling will recommence at Itogon during Q4 2014, once a suitable drill rig
becomes available from our contractors."
Table 1: Phase 3 Channel Sampling
Itogon Gold Project, Philippines
Channel Lengths and Average Grades
Mapping Point From To Length Average Grade
m m m g/t Au
Surface channel samples
MP-37 0 16 16 0.32
MP-38 0 0.5 0.5 9.86
MP-39 0 0.5 0.5 3.29
MP-40 0 0.5 0.5 7.26
MP-41 0 18 18 2.78
inc. 0 2 2 2.69
inc. 8 10 2 9.08
inc. 10 12 2 1.85
inc. 12 14 2 6.52
inc. 16 18 2 2.43
MP-42 0 10 10 0.54
MP-43 0 6 6 0.47
MP-44 0 8 8 0.71
inc. 4 6 2 1.44
MP-45 0 6 6 0.96
inc. 0 2 2 1.30
inc. 2 4 2 1.27
MP-46 0 34 34 0.71
inc. 12 14 2 2.26
inc. 26 28 2 1.41
MP-47 0 4 4 2.03
inc. 0 2 2 3.50
MP-48 0 3.5 3.5 1.84
inc. 0 1.75 1.75 1.40
inc. 1.75 3.5 1.75 2.28
MP-49 0 1 1 0.32
Underground channel samples
Julio`s Adit (12 separate 1m channels)
0 1 1 2.48
0 1 1 0.49
0 1 1 0.19
0 1 1 7.38
0 1 1 6.34
0 1 1 0.63
0 1 1 0.42
0 1 1 1.18
0 1 1 0.57
0 1 1 0.08
0 1 1 2.73
0 1 1 0.01
Benguet Exploration`s Adit
0 44 44 0.30
inc. 16 18 2 1.23
0 12 12 0.34
A set of maps relating to the sampling results disclosed in this news release
may be viewed at:
http://www.ecrminerals.com/Itogon-channel-sampling-phases-1to3
The maps are for illustration only and should not be relied upon for technical
purposes.
Geological mapping highlighted altered, mineralised and/or intensely oxidised
occurrences for channel sampling, in some cases following trenching.
Where channels comprised multiple samples, Table 1 discloses the weighted
average gold grade for the length of each channel and the grades of any
individual samples which exceeded 1 g/t gold. No top or lower cut-off has been
applied in calculating weighted averages.
A total of 97 samples were assayed (excluding QA/QC samples), each representing
a channel length of between 0.5m and 2m, and representing an aggregate surface
channel length of 108m and an aggregate underground channel length of 68m.
Channel lengths given in this news release do not necessarily equate to true
widths of mineralisation.
Assay values have been expressed in this news release as g/t (grams per tonne)
gold but are received from the laboratory expressed as ppm (parts per million)
gold. For the purposes hereof ppm gold and g/t can be considered equivalent.
QA/QC
Sampling was carried out under geological supervision. A secure chain of custody
was maintained in the transport and storage of all samples, which were shipped
to and analysed by Intertek Testing Services Philippines, Inc. ("Intertek"), an
internationally accredited independent analytical laboratory in Metro Manila.
Upon arrival at Intertek samples were sorted, dried, crushed, split, and a
fraction was pulverised. The method of analysis for gold was fire assay (50g
charge) with AAS finish.
QA/QC measures including the use of blanks and standards were implemented by ECR
and separately by Intertek in relation to the analysis of the samples. The assay
data reported is considered acceptable in the context of these measures.
Review by Competent Person
The contents of this announcement have been reviewed by Andrew Tunningley
MAusIMM (CP), a geologist with the consultancy Exploration Alliance, which has
been engaged by ECR in connection with the Itogon project.
About the Itogon Project
Exploration by ECR to date, including reverse circulation (RC) drilling
completed in April 2014, indicates that gold mineralisation in the main prospect
area at the Itogon project is hosted by north-north-west trending, south-west
dipping to subvertical epithermal veins, with a subordinate set of generally
north-east trending veins.
Channel sampling and drilling has confirmed mineralisation over a vertical
extent of 250m, open along strike and down dip. ECR`s April 2014 drilling tested
a strike length of 400m, and continuation of the strike approximately 200m SE is
indicated by exposures observed along creeks and gullies. These exposures are
the subject of geological mapping and channel sampling with the objective of
confirming this continuation.
The epithermal veins are composed of grey and white, saccharoidal and vuggy
quartz with associated clay, calcite, pyrite, galena, sphalerite, chalcopyrite,
and vein breccia, hosted by moderately to strongly oxidised and argillised
medium grained diorite. Individual veins rarely exceed 1m wide and tend to occur
as approximately 0.2m wide, closely spaced, sheeted veins within the altered
zones. Establishing the continuity of the vein zones between intercepts at
surface, in underground workings and by drilling is an important objective of
further exploration.
The highest gold grades are typically associated with multiple narrow, 1-2m wide
occurrences of sheeted quartz veins and quartz vein breccia, with a mineralised
selvedge grading approximately 0.30 g/t gold or higher associated with these
structures.
ABOUT ECR
ECR is a mineral exploration and development company with, among other
interests, the right to earn a 50% interest in the Itogon gold project in the
Philippines. Itogon is an advanced exploration project located in a gold and
copper mining district on the island of Luzon in the north of the Philippines.
ECR has a 100% interest in the Sierra de las Minas gold project in La Rioja
Province, Argentina, the exploration strategy for which is to delineate multiple
high grade, low tonnage deposits suitable for advancement to production on a
relatively low capital, near term basis.
ECR holds a substantial minority stake in THEMAC Resources Group Ltd (TSX-V:
MAC), which is focused on the development of the Copper Flat
copper-molybdenum-gold-silver porphyry project in New Mexico, USA.
FOR FURTHER INFORMATION PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
Paul Johnson, Non-Executive Chairman
Stephen Clayson, Director & Chief Executive Officer
Email: info@ecrminerals.com
Website: www.ecrminerals.com
Daniel Stewart & Company plc Tel: +44 (0)20 7776 6550
Emma Earl/Harrison Clarke (Nominated Adviser)
Colin Rowbury (Broker)
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such statements may be
subject to a number of known and unknown risks, uncertainties and other factors
that could cause actual results or events to differ materially from current
expectations. There can be no assurance that such statements will prove to be
accurate and therefore actual results and future events could differ materially
from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward looking
statements. Any forward looking statements contained herein speak only as of the
date hereof (unless stated otherwise) and, except as may be required by
applicable laws or regulations (including the AIM Rules for Companies), the
Company disclaims any obligation to update or modify such forward looking
statements as a result of new information, future events or for any other
reason.
GLOSSARY
AAS: atomic absorption spectroscopy
adit: an opening driven horizontally into the side of a mountain or hill for providing access to a mineral deposit
alteration: the chemical response of rocks to hydrothermal solutions causing mineralogical change
argillic alteration: clay rich assemblages dominated by low temperature clays such as kaolinite, smectite, and interlayered illite-smectite; these are formed by low temperature (<230°C), acid to neutral, low salinity hydrothermal fluids
assay: a test performed on a sample of ores or minerals to determine the amount of valuable metals contained
Au: gold
breccia: coarse (usually >2 mm) fragmental rock, consisting of generally angular clasts of one or more lithologies; a complexly veined rock can have a brecciated appearance (if veins are multi-generational and/or branching), but it is important to differentiate between the two; veins are generally linear or sinuous, whereas a breccia matrix is highly irregular
channel sampling: a sample composed of pieces of rock that have been cut out of a small trench or channel
chlorite: a group of platy, monoclinic, usually greenish minerals; associated with and resembling the micas; widely distributed as alteration products of ferromagnesian minerals
epidote: a green monoclinic mineral
drussy: pertaining to an insoluble residue or encrustation of quartz crystal
epithermal: mineralisation produced by near surface hydrothermal fluids related to igneous activity; originally defined as having formed in the range 50-300°C
fault: a break in the Earth`s crust caused by tectonic forces which have moved the rock on one side with respect to the other
footwall: the rock on the underside of a vein or ore structure
g: grams
galena: a grey metallic mineral; has a perfect cubic cleavage; soft and very heavy; principal ore of lead
g/t: grams per tonne
hanging wall: the rock on the upper side of a vein or ore deposit
hematite: a common iron mineral; occurs in rhombohedral crystals, in reniform masses or fibrous aggregate; deep red earthy forms; an alteration product in hydrothermal systems
illite: a general name for a group of mica like clay minerals that are widely distributed in argillic altered rocks
kg: kilogram
km: kilometre
m: metre
massive: said of rocks of any origin that are more or less homogenous in texture or fabric; also said of a mineral deposit especially of sulphides, characterized by great concentration of ore in one place as opposed to a disseminated or vein type deposit
MDL: method detection limit
outcrop: an exposure of rock or mineral deposit that can be seen on surface, that is, not covered by soil or water
oxidation: a chemical reaction caused by exposure to oxygen which results in a change in the chemical composition of a mineral
portal: the entry to an underground or sub surface access such as an adit, decline or tunnel
ppm: parts per million
propylitic alteration: chlorite-epidote-calcite alteration assemblage
RL: reduced level; calculated elevation in relation to a particular datum
saccharoidal: granular aggregates of equant crystals having the appearance of sugar in hand specimen
selvedge: the area of the point of contact between a vein and the surrounding rock
silicification: a hydrothermal alteration assemblage dominated by silica
smectite: mineral commonly found in argillic altered rocks
sphalerite: a yellow, brown, or black, isometric mineral with a perfect dodecahedral cleavage and a resinous to adamantine lustre; widely distributed ore of zinc; commonly associated with galena in epithermal veins
stringer: a narrow vein or irregular filament of a mineral or minerals traversing a rock mass usually of limited strike and dip compared to a vein
trenching: cutting of a narrow, shallow ditch across a mineral showing or deposit to obtain channel or other samples or to observe geology
t: tonne
vein: material which was chemically deposited by fluids within a rock fracture; veins exhibit a range of textures and minerals, depending primarily on the temperature, depth, and composition of the fluid and host rock; may also contain a small amount (<10%) of entrained host rock and/or vein clasts
vein breccia: rock consisting predominantly of vein fragments (<10% host rock clasts) in a chemically deposited matrix; clasts are generally sub angular, and supported in a matrix of generally similar vein minerals (such as quartz, chalcedony), which may be banded and enclose open cavities
vug: open cavity within a rock, usually in a vein or breccia cement, which is lined by euhedral prismatic crystals that project into the cavity
ECR Minerals plc
Copyright Business Wire 2014Recent news on ECR Minerals
See all newsREG - ECR Minerals PLC - Unaudited Half-Yearly Results
AnnouncementREG - ECR Minerals PLC - Queensland operations update
AnnouncementREG - ECR Minerals PLC - Bailieston project - initial drilling results
AnnouncementREG - ECR Minerals PLC - AIM Rule 17 Notification
AnnouncementREG - ECR Minerals PLC - Termination of discussions with Maximum Minerals
Announcement