REG-ECR Minerals plc Update on Drilling Progress at (HR4) ‘Cherry Tree’
25/10/2021 08:10
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Update on Drilling Progress at (HR4) ‘Cherry Tree’
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
Update on Drilling Progress at (HR4) ‘Cherry Tree’
ECR Minerals plc (LON: ECR), the gold exploration and development company
focussed on gold exploration in Australia, is pleased to update shareholders
on drilling progress at historic reserve number 4, otherwise known as
‘Cherry Tree’, which is part of the Company’s Bailieston Project.
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”).
Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “I am
delighted to announce a significant step forward for the Bailieston project,
with the near completion of drilling at HR4 (Cherry Tree). With 1545 metres of
diamond drilling completed as shown in Fig 1, MGA now have a more detailed
understanding of the prospect, proving up the historic percussion drilling
results that showed broad low-grade mineralisation zones with occasional
high-grade intercepts.”
“Once the final HR4 drill hole has been completed, MGA will return to
complete drilling at the HR3 ‘Byron’ area. In addition MGA are awaiting
the final drill results from our recently completed diamond drilling at
Creswick (EL6184). The final four drill holes are adjacent to the high-grade
intercepts already reported from CSD003 (0.95m @ 9.93 g/t Au from 84.2m and
0.95m @ 23.58 g/t Au from 89.05m) (see announcement dated July 19(th) 2021). I
look forward to reporting further drilling results from HR3 and Creswick in
the coming weeks.”
SUMMARY:
* A total of 1545 metres of diamond drilling has been completed to date at the
Cherry Tree prospect. The company is currently drilling the final drillhole
(BCTDD010) before moving back to complete drilling of the HR3 ‘Byron’
area.
* Visual examination of drill core BCTDD009 shows the most intense
quartz-sulphidic vein drilled to date at Cherry Tree.
* Orientated diamond core has delineated sulphidic fault zones containing broad
low-grade gold mineralisation emanating from a central anticlinal hinge zone.
DRILLING TO DATE
A total of 1545 metres of diamond drilling has been undertaken to date at
Cherry Tree. Drilling has been completed using the Company’s owned and
operated drill rig named ‘Midas’. This is the first time that diamond
drilling has been done within this deposit. Previous shallow percussion
drilling was done in the late 1980’s by earlier explorers where results
showed broad low-grade zones of mineralisation accompanied by occasional
high-grade (> 7 g/t Au) intercepts are present. The aim of the recent
drilling by ‘MGA’ was to test the structural trends associated with the
historic percussion drilling. For this aim, MGA has been successful.
Refer to figure 1 link below for locations described in the following
paragraphs.
https://www.ecrminerals.com/images/fig1_plan_bct_update_211021.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2Ffig1_plan_bct_update_211021.png&esheet=52514576&newsitemid=20211025005323&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2Ffig1_plan_bct_update_211021.png&index=1&md5=c5cb39e7d867337e0c66fffd00333e34)
GEOLOGICAL OVERVIEW
The Cherry Tree prospect was the subject of intense, shallow hard-rock mining
from the 19(th) Century where miners selectively took out the narrow quartz
filled fault veins. Historic records show these veins can often grade over 50
g/t Au. Mapping of historic workings at surface show a system of faults to
strike in a WNW direction from a centralised anticlinal fold. This anticline
links the HR3 (Byron) prospect, 2km to the NNW where first-pass drilling was
undertaken by MGA in the first half of the current year. The Cherry Tree mines
are located at a bend within this anticline (refer to fig1). It is likely that
brittle deformation in fine grain sandstones within this bend led to
development of the WNW fault zones and subsequent gold mineralisation. Gold is
closely associated with arsenopyrite, thus arsenic is a good local pathfinder
element for gold mineralisation.
DRILL HOLE SUMMARY
Drilling of the first diamond holes in Cherry Tree (BCTDD001, BCTDD002 and
BCTDD003) have been reported previously (see announcements dated August 10(th)
2021). In summary, BCTDD001 was successfully drilled to identify the central
anticline position. BCTDD002 and BCTDD003 were drilled to test the down-dip of
a WNW fault system located in the central portion of the goldfield. Best
results were from BCTDD003 (0.5m @ 11.02 g/t Au from 98.85m). Drilling has
continued across WNW fault zones at different points along the anticline, with
the current hole (BCTDD010) being near complete. Drilling shows broad zones of
low-grade mineralisation.
Summary of all drill intercepts containing reportable levels of gold greater
than 1 g/t Au for holes BCTDD004 - BCTDD008.
BCTDD004
From (m) To (m) Grade (g/t Au) Interval (m) Comment
63 64 0.12 1
125 126 0.17 1 Fault Zone
130 131 0.12 1 Arsenopyrite
144.5 145.5 0.18 1 Perpendicular QV
177 178 0.18 1 QV
198 199.1 0.13 1.1 Fault Zone
BCTDD005
From (m) To (m) Grade (g/t Au) Interval (m) Comment
30.6 32 0.14 1.4 0.6m of core loss
41.35 42.3 0.13 0.95 100ppm As pXRF*
55.4 57.1 0.11 1.7 0.8m core loss
80 81.1 0.13 1.1
103.2 104.2 0.12 1 QV
127 128 0.21 1 QV with disseminated pyrite
*pXRF (portable x-ray fluorescence-in house analysis)
BCTDD006
*Currently awaiting the results from the last 24 samples of this hole*
There are two broad zones of mineralisation within this hole.
1. 42.1m - 48.6m (6.1m @ 0.63 g/t Au) or 3.89 grams over 6.1m (gram x length)
2. 49.6m – 52m (2.4m @ 1.49 g/t Au) or 3.57 grams over 2.4m (gram x length)
From (m) To (m) Grade (g/t Au) Interval (m) Comment
32.3 33.1 0.13 0.8 QV (Fault)
42.1 43 0.27 0.9 Fault Zone 1
43 43.9 0.12 0.9 Fault Zone 1
44.3 45.4 0.13 1.1 Fault Zone 1
45.4 46.5 1.74 1.1 Fault Zone 1
46.5 47.5 1.24 1 Fault Zone 1
47.5 48.6 0.22 1.1 Fault Zone 1
49.6 50.5 3.39 0.9 Fault Zone 2
50.5 51.1 0.48 0.6 Fault Zone 2
51.1 52 0.26 0.9 Fault Zone 2
59 60 0.13 1
60 61 0.4 1
89 89.8 0.15 0.8 QV (Fault)
131 132 0.29 1
159 160 0.12 1
The following holes were drilled around the highest grade and broad
mineralised intercepts found in BCTDD003. The mineralisation is associated
with a fault zone that has been mined near surface at 1m wide).
BCTDD007
*Currently awaiting 17 assay results for this hole*
From (m) To (m) Grade (g/t Au) Interval (m) Comment
50.6 51.1 0.11 0.5
51.1 52.1 0.15 1
58.2 59 0.14 0.8
64 65.6 0.24 1.2
BCTDD008
*Only the first 17m of this hole has been assayed to date*
Another Fault zone present at the top of this hole: 5.4m @ 0.69 g/t Au or
(3.71 gram metres)
From (m) To (m) Grade (g/t Au) Interval (m) Comment
0.3 1.1 1.14 0.8 Near surface faulting
4.8 6 0.13 1.2
8.2 9.1 0.14 0.9 Fault Zone 1
9.1 10 0.14 0.9 Fault Zone 1
13.6 15.3 0.17 1.7 Fault Zone 1
15.3 16.3 2.92 1 Fault Zone 1
16.3 17.2 0.28 0.9 Fault Zone 1
BCTDD009
Drilling of BCTDD002, BCTDD003, BCTDD007 and BCTDD008 showed that the WNW
fault is more open (dilated) as we drill further west away from the anticline.
A solid sulphidic quartz vein over 2m wide was drilled through at 146.5m
depth. Geological logging and sampling of BCTDD009 is currently in progress,
see figure 2 link below for detailed image of BCTDD009 core samples.
https://www.ecrminerals.com/images/fig2_bctdd009_quartz.jpg
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2Ffig2_bctdd009_quartz.jpg&esheet=52514576&newsitemid=20211025005323&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2Ffig2_bctdd009_quartz.jpg&index=2&md5=508c44cdd55ddba02c7e9d1158675974)
FORWARD LOOKING STATEMENTS
Whilst drill results to date at Cherry Tree have been disappointing of late,
it must be emphasised that structural interpretation of the Cherry Tree
deposit has only been achieved through completing diamond drilling across
multiple fault zones. Drilling of the last hole (BCTDD009) is showing a
remarkable improvement in vein quality and size as we drill west of the
anticline. For the time being, pending results, the drill rig will be moved to
more promising sites at the north end of the HR3 (Byron) reserve where soil
sampling is revealing strong arsenic-antimony anomalies on surface.
MGA are also awaiting the final drill results from our recently completed
diamond drilling at Creswick (EL6184). The final four holes were drilled
adjacent to the high-grade intercepts in CSD003 (0.95m @ 9.93 g/t Au from
84.2m and 0.95m @ 23.58 g/t Au from 89.05m). MGA staff have begun to sample
the soils surrounding the projected outcrop of this quartz vein. If the
results are positive, it will assist in delineating the plunge of
mineralisation, which it is hoped will provide MGA with a better selection of
future drill targets.
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
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) 207 2201666
Katy Mitchell/Andrew de Andrade
Nominated Adviser
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
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 and Creswick 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 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, 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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