REG-ECR Minerals plc Further re Bailieston (HR3) Soil Sampling Strengthens Mineralisation Model
23/12/2021 13:00
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Further re Bailieston (HR3) Soil Sampling Strengthens Mineralisation Model
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
Bailieston (HR3) Soil Sampling Strengthens Mineralisation Model
ECR Minerals plc (LON: ECR), the gold exploration and development company
focussed on gold exploration in Australia, is pleased to announce that further
to the HR3 drilling update announced on December 22(nd), soil sample results
from HR3 have identified further gold anomalies, giving further confidence in
our previous geological interpretations for dilational jog zones within the
HR3 goldfield 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: “I said yesterday that our understanding
of the Maori Anticline and HR3 had grown exponentially: this understanding has
taken a further step forward today with soil sampling results that not only
show a growing and extending area of anomalies, but that also support the
dilational jog model outlined by our head geologist Adam Jones at holes
BH3DD009, BH3DD010 and BH3DD011.”
“Along with our geologists, the board are genuinely excited at the scale and
development potential of HR3. I look forward to reporting further assay
results to you as they become available.”
SUMMARY:
* Gold assays from further soil sampling reveal four gold anomalies along strike
of the Scoulers-Dan Genders Reef lines, with two of the anomalies within an
area of limited to no historic gold workings.
* One anomaly in association with the convergent of two Reef lines fits in with
the dilational jog mineralisation model recently identified in BH3DD009,
BH3DD010 and BH3DD011.
Soil analysis results for an additional 160 soil samples taken across the
central portion of the HR3 goldfield have been received, resulting in the
identification of four gold anomalies. Samples are spatially related to the
strike extents of the NW striking Scoulers and Dan Genders Reefs and the NNE
striking Hard Up Reef.
Six of the 160 samples returned gold values above 0.1 g/t Au. The majority of
these samples are affiliated with moderate arsenic levels (As) and high
antimony levels (Sb)
The locations referred to in the following paragraphs can be found at the
following link (figure 1):
https://www.ecrminerals.com/images/fig1_231221.jpg
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Table 1. Best results for 160 soil assays (above 0.1 g/t Au) in descending
order. Also showing related levels of arsenic (As) and antimony (Sb).
Sample Number Au (g/t) As (ppm) Sb (ppm)
SC_092 0.79 158.5 789
SC_118 0.2 93.3 445
SC_142 0.145 67.5 306
SC_108 0.125 84.4 144
SC_098 0.122 104.5 41
SC_072 0.118 119 60
INTERPRETATION OF SOIL RESULTS
Anomaly A
Gold results have highlighted an anomaly associated with the south projection
of the Hard Up Reef and its convergence with the Dan Genders Reef. Recent
drilling of BH3DD009, BH3DD010 and BH3DD011 identified high grade gold formed
within a dilational jog zone where the Hard Up Reef converges with the Maori
Reef. Anomaly A has potential to be related to a similar mineralisation style.
Drilling is planned to confirm this.
Anomaly B
This anomaly is situated central to the Scoulers and Dan Genders Reef lines.
Ground truthing evidence shows this anomaly to be located within an area of
very few historic gold workings. The company will follow up this anomaly with
rock chip samples of quartz float on the sub-surface. Outcome of these results
will decide on the best plan to test this location by drilling.
Anomaly C
Earlier this year (June 2020), the first soil results were released and
revealed a spot anomaly of 3.75 g/t Au. This earlier best result is located at
the north-east end of the trail of Anomaly C (refer to figure 1). With the
additional results now received, the source of this trail can be traced back
to the Scoulers Reef. There are the remains of a backfilled shallow historic
shaft at the source area that by judgement of the size of the remnant mullock
dump, appears to be less than 4 metres deep. There is potential to drill
underneath the historic shaft.
Anomaly D
Anomaly D is located at the north end of the Scoulers Reef line. The Reef dips
into deeper soils to the north as it approaches a local watercourse. As with
Anomaly C, there are limited shallow historic workings at this location. Some
of the highest results have been obtained in ground that has no influence from
the historic workings, thereby indicating the possibility of shallow
sub-cropping mineralisation. ECR has current drill permits to test this
location, and it is our intention to drill Anomaly D as part of the current
drilling campaign.
FORWARD LOOKING STATEMENTS
Planning soil sampling in areas of previous mining will always present
challenges in regard to the interpretation of results. To minimise
contamination of samples from disturbance at surface by previous mining, ECR
geologists take care in offsetting samples to minimise these errors. Although
prospecting has taken place in the area for over 100 years by miners during
the gold rush era, the technology and methodology at our disposal today can
deliver worthwhile anomalous results that in some cases can revive and create
value from a previously dormant goldfield.
There is a palpable sense of excitement among our team of geologists as
interpretation of the extensive exploration work achieved this year is now
slowly revealing the area mineralisation and considerable potential for
development.
The supporting Australian team is now on a brief holiday period, returning to
full working capacity on the 4(th) and 5(th) of January 2022. We will still be
receiving assay results from recent drilling surrounding BH3DD009, 010 and 011
over the holiday period. On our return to work, the team will prioritise to
drill through Anomaly A to reveal if mineralisation is similar to BH3DD009,
010 and 011. Pending results for current drilling, the rig will then finish
off testing the upper end of the Maori Reef Anticline before proceeding to
test Anomalies B, C and D.
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) 20 7220 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
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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