REG-ECR Minerals plc Highest Grade Gold Intercept yet Revealed Below Soil Anomaly at HR3, Bailieston

ECR MineralsAnnouncement

22/04/2022 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220422:nBw3xJybHa&default-theme=true


Highest Grade Gold Intercept yet Revealed Below Soil Anomaly at HR3,
Bailieston

 

ECR MINERALS plc

(“ECR Minerals”, “ECR” or the “Company”)

Highest grade Gold intercept yet revealed below Soil Anomaly at HR3,
Bailieston

ECR Minerals plc (LON: ECR), the gold exploration and development company
focussed on gold exploration in Australia, is pleased to provide an update on
drilling at HR3 including the highest grade Gold intercept yet below the soil
anomaly drilled by hole BH3DD027.

ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433) which
contains the gold prospects known as HR3, Cherry Tree, Blue Moon and Black
Cat. The projects are operated by ECR’s Australian wholly owned subsidiary
Mercator Gold Australia Pty Ltd (“MGA”).

ECR Chairman David Tang commented: “A significant amount of work has gone
into the drilling programme at HR3, and I am delighted that having seen
encouraging and consistent gold grades in the assay results to date, today’s
result has provided our best intercept yet. Our team hoped that the ground
under Hard-Up Reef would reveal a solid result – and it didn’t
disappoint!”

“I look forward to working with our new CEO Andrew Haythorpe and Geologist
Adam Jones as we build the results from BH3DD027 into the Maori Anticline
target model.”

ECR CEO Andrew Haythorpe added: “As the new CEO my work for the next few
weeks entails getting my feet under the proverbial desk. Regardless, given my
previous experience as geologist and mining company CEO, along with David and
Adam I am very pleased to see the HR3 prospect return the best assay result to
date. I look forward to speaking with shareholders as the year progresses.”

HIGHLIGHTS:


 * ECR Minerals has received the highest single assay result to date from the
drilling at Bailieston with 0.2m @ 52.5 g/t Au from 126.3m depth in hole
BH3DD027 (reported drilled thickness).

 * Hole BH3DD027 represents assays received from the first of two holes initially
drilled into the Hard-Up Reef underneath a previously identified soil anomaly.

 * Drilling continues in HR3 (Bailieston) strengthening the Maori Anticline
target model with multiple narrow mineralised structures observed.

The following statements can be referenced to the following link, a plan
showing the location of hole BH3DD027 and recently drilled targets awaiting
results;

https://www.ecrminerals.com/images/2022/Fig1_220421
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2FFig1_220421&esheet=52693849&newsitemid=20220421006149&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2FFig1_220421&index=1&md5=f01ef310bda18cd9039d08d820b4f8f8)

BH3DD027

ECR Minerals announced the identification of four soil anomalies respectively
named (A, B, C and D) in the vicinity of the projected Scoulers and Hard-Up
Reef lines (see RNS dated 23(rd) December 2021 “Bailieston (HR3) Soil
Sampling Strengthens Mineralisation Model”). Two initial drillholes
(BH3DD026 and BH3DD027) were drilled underneath soil anomaly ‘A’. Results
for hole BH3DD027 have now been received with the results pending for
BH3DD026.

ECR is both pleased and proud to report the best gold intercept to date at
Bailieston with 0.2m @ 52.5 g/t Au from 126.3m depth (BH3DD027). This
intercept is supported by lower grade foot-wall and hanging-wall
mineralisation located between 124 metres and 127 metres drilled depth.
Geological interpretation confirms this mineralisation coincides with the
Hard-Up Reef. Visible Antimony sulphide (Stibnite) is also present within the
shear zone. The best intercept of 52.5 g/t Au ties in with a laminated quartz
vein with a stibnite-sulphide shear zone grading at 1.76 g/t Au. All anomalous
grades are reported in Table 1 below.

Although mineralisation between 124 metres and 127 metres has a represented
drilled width of 3 metres, the low-dip angle of mineralisation to the drill
core represents the true width of mineralisation at approximately 0.79 metres,
demonstrating that at least some of the mineralisation at HR3 will likely be
of a high-grade, narrow-vein style gold deposit.

Table 1. Summary of drill intercepts containing reportable levels of gold
greater than 0.1 g/t Au for BH3DD027 (*highlights in bold).

BH3DD027
 From   To     Grade      Interval (m)  Comment                           
               
(g/t Au)                                                  
 35.7   36.4   0.41       0.7                                             
 49.8   50.8   0.19       1                                               
 65     65.75  0.23       0.75                                            
 88.2   89     0.43       0.8                                             
 124    124.6  0.13       0.6                                             
 124.6  125    0.58       0.4                                             
 125    125.6  0.51       0.6           Start of mineralised zone         
 125.6  125.9  0.47       0.3                                             
 125.9  126.3  1.76       0.5           Shear Zone with visible Stibnite  
 126.3  126.5  52.50      0.2           Visible Stibnite (Hard-Up Reef)   
 126.5  127    1.57       0.5           End of mineralised zone           


CHANGE OF ASSAY METHOD

Visible Stibnite (Antimony Sulphide) has been observed to occur in some of the
drillholes into the Maori Anticline. As gold has been the primary mineral of
interest, earlier assay results from the drilling have not been analysed for
the Antimony content. Until recently, the preferred assay method has been to
leach the bulk 2 kg drill sample using a cyanide solution. This is followed by
fire assay of the residual tails from the solution, thereby tracing any
potential undissolved coarser gold particles. With the increasing importance
of Stibnite, the Company has refined the assay method to include such metals
as Antimony. Additionally, all samples will have an initial 50g fire assay
with only bulk leaching amendable to samples that show trace gold levels. This
will save costs and speed up results without compromising quality of the
assay.

CURRENT DRILLING PROGRESS

Drilling has now been completed into selected zones of both the upper and
north end of the known Maori Reef. Geological logging is confirming our
understanding of the Maori Anticline and how the main Reef systems consist of
narrow stibnite-sulphide veining propagating up through the fold. Recently
drilled BH3DD034 suggests gold mineralisation is still open along strike to
the north. Assay results from this drilling will assist in follow-up drilling
as needed.

Currently, the drilling programme is designed to investigate Scoulers Reef and
associated soil anomalies which run along strike, parallel to the Maori
Anticline. Some of the drillholes will be extended to target the Maori
Anticline at depth to aid geological interpretation.

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                                                                                                                                                                                                                                                 
 Andrew Haythorpe, 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=52693849&newsitemid=20220421006149&lan=en-US&anchor=www.ecrminerals.com&index=2&md5=2389ef4064c25a7dd6b390bb32ac70f2)                                                              
                                                                                                                                                                                                                                                                                    
 WH Ireland Ltd                                                                                                                                                                                                                                          Tel: +44 (0) 207 220 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/
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fmercatorgold.com.au%2F&esheet=52693849&newsitemid=20220421006149&lan=en-US&anchor=https%3A%2F%2Fmercatorgold.com.au%2F&index=3&md5=c114e84af396504a5335caf93277fd3d)

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/
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fluxexploration.com%2F&esheet=52693849&newsitemid=20220421006149&lan=en-US&anchor=https%3A%2F%2Fluxexploration.com%2F&index=4&md5=0402c203d1254b46d6c21611c31b143a)

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.



View source version on businesswire.com:
https://www.businesswire.com/news/home/20220421006149/en/
(https://www.businesswire.com/news/home/20220421006149/en/)

ECR Minerals plc


Copyright Business Wire 2022