REG-ECR Minerals plc Re-assay of Creswick Diamond Drill Core Reveals High Grade Results Including 0.7m @47.75 g/t Au
19/10/2022 07:15
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Re-assay of Creswick Diamond Drill Core Reveals High Grade Results Including
0.7m @47.75 g/t Au
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
Re-assay of Creswick Diamond Drill Core Reveals High Grade Results Including
0.7m @47.75 g/t Au
ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce results from a re-assay of
selected diamond drill core from the Creswick diamond drilling program
completed in 2021.
ECR Minerals plc has 100% ownership of the Creswick Project within licence
area (EL006184), which resides 14km north-east of the City of Ballarat,
Victoria, Australia. The Company is exploring a number of parallel-gold
mineralisation trends that are believed to extend 10km south towards Ballarat
through two other tenements in hand, respectively (EL006907) and (EL006713).
Licence EL006907 is approved for commencement of work whilst the EL006713
application has been accepted and is awaiting final approval from the Victoria
State Government, at this stage there can be no guarantee that this licence
will be granted but the Directors have every expectation it will be. All
Creswick tenements are operated by the 100% owned Australian subsidiary
company Mercator Gold Australia Pty. Ltd.(” MGA”).
ECR CEO Andrew Haythorpe commented: “On behalf of the board, we are
delighted that a programme to retest the 2021 Creswick drill core has yielded
these exceptionally good gold grades. On my visit to the Creswick tenements
with Adam Jones earlier this year, I saw the potential on the ground for
myself, and it was this that convinced me that our plan to retest the Creswick
core samples was well justified.”
“The Board believes Creswick to be a valuable asset with great potential. We
look forward to reporting back with the soil sample lab results and subsequent
action plan in the coming weeks.”
HIGHLIGHTS
* Duplicate sampling of selected quartz-mineralised intercepts from the diamond
drilling campaign of 2021 shows significant increase in reportable gold grades
including;
* 0.7m @ 47.75 g/t Au from 147m in hole CSD001.
* 1.1m @ 6.13 g/t Au from 98m in hole CJD002.
* 1m @ 3.9 g/t Au from 86.5m, also in hole CJD002.
* Results from duplicate samples reveal the high variability of coarse gold
present at Creswick.
* Sampling protocols are proving to be the right strategic method for continuing
a sound and aggressive exploration method at Creswick.
* Ongoing surface exploration in the immediate area is testing for follow-up
drill targets.
Link to a plan of the diamond drilling in 2021 can be found here in Figure 1:
https://www.ecrminerals.com/images/2022/fig1_Creswick_DD2021_Re-assay_221018.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig1_Creswick_DD2021_Re-assay_221018.png&esheet=52947964&newsitemid=20221018006342&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig1_Creswick_DD2021_Re-assay_221018.png&index=1&md5=65b3e6b1c2a6b97456726de41c42e862)
BACKGROUND
ECR Minerals completed a 16-hole diamond drill program on EL006184 during
2021. A total of 3433 metres of HQ sized, orientated diamond core was drilled.
The location of the diamond drilling can be seen in Figure 1 above. As per
standard industry practice, the original samples were half-sawn and submitted
into the Gekko Laboratory, Ballarat to undergo bulk Leachwell analysis and
fire-assay for gold content. The remnant other half of the sampled core is
kept and preserved for future reference. The erratic and coarse nuggety nature
of the gold particle size at Creswick was known from previous sampling
campaigns in 2019 (see RNS ‘Update on Creswick Gold Project, Victoria,
Australia dated 5 November 2019 here
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fpolaris.brighterir.com%2Fpublic%2Fecr_minerals_plc%2Fnews%2Frns%2Fstory%2Fr7o0dvx&esheet=52947964&newsitemid=20221018006342&lan=en-US&anchor=here&index=2&md5=25904b2cadbf3886f6842b2912e0403e)
), where bulk sampling of RC Drilling residues showed the presence of coarse
gold that was missed from initial sampling and subsequently improved the gold
grades. With this knowledge, selected remaining half-core samples (known as
duplicates) from the 2021 diamond drill campaign were recently submitted for
further analysis.
DUPLICATE RESULTS
As suspected, the results from duplicating the diamond drilling also show high
variability in gold grades. The best result came from duplicating a 70cm
sample that originally assayed at 0.1 g/t Au in hole CSD001 from 147m drilled
depth. In this case the duplicate returned 0.7m @ 47.75 g/t Au. Other results
of note include 1.1m @ 6.13 g/t Au (originally assayed at 0.15 g/t Au) from
98m depth in hole CJD002. It must be also pointed out that some of the
high-grade gold results in the original sampling did not replicate with the
follow up duplicate samples. The Directors view this disparity as a positive
sign, believing that it further confirms the nature of the coarse, high-grade
gold style of mineralisation previously encountered. A full list of all
duplicate results is listed in Table 1 below.
Table 1. Full list of all gold results (g/t Au) from the duplicate sampling of
the 2021 diamond drilling campaign. A comparison of the duplicate assays to
the original assays is shown by a positive or negative difference.
HoleID From (m) To (m) Length(m) Original Assay (g/t Au) Duplicate Assay (g/t Au) Difference (g/t Au)
CJD001 254.6 255 0.4 0.11 0.04 -0.07
CJD001 324 324.5 0.5 0.54 0.04 -0.5
CJD001 325.5 326 0.5 0.11 0.04 -0.07
CJD002 8 9 1 0.2 0.04 -0.16
CJD002 55.4 56.5 1.1 0.34 0.05 -0.29
CJD002 78.5 79.1 0.6 2.99 0.06 -2.93
CJD002 79.1 80.1 1 0.26 0.04 -0.22
CJD002 83.4 84.4 1 0.19 0.24 0.05
CJD002 86.5 87.5 1 0.15 3.9 3.75
CJD002 93.6 94.6 1 0.75 1.69 0.94
CJD002 98 99.1 1.1 0.15 6.13 5.98
CJD002 109.4 110.4 1 0.13 0.17 0.04
CJD002 214.9 215.4 0.5 0.13 0.04 -0.09
CSD001 12.3 12.55 0.25 0.19 0.04 -0.15
CSD001 43.15 44.15 1 0.23 0.04 -0.19
CSD001 58.2 59.1 0.9 0.92 0.04 -0.88
CSD001 86 87 1 0.13 0.3 0.17
CSD001 131.9 132.9 1 9.68 0.81 -8.87
CSD001 147 147.7 0.7 0.1 47.75 47.65
CSD001 147.7 148.7 1 0.25 0.04 -0.21
CSD001 205.65 206.45 0.8 0.11 0.04 -0.07
CSD001 206.45 207.4 0.95 0.14 0.18 0.04
CSD001 211.95 212.45 0.5 0.11 0.06 -0.05
CSD001 224.9 225.9 1 0.1 0.04 -0.06
CSD001 225.9 226.9 1 0.12 0.04 -0.08
CSD001 226.9 227.9 1 0.11 0.04 -0.07
CSD001 231.4 232.45 1.05 0.11 0.04 -0.07
CSD001 240 241.05 1.05 0.37 0.61 0.24
CSD001 257.3 257.7 0.4 0.26 0.04 -0.22
CSD002 65.9 66.5 0.6 0.22 0.04 -0.18
CSD002 99.9 100.8 0.9 0.2 0.04 -0.16
CSD002 173.1 174.1 1 4.78 0.04 -4.74
CSD002 178.7 179.2 0.5 0.16 0.04 -0.12
CSD002 179.55 179.85 0.3 0.19 0.04 -0.15
CSD002 179.85 180.2 0.35 0.39 0.05 -0.34
CSD002 182.1 183.1 1 0.11 0.04 -0.07
CSD003 84.2 85.15 0.95 9.93 0.04 -9.89
CSD003 89.05 90 0.95 23.58 1.45 -22.13
CSD004 125.7 126.7 1 0.18 0.04 -0.14
CSD005 84 85 1 0.22 0.04 -0.18
CSD005 91.8 92.3 0.5 0.16 0.04 -0.12
CSD005 94.32 95.3 0.98 0.13 0.04 -0.09
CSD007 26 27 1 0.15 0.04 -0.11
CSD007 67.6 68.2 0.6 0.16 0.04 -0.12
CSD007 233 233.5 0.5 0.1 0.04 -0.06
CSD007 233.5 234.5 1 0.11 0.04 -0.07
CSD008 26.4 27.1 0.7 0.45 0.04 -0.41
CSD008 27.1 27.9 0.8 0.69 1.29 0.6
CSD009 88.3 88.7 0.4 0.28 0.27 -0.01
CSD009 149.7 151 1.3 0.21 0.26 0.05
CSD011 62 62.5 0.5 0.29 0.35 0.06
CSD011 71 72 1 0.12 1.99 1.87
CSD012 113 113.5 0.5 0.61 0.04 -0.57
CSD013 80.5 81.5 1 1.98 1.51 -0.47
CSD014 18.4 19.4 1 0.14 0.88 0.74
CSD014 19.4 20.4 1 0.12 0.16 0.04
CSD014 55.8 56.4 0.6 0.24 0.32 0.08
SUMMARY
As with the results from the 2019 bulk sampling testing, our results also
prove the gold at Creswick is coarse and erratic, and as a result
mineralisation sampling protocols must take these factors into account. Poor
sampling practices could potentially jeopardise a gold project such as
Creswick, so armed with this knowledge, previous results from past exploration
companies could reveal new opportunities for missed targets.
The Directors believe that in addition to the presence of gold in drilling
samples, the erratic nature of mineralisation at Creswick means that gold can
also be found in soil and rock chip samples. Recently a suite of soil samples
was submitted to the laboratory to test different sampling methodologies. The
results will help decide if one (or multiple) methods will be used to target
blind gold outcrops for follow-up drilling. Now the backlog in receiving lab
samples has been dealt with, the Directors expect these sample results very
soon.
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
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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
Brand Communications Tel: +44 (0) 7976 431608
Public & Investor Relations
Alan Green
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 six licence applications outstanding which includes
one licence application lodged in eastern Victoria. (Tambo gold project). MGA
is currently drilling at the Bailieston Blue Moon Project (EL5433) and
undertaking geochemical exploration on the Creswick (EL6148) project 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 approved exploration permits covering 946 km(2)
over 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 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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