REG-ECR Minerals plc Multiple High Grade Gold Intercepts from hole BH3DD034 at HR3, Bailieston Victoria
08/06/2022 07:15
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Multiple High Grade Gold Intercepts from hole BH3DD034 at HR3, Bailieston
Victoria
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
Multiple High Grade Gold Intercepts from hole BH3DD034 at HR3, Bailieston
Victoria
ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce a progressive update from
drilling at HR3, Bailieston with high gold intercepts received for hole
BH3DD034. Visible gold was previously announced from this hole (see
announcement dated 14(th) March 2022
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.londonstockexchange.com%2Fnews-article%2FECR%2Fvisible-gold-identified-at-hr3-progress-of-drilling-continues-into-the-maori-anticline-target%2F15365856&esheet=52742581&newsitemid=20220607006202&lan=en-US&anchor=see+announcement+dated+14th+March+2022&index=1&md5=b9a3627d67a3844d7084b319808c1cba)
)
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 CEO Andrew Haythorpe commented: “This is an outstanding result, capably
executed and delivered by Adam and the drill team. As a geologist myself,
along with the team, I am excited by the continuity of grade and the manner in
which the Maori Anticline is further revealing itself through each assay
result. There is clearly much more to come.”
ECR Chairman David Tang added: “There is a palpable sense of excitement at
ECR Minerals as the intensive drilling campaign across our Victoria assets is
now, despite the delays in assay processing, yielding consistently high gold
grades. I am delighted for Adam and the team – this exceptional result today
and the continuity of grade between Zone 2 and Zone 3 could well indicate a
significant find. We look forward to the remaining assay results from the
adjacent holes.”
HIGHLIGHTS:
* Drillhole BH3DD034 returned four high gold grade intercepts at drilled depths;
(0.3m@ 20.34 g/t Au from 18.2m), (0.65m @ 13.02 g/t Au from 54.2m), (0.3m @
10.59 g/t Au from 97.9m) and (0.25m @ 45.0 g/t Au from 149.2m).
* Visible gold recorded at 149.2m depth.
* Mineralised zones show continuity to adjacent previously drilled intercepts in
hole BH3DD019.
The links to three figures that will be referenced in the following comments
can be found here;
Fig 1:
https://www.ecrminerals.com/images/2022/fig1_BH3DD034_section_220606.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig1_BH3DD034_section_220606.png&esheet=52742581&newsitemid=20220607006202&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig1_BH3DD034_section_220606.png&index=2&md5=076865ae2724735ae063568662dec08a)
Fig 2: https://www.ecrminerals.com/images/2022/fig2_BH3DD034_Plan_220606.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig2_BH3DD034_Plan_220606.png&esheet=52742581&newsitemid=20220607006202&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig2_BH3DD034_Plan_220606.png&index=3&md5=0375db1fcf5d38df77a9b2bba34591b7)
Fig 3:
https://www.ecrminerals.com/images/2022/fig3_BH3DD034_Best_Intercepts.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig3_BH3DD034_Best_Intercepts.png&esheet=52742581&newsitemid=20220607006202&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig3_BH3DD034_Best_Intercepts.png&index=4&md5=004e507424ca1cbd58a8581e510e6efe)
BH3DD034
Hole BH3DD034 was one of four holes completed as follow-up drilling to
previously announced hole BH3DD019 (see announcement dated 2(nd) March 2022
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.londonstockexchange.com%2Fnews-article%2FECR%2Fdrilling-continues-to-extend-gold-mineralisation-within-the-maori-reef%2F15349792&esheet=52742581&newsitemid=20220607006202&lan=en-US&anchor=see+announcement+dated+2nd+March+2022&index=5&md5=5d1040267eb6f85db096a32dde0ba07a)
), where four mineralised ‘zones’ were identified down-hole. The location
of this drilling is shown at the top of the plan in fig 2 (linked above). To
date, drilling and geological logging has been completed with assay results
pending for complimentary adjacent drillholes BH3DD032, BH3DD033 and BH3DD035.
Hole BH3DD034 was drilled between the 4(th) and 11(th) of April 2022, and
finished at a total drilled depth of 167.5m. Drilling was completed over six
working days averaging 28m per day, which includes mobilisation and setup
time. Progress was initially hampered by water loss and broken ground within
the first 100m of drilling.
Visible gold was reported at a depth of 149.2m, hosted within a narrow bedded
laminated quartz vein. Gold specks up to a particle size of 2mm are present.
This vein resulted in an intercept of 0.25m @ 45.0 g/t Au. The immediate wall
rock either side of this vein is supported by low, sub-gram gold grades
representing a mineralised drilled interval of 6.7m @ 2.13 g/t Au from 146.3m.
Three other mineralised zones have been identified further up-hole including
0.3m @ 20.34 g/t Au from 18.2m, 0.65m @ 13.02 g/t Au from 54.2m and 0.3m @
10.59 g/t Au from 97.9m. Each mineralised zone is approximately spaced
throughout the drilled hole depth (see fig 1).
Arsenopyrite (sulphide) crystals in the shape of small lathes and needles were
seen within the high-grade interval at 97.9m. Sulphides crystallised in this
manner are known to be associated with good gold values, such as those at
nearby deposits located at Nagambie and the Fosterville Fault zone.
ECR Geologists have linked some of the four mineralised zones in BH3DD034 to
similar zones in hole BH3DD019. Intercepts in hole BH3DD019 are within 50m to
the south of intercepts in BH3DD034. Details of the link between mineralised
zones can be seen in fig 1. In particular, we have noted the continuity of
grade between Zone 2 in BH3DD019 and Zone 3 in BH3DD034. Due to the broken
nature of these intercepts, a clear understanding of the dip of mineralisation
is not well understood at this stage. The laminated texture of the quartz and
the relationship of the angle of quartz intercepts to bedding planes infers
that the mineralised zone is likely to be bedding parallel in nature. The
veins reside in the hanging-wall of a narrow fault where bedding dip angles
change dramatically. This fault contains low gold mineralisation.
Table 1. Summary of drill intercepts containing reportable levels of gold
greater than 0.1 g/t Au for BH3DD034 (*highlights in bold).
BH3DD034
From (m) To (m) Grade (g/t Au) Interval (m) Comment
3 3.5 0.39 0.5
11 11.3 0.26 0.3
18.2 18.5 20.34 0.3 Zone 1
18.5 19.5 0.21 1 Zone 1
20.5 21.5 0.18 1 Zone 1
25.5 26 0.17 0.5 Zone 1
26.5 27.5 3.46 1 Zone 1
33 34 0.79 1
34 35 0.39 1
35 36 0.35 1
36 36.6 0.50 0.6
36.6 37 0.31 0.4
37 37.3 0.46 0.3
37.3 38.1 0.57 0.8
38.1 39 0.21 0.9
39 39.5 1.66 0.5
39.5 40 0.53 0.5
46.1 46.6 0.28 0.5
46.6 47.2 0.30 0.6
50.7 51.3 0.14 0.6 Zone 2
51.6 52 0.17 0.4 Zone 2
52 53 0.15 1 Zone 2
53 53.5 0.30 0.5 Zone 2
53.5 54.2 0.24 0.7 Zone 2
54.2 54.85 13.02 0.65 Zone 2
56.5 57 0.19 0.5
58.2 58.7 0.18 0.5
71.6 72.25 0.98 0.65
72.8 73.4 0.16 0.6
80.2 81 0.22 0.8
81 81.6 0.41 0.6
97.2 97.5 0.50 0.3 Zone 3
97.5 97.9 0.60 0.4 Zone 3
97.9 98.2 10.59 0.3 Zone 3 (Arsenopyrite Needles)
98.2 98.75 0.26 0.55 Zone 3
99.4 100 0.13 0.6 Zone 3
105.5 106 0.34 0.5
146.3 146.6 0.62 0.3 Zone 4
146.6 147 0.46 0.4 Zone 4
147 147.8 0.17 0.8 Zone 4
147.8 148.2 0.58 0.4 Zone 4
148.2 148.6 1.92 0.4 Zone 4
148.6 149.2 0.49 0.6 Zone 4
149.2 149.45 45.0 0.25 Zone 4 (Visible Gold)
149.45 150 0.43 0.55 Zone 4
150 150.5 0.83 0.5 Zone 4
150.5 151 0.36 0.5 Zone 4
151 152 0.25 1 Zone 4
152 153 0.14 1 Zone 4
LOOKING FORWARD STATEMENTS
With the results of BH3DD034 now received, the board eagerly awaits the
results of adjacent holes BH3DD032, BH3DD033 and BH3DD035. Despite the narrow
nature of the reported mineralised zones, there is high optimism for
continuity of mineralisation as seen currently by the correlating intercepts
between hole BH3DD019 and BH3DD034.
It is becoming clear the fold hinge (termed the ‘Maori Anticline’) hosts
multiple narrow faults and bedded veins that host gold-antimony arsenic
(stibnite) mineralisation. Heading south from BH3DD034 toward the intersection
of the Maori Reef with the Hard-Up Reef, drilling is now complete for hole
BH3DD038. Logging is nearly complete, with samples already in waiting for
completion of assays at the laboratory. Similar mineralised zones as seen in
BH3DD034 have been identified in the latest drilling and the Company is
looking forward to publishing these results in due course. The mineralised
system is open immediately to the north of BH3DD034 and it is with this
understanding that a complimentary drillhole will be undertaken within this
vicinity.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Technical Director of
Exploration at 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=52742581&newsitemid=20220607006202&lan=en-US&anchor=www.ecrminerals.com&index=6&md5=f8fc873be970f57cb7ced3d622ece2a5)
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
BlytheRay 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=52742581&newsitemid=20220607006202&lan=en-US&anchor=https%3A%2F%2Fmercatorgold.com.au%2F&index=7&md5=1740e429006126c1a9e5de28d60edfc7)
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=52742581&newsitemid=20220607006202&lan=en-US&anchor=https%3A%2F%2Fluxexploration.com%2F&index=8&md5=f9afbe4b03e97000727f17106f98852f)
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 70% 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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