REG-ECR Minerals plc Update on Exploration at Itogon Gold Project <Origin Href="QuoteRef">ECRE.L</Origin>
12/03/2015 07:00
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LONDON--(Business Wire)--
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
AIM: ECR
US OTC: MTGDY
UPDATE ON EXPLORATION AT ITOGON GOLD PROJECT
LONDON: 12 MARCH 2015 - ECR Minerals plc is pleased to provide the following
update on exploration at the Itogon gold project, Philippines. ECR is the
operator of the Itogon project and has the right to earn a 50% interest therein.
Progress of Drilling
Three diamond drill holes (EDD001, EDD002 and EDD003) have been completed since
the current drilling programme commenced on 22 January 2015. A fourth hole,
EDD004, is more than three quarters complete.
EDD004 did not form part of the programme as initially planned and as announced
by the Company on 22 December 2014, but has been designed subsequently to follow
up positive indications from the logging of core from EDD002.
Following completion of EDD004, the drill rig will be moved to the ERC002 drill
pad. There it is planned that the rig will attempt to extend ERC002 and
intercept a structure which was intercepted at depth by EDD002 and which is
thought to be of geological significance.
ERC002 is a 150m reverse circulation (RC) hole drilled in April 2014 as part of
ECR`s first drilling programme at Itogon. ERC002 returned wide intercepts at
depth (15m at 3.29g/t gold from 82m, with 2m at 18.25g/t from 92m; and 17m at
1.57g/t gold from 101m, with 3m at 5.45g/t gold from 103m).
Excluding EDD004, 439.5m has been drilled to date in the current programme, as
summarised in Table 1 below. The target depth of EDD004 is 120m. The Company
therefore remains well within its budgeted number of metres for this programme
(990m).
Table 1:
2015 Diamond Drilling at
Itogon Gold Project, Philippines
Holes Completed to 12 March 2015
Hole Plan Depth
ID ID*
EDD001 Plan 206.3
001
EDD002 Plan 112.0
025
EDD003 Plan 121.2
015
EDD004 n/a Target 120m
* Refers to designation in ECR`s announcement dated 22 December 2014
Decisions regarding further drilling in the current programme will be made on
the basis of evolving geological interpretations and assay results as they
become available.
Core samples from EDD001 and EDD002 are at ECR`s chosen independent laboratory
for analysis. Core samples from EDD003 will be despatched to the laboratory
shortly.
Images of the current drilling programme at Itogon may be viewed at:
http://www.ecrminerals.com/itogon-drilling-mar2015
Channel Sampling Results
A vein striking approximately NW and dipping approximately 45 degrees to the SW
was exposed in the preparation of the EDD002 drill pad. The vein was sampled
over 10m of strike using six 1m channel samples, each 2m apart.
Assay results from the six channel samples are reported in Table 2 below. The
directors of ECR consider the grades to be encouraging.
Table 2:
February 2015 Channel Sampling
on EDD002 Drill Pad
Itogon Gold Project, Philippines
From To Apparent Width Grade
(m) (m) (m) (g/t gold)
0.0 1.0 1.0 2.97
0.0 1.0 1.0 0.61
0.0 1.0 1.0 1.63
0.0 1.0 1.0 0.93
0.0 1.0 1.0 14.62
0.0 1.0 1.0 7.83
Stephen Clayson, Chief Executive Officer of ECR, commented:
"Today`s announcement is intended to keep shareholders up to date with progress
at Itogon, and I hope illustrates the great effort being focused on the current
drilling programme to ensure that maximum effect is obtained. We look forward to
reporting material results of drilling when they are available."
QA/QC
Sampling was carried out under geological supervision. A secure chain of custody
was maintained in the transport and storage of all samples, which were shipped
to and analysed by Intertek Testing Services Philippines, Inc. ("Intertek"), an
internationally accredited independent analytical laboratory in Metro Manila.
Upon arrival at Intertek samples were sorted, dried, crushed, split, and a
fraction was pulverised. The method of analysis for gold was fire assay (50g
charge) with AAS finish.
QA/QC measures including the use of blanks and standards were implemented by
Intertek in relation to the analysis of the samples. The assay data reported is
considered acceptable in the context of these measures.
Assay values have been expressed in this announcement as g/t (grams per tonne)
gold but are received from the laboratory expressed as ppm (parts per million)
gold. For the purposes hereof ppm gold and g/t can be considered equivalent.
Review by Competent Person
This announcement has been reviewed by Andrew Tunningley MAusIMM (CP), a
geologist with the consultancy Exploration Alliance, which has been engaged by
ECR in connection with the Itogon gold project.
Drilling results for ERC002 contained in this announcement are extracted from
the Company`s announcement dated 29 May 2014 and should be read in conjunction
therewith. All widths given in this announcement are apparent width.
About the Itogon Project
Exploration by ECR to date, including reverse circulation (RC) drilling
completed in April 2014, indicates that gold mineralisation in the main prospect
area at the Itogon project is hosted by generally north-west trending,
south-west dipping to subvertical epithermal veins, with a subordinate set of
generally north-east trending veins.
ECR`s drilling has confirmed mineralisation over a strike length of 400m and a
vertical extent of 250m, open along strike and down dip. The width of the
overall mineralised zone at surface, demonstrated by channel sampling, is up to
250m (notwithstanding sections between vein zones which may be unmineralised).
The epithermal veins are composed of grey and white, saccharoidal and vuggy
quartz with associated clay, calcite, pyrite, galena, sphalerite, chalcopyrite,
and vein breccia, hosted by moderately to strongly oxidised and argillised
medium grained diorite. Individual veins rarely exceed 1m wide and tend to occur
as approximately 0.2m wide, closely spaced, sheeted veins within the altered
zones. Establishing the continuity of the vein zones between intercepts at
surface, in underground workings and by drilling is an important exploration
objective. The highest gold grades are typically associated with multiple
narrow, 1-2m wide occurrences of sheeted quartz veins and quartz vein breccia,
with a mineralised selvedge grading approximately 0.30g/t gold or higher
associated with these structures.
ABOUT ECR
ECR is a mineral exploration and development company with, among other
interests, the right to earn a 50% interest in the Itogon gold project in the
Philippines. Itogon is an advanced exploration project located in a gold and
copper mining district in the north of the Philippines.
ECR has a 100% interest in the SLM gold project in La Rioja Province, Argentina,
the exploration strategy for which is to delineate multiple medium to high
grade, low tonnage deposits suitable for advancement to production on a
relatively low capital, near term basis.
ECR continues to review potential new investments on a highly selective basis,
with a concentration on precious, base and strategic metals projects in Asia and
South America.
FOR FURTHER INFORMATION PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
Paul Johnson, Non-Executive Chairman
Stephen Clayson, Director & CEO
Richard (Dick) Watts, Technical Director
Email: info@ecrminerals.com
Website: www.ecrminerals.com
Cairn Financial Advisers LLP Tel: +44 (0)207 148 7900
Nominated Adviser
Jo Turner/Emma Earl
Daniel Stewart & Company plc Tel: +44 (0)20 7776 6550
Broker
Colin Rowbury
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such statements may be
subject to a number of known and unknown risks, uncertainties and other factors
that could cause actual results or events to differ materially from current
expectations. There can be no assurance that such statements will prove to be
accurate and therefore actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward looking statements. Any forward looking statements
contained herein speak only as of the date hereof (unless stated otherwise) and,
except as may be required by applicable laws or regulations (including the AIM
Rules for Companies), the Company disclaims any obligation to update or modify
such forward looking statements as a result of new information, future events or
for any other reason.
GLOSSARY
AAS: atomic absorption spectroscopy
adit: an opening driven horizontally into the side of a mountain or hill for providing access to a mineral deposit
alteration: the chemical response of rocks to hydrothermal solutions causing mineralogical change
argillic alteration: clay rich assemblages dominated by low temperature clays such as kaolinite, smectite, and interlayered illite-smectite; these are formed by low temperature (<230°C), acid to neutral, low salinity hydrothermal fluids
assay: a test performed on a sample of ores or minerals to determine the amount of valuable metals contained
Au: gold
breccia: coarse (usually >2 mm) fragmental rock, consisting of generally angular clasts of one or more lithologies; a complexly veined rock can have a brecciated appearance (if veins are multi-generational and/or branching), but it is important to differentiate between the two; veins are generally linear or sinuous, whereas a breccia matrix is highly irregular
channel sampling: a sample composed of pieces of rock that have been cut out of a small trench or channel
chlorite: a group of platy, monoclinic, usually greenish minerals; associated with and resembling the micas; widely distributed as alteration products of ferromagnesian minerals
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