REG-ECR Minerals plc Update on Q4 2014 Exploration at Itogon Gold Project <Origin Href="QuoteRef">ECRE.L</Origin>
23/12/2014 08:30
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LONDON--(Business Wire)--
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
AIM: ECR
US OTC: MTGDY
UPDATE ON Q4 2014 EXPLORATION AT ITOGON GOLD PROJECT
LONDON: 23 DECEMBER 2014 - ECR Minerals plc is pleased to announce the following
results of exploration at the Itogon gold project in Benguet Province, northern
Philippines. ECR is the operator of Itogon and has the right to earn a 50%
interest in the project.
The final quarter of 2014 saw two phases of channel and grab sampling completed
at Itogon, one underground in artisanal workings (129 samples for an aggregate
channel sampled width of 257.50m) and one at surface (59 samples for an
aggregate channel sampled width of 101.40m), as well as sampling of muck (ore)
from active artisanal workings (37 samples). Various mapping and surveying tasks
were also completed. Highlights from the assay results received in respect of Q4
2014 sampling are presented in the table below.
Stephen Clayson, Chief Executive Officer of ECR, commented:
"The results of ECR`s Q4 2014 exploration at Itogon serve to improve our
understanding of the mineralisation in the main prospect area, and we are
encouraged by the assay results reported in the table below. These include
channel sampling intercepts of wide, low grade zones of gold mineralisation such
as 18.0m at 1.02g/t gold in Balao Adit and 10.0m at 1.46g/t gold at MP-71, and
narrower but high grade intercepts such as 5.0m at 10.20g/t gold, including 1.0m
at 43.98g/t gold, in Charlie Adit. Muck samples from artisanal mining operations
are an additional means of locating high grade zones, and the highest grade muck
sample obtained was 68.56g/t gold.
A programme of reconnaissance mapping and sampling had been planned to commence
during October 2014 on ridges to the north-east and south-west of the main
prospect area at Itogon, but was deferred in favour of the works described in
today`s announcement, which were considered more valuable for the purposes of
planning the next drilling programme. Drilling is expected to commence on or
about 15 January 2015 in the main prospect area."
Highlights of Q4 2014 Sampling at Itogon Gold Project, Philippines
Field Name From To Apparent Width Average Grade
(m) (m) (m) (g/t gold)
Underground channel samples
Balao Adit 0.0 13.0 13.0 0.58
Bobot N Adit No. 1 0.0 18.0 18.0 1.02
inc. 4.0 6.0 2.0 2.01
Bobot N Adit No. 1 0.0 2.0 2.0 0.54
Bobot N Adit No. 2 0.0 2.0 2.0 1.61
Bobot N Adit No. 3 0.0 4.5 4.5 0.91
inc. 2.0 3.5 0.5 2.78
Charlie Adit 0.0 3.0 3.0 1.43
Charlie Adit 0.0 5.0 5.0 10.20
inc. 2.0 3.0 1.0 43.98
inc. 4.0 5.0 1.0 2.20
Charlie Adit 0.0 1.0 1.0 8.07
Charlie Adit 0.0 2.0 2.0 2.62
inc. 0.0 1.0 1.0 3.79
Roland Adit 0.0 8.0 8.0 0.90
Ronald Adit 0.0 10.0 10.0 0.62
Portal No. 1 133.5m channel along adit wall 0.20
Portal No. 1 Average of eleven 1.15
separate 1.0m channel samples
inc. 8.12
Surface channel samples
MP-70 0.0 6.0 6.0 0.90
MP-71 0.0 10.0 10.0 1.46
inc. 4.0 6.0 2.0 2.90
MP-72 0.0 4.5 4.5 0.82
MP-75 0.0 3.0 3.0 1.14
MP-76 0.0 2.0 2.0 0.90
MP-77 0.0 11.15 11.15 0.70
MP-78 0.0 2.0 2.0 1.08
MP-80 0.0 6.0 6.0 0.64
MP-87 0.0 2.9 2.9 1.52
MP-88 0.0 33.4 33.4 0.51
Muck samples
Bobot Adit No.1 Average of three grab samples, 0.66
hand sorted ore
Brendo Adit Single grab sample, 2.80
hand sorted ore
Charlie Adit Average of five grab samples, 11.76
hand sorted ore
inc. 25.98
inc. 10.29
Itoy Average of two grab samples, 1.87
hand sorted ore
Joe Adit Average of four grab samples, 3.52
hand sorted ore
Julio Adit Average of three grab samples, 4.61
hand sorted ore
July Adit No.1 Average of three grab samples, 1.48
hand sorted ore
July Adit No.2 Single grab sample, 6.01
hand sorted ore
Moises Adit Single grab sample, 5.28
hand sorted ore
Portal No. 1 Average of seven grab samples, 14.15
hand sorted ore
inc. 68.56
inc. 15.02
Portal No. 1 Average of seven grab samples, rejects from hand sorting 1.95
by artisanal miners
Geological mapping highlighted altered, mineralised and/or intensely oxidised
occurrences for channel sampling, in some cases following trenching. Channel
sampling results are disclosed in the table above where the weighted average
grade exceeds 0.5g/t gold or the aggregate width exceeds 10.0m. Intercepts are
given as apparent widths. No top or lower cut-off has been applied in
calculating weighted averages. Channel sampling was carried out at intervals of
between 0.5m and 5.0m. Where channels comprised multiple samples, the table
discloses the grades of any individual samples exceeding 2.00g/t gold. Muck
samples exceeding 10.00g/t gold are reported separately in the table.
Assay values have been expressed in this news release 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.
Maps relating to the sampling results disclosed in this announcement may be
viewed at: http://www.ecrminerals.com/Itogon-channel-sampling-as-at-end2014
The maps are for illustration only and should not be relied upon for technical
purposes.
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 ECR
and separately by Intertek in relation to the analysis of the samples. The assay
data reported is considered acceptable in the context of these measures.
Review by Competent Person
The contents of this announcement have 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 project.
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/Liam Murray
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
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