REG-ECR Minerals plc High-Grade Drilling Results – Bailieston Gold Project, Victoria Goldfields, Australia
20/04/2021 09:05
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High-Grade Drilling Results – Bailieston Gold Project, Victoria Goldfields,
Australia
20 April 2021
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
HIGH-GRADE DRILLING RESULTS – BAILIESTON GOLD PROJECT, VICTORIA GOLDFIELDS,
AUSTRALIA
ECR Minerals plc (LON: ECR), the gold exploration and development company, is
pleased to announce high-grade drilling results from the Bailieston gold
project in the Victoria Goldfields, Australia. The Bailieston project is 100%
owned by ECR’s wholly owned Australian subsidiary Mercator Gold Australia
(“MGA”).
Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “These
are the first results generated by our new drilling rig, and to our knowledge
they are also the first diamond drilling results ever obtained from the HR3
area. The extra geological insight afforded by diamond drilling will be of
great use in vectoring further work, and this is an advantage which previous
explorers have not had.
As is to be expected with early-stage exploration drilling, not all holes
reported today have intersected significant gold mineralisation, but we are
very encouraged by the fact that BH3DD001 returned two high-grade intercepts,
including one of 0.5 metres at 19 g/t gold, and all holes have provided data
which will feed into our evolving geological model for the area. Drilling is
continuing and we look forward to reporting the next round of results.
We remain as excited as ever about the potential of the Bailieston gold
project, which is located around 30 kilometres from the Fosterville gold mine
owned by Kirkland Lake Gold and which includes the Blue Moon gold discovery
confirmed by high-grade results from previous drilling by ECR.”
HIGHLIGHTS:
* Five diamond drillholes across the Historic Reserve #3 (HR3) area covering the
Byron and Maori reef lines have been completed for a total of 1082m. Drilling
at Byron shows west dipping sediments whereas drilling at Maori intersected
all east (and south-east) dipping beds, indicating the possibility of
anticline-related gold mineralisation between the two reefs.
* Drilling of BH3DD006 is currently in progress to test a hypothesised anticline
that may exist in the vicinity of the Dan Genders-Scoulers line of workings.
Historic shallow gold workings may be small reefs linking and coalescing to a
much larger fault related anticline system at depth.
* Drilling to date has been on the periphery of a central mineralised system
(Byron and Maori Reef lines). Drilling has been through mostly shales, however
sandy bedding, which is best for brittle vein development is expected to be
more likely in the central part of the HR3 goldfield.
* Drillhole BH3DD001 into the Byron Reef returned a high-grade intersection of
0.5m @ 19 g/t Au from 110.9m downhole. Furthermore, a potentially new
mineralised system was intersected at 157m (1m @ 4.25 g/t Au). Rubbly quartz
from this same intersection assayed 21.1 g/t Au.
* Drilling of BH3DD005 into the Maori Reef shows an increase in sandy bedding
and sulphide development compared to the Byron Mine area. Final assay results
for this hole are pending.
* Geochemical soil sampling has been completed over half of the HR3 goldfield.
Some 720 samples have been taken with 229 samples currently being analysed for
key gold pathfinder elements, and these results will assist with drill
targeting.
SUMMARY OF DRILLING TO DATE
(fig. 1) - Plan showing locations of 2021 drilling, historical gold workings
and reef lines.
https://www.ecrminerals.com/images/0421fig1.jpg
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F0421fig1.jpg&esheet=52414679&newsitemid=20210420005550&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F0421fig1.jpg&index=1&md5=540ec5aa696591456bf0ce9290f1f9c4)
BYRON REEF
908m of the 1082m total drilling to date has been drilled into the Byron Reef
surrounding the historic Byron Mine. Production records show the Byron Mine to
have produced a total of 8698 tonnes for 4416 oz (average 15.5 g/t Au),
indicating it was the biggest producer within the HR3 goldfield. On this basis
and considering the relative ease of drilling access at Byron, holes BH3DD001
to BH3DD004 were drilled into this reef.
BH3DD001
This hole was designed to test the down-dip mineralisation underneath the
historic Byron Mine and understand the structural context of the orebody. The
target (Byron Main Reef) intersected a milky, massive-vuggy quartz reef with
laminated margins, 5.3m in apparent thickness. A visible speck of gold was
seen when sampling the core. Results show the laminated hanging-wall portion
of this reef contains the gold with assay returning (0.5m @ 19.0 g/t Au) from
110.9m. The massive-vuggy portion of the reef did not return gold.
Additionally, a newly discovered potential mineralised position occurs in
thin, overturned sands containing perpendicular veins that returned (1m @ 4.25
g/t Au) from 157m. Furthermore, cave-in (rubbly quartz) resulting from a drill
bit change within these veins at the same depth of 157m returned 21.1 g/t Au.
Drilling continued into the footwall of the reef to end of hole at 296.6m
depth. The entire hole was drilled down the western limb of a large anticline,
likely to exist at an unknown distance to the east. A parallel reef system
known as ‘Scoulers Reef’ may be situated on such an anticline.
BH3DD002
BH3DD002 was drilled to test the vertical down-dip extension of the Byron Main
Reef intersected in BH3DD001. The reef was drilled through at 144m down hole
where the vein had narrowed to 25cm in width. Assay results show no
significant intercepts with gold below the detection limit (BDL). There is 40m
in vertical difference between the reef intersection in BH3DD001 and BH3DD002.
Drilling continued to test the hypothesis that the reef may be
bedding-parallel and be dipping back under eastwards, however no additional
quartz related mineralisation was intersected. No sulphides were visible and
portable XRF (pXRF) readings failed to identify any significant pathfinder
elements in the quartz or surrounding wall-rock. This hole ended at 242.5m
depth.
(fig. 2) - Geological interpretation and best results are shown.
https://www.ecrminerals.com/images/0421fig2.jpg
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F0421fig2.jpg&esheet=52414679&newsitemid=20210420005550&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F0421fig2.jpg&index=2&md5=0645bdf49460621a265daa43a34aedda)
BH3DD003
BH3DD003 was designed to test the hypothesised down-plunge shoot extension of
the Byron Main Reef to the north of BH3DD001 and BH3DD002. In reference to the
deepest known historical workings in the Byron Mine on long-section and the
down-dip direction of mined stopes, the productive mineralised portion of the
reef, known as a ‘shoot’ possibly plunges to the north (fig. 3). The reef
was intersected at 126.3m downhole where flexures in the bedding caused a
large body of quartz-sulphide development. This mineralisation continued to
147.5m. Best results were 0.8m @ 1.19 g/t Au from 135.8m depth.
https://www.ecrminerals.com/images/0421fig3.jpg
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F0421fig3.jpg&esheet=52414679&newsitemid=20210420005550&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F0421fig3.jpg&index=3&md5=63cbf6cd9bf5f68de42cc10c53e393e5)
BH3DD004
BH3DD004 was drilled to test the vertical extent of the large quartz-sulphide
dilation intersected in BH3DD003. The conclusion of this drillhole, as with
BH3DD002, was that the width of the Byron Reef narrows and has no grade
continuity at this depth.
(fig. 4) - Geological interpretation of BH3DD003 and BH3DD004 shown.
https://www.ecrminerals.com/images/0421fig4.jpg
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F0421fig4.jpg&esheet=52414679&newsitemid=20210420005550&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F0421fig4.jpg&index=4&md5=0c63d63e4ecbeb3f60e3010cbba63511)
MAORI REEF
BH3DD005
BH3DD005 was designed to test the structural context of the Maori Reef.
Bedding is shown to be dipping towards the east and south-east directions.
Between 76 and 151 metres the host rocks are more sand dominated and below
this zone a 40cm wide laminated quartz vein was intersected. This hole was
drilled to a final depth of 174.3 metres. Assays results are pending for this
hole.
ANTICLINE HYPOTHESIS
BH3DD006
Drilling to date covers the western and eastern boundaries of the currently
known mineralisation within the HR3 goldfield. Geological observations of
drilling to date confirms the lithology of the bedding to be more sand
dominant in the vicinity of the Maori Reef. Bedding dips towards the west at
the Byron Mine and dips east to south-east at the Maori Reef, suggesting a
main anticline hinge zone to exist between these two reef lines. It is likely
the north-west striking Dan Genders Reef and Scoulers Reef systems may be
linked to a potential larger anticline-system at depth. (refer to fig. 1 for
reef locations). Similar anticline-related faulting is seen at the nearby old
Bailieston open pit (located 2.8km to the north) and characteristic elsewhere
in Central Victoria. BH3DD006 is currently being drilled across strike of the
Dan Genders Reef to test this hypothesis.
(fig. 5) – Hypothesised Central Anticline Model.
https://www.ecrminerals.com/images/0421fig5.jpg
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F0421fig5.jpg&esheet=52414679&newsitemid=20210420005550&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F0421fig5.jpg&index=5&md5=4247cb797a9f3624b9002bee9537a2a2)
Table A Details of current drilling and significant intercepts to date (April
2021).
HOLE ID EASTING (GDA NORTHING (GDA DIP AZIMUTH (True North) TOTAL DEPTH (metres) SIGNIFICANT INTERCEPTS
Zone 55) Zone 55)
BH3DD001 326313 5931394 -60 060 296.6 0.5m @ 19.0 g/t Au from 110.9m
1m @ 4.25 g/t Au from 157m*
*rubbly quartz from this zone re-assayed 21.1 g/t Au
BH3DD002 326313 5931394 -70 060 242.5 No significant intercepts (below detection limit)
BH3DD003 326313 5931394 -60 023 165.6 0.8m @ 1.19 g/t Au from 135.8m
BH3DD004 326313 5931394 -67 023 203 No significant intercepts
All samples were assayed by Gekko Systems Pty Ltd in Ballarat, Australia.
Review of Announcement by Qualified Persons
The Exploration Results in this report have been compiled by Adam Jones and Dr
Rodney Boucher.
Adam Jones is a Member of the Australian Institute of Geoscientists (MAIG).
Adam Jones has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration, and to the activity
which he is undertaking, to qualify as a Competent Person as defined in the
2012 edition of the “Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves”. He consents to the inclusion in this
report of these matters based on the information in the form and context in
which it appears.
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 Regulation
(EU) No. 596/2014 (MAR) (as in force in the United Kingdom pursuant to the
European Union (Withdrawal) Act 2018). 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
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WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
Katy Mitchell/James Sinclair-Ford
SI Capital Ltd Tel: +44 (0)1483 413500
Joint Broker
Nick Emerson
Novum Securities Limited Tel: +44 (0) 20 7399 9400
Joint Broker
Jon Belliss
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly
owned Australian subsidiary Mercator Gold Australia Pty Ltd has 100% ownership
of the Bailieston and Creswick gold projects in central Victoria, Australia,
and two license applications lodged in eastern Victoria for the Tambo Gold
project. ECR is currently drilling high priority targets on the Bailieston
gold project using the Company’s own diamond drill rig, backed by a support
network at the company's central Victoria HQ at Bendigo. ECR 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), ECR 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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