REG-ECR Minerals plc UPDATE ON SLM GOLD PROJECT, ARGENTINA <Origin Href="QuoteRef">ECRE.L</Origin>
24/11/2014 15:04
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LONDON--(Business Wire)--
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
AIM: ECR
US OTC: MTGDY
UPDATE ON SLM GOLD PROJECT, ARGENTINA
LONDON: 13 NOVEMBER 2014 - ECR Minerals plc is pleased to provide the following
update on activities at the SLM gold project in Argentina. The SLM project area
is 100% held by ECR`s wholly owned Argentine subsidiary Ochre Mining SA
("Ochre").
Further to ECR`s announcement of 2 September 2014, assay results from channel,
dump, float and rock chip sampling are disclosed in Tables 1 and 2 below. The
sampling encompassed the three main prospects within the SLM project area: El
Abra, Maestro Agüero and JV-14. Detailed geological mapping of each prospect is
continuing and is expected to be complete by the end of 2014.
Highlights from channel sampling at the Maestro Agüero prospect (apparent
widths) include 1.60m at 28.44g/t gold (with 0.20m at 62.5g/t gold) and 6.10m at
3.77g/t gold (with 1.10m at 4.86g/t gold). Assays from sampling at the El Abra
and JV-14 prospects include 37.80g/t gold (float from El Abra) and 44.90g/t gold
(rock chip from JV-14).
A map relating to the sampling results disclosed in this news release may be
viewed at:
http://www.ecrminerals.com/q3-2014-ochre-samples-maestro-aguero
The map is for illustration only and should not be relied upon for technical
purposes.
Stephen Clayson, Chief Executive Officer of ECR, commented:
"Since activities on the ground in the SLM project area recommenced in January
2014 our understanding of the project has improved significantly. Assay results
from sampling which took place during the third quarter of this year are
disclosed in the tables below, and are within the range of our expectations.
Completion of the current detailed geological mapping exercise later this year
will assist in the interpretation of this sampling data and that from prior
phases of work, and will help determine the appropriate path forward for SLM in
2015."
Table 1: Q3 2014 Channel Sampling
Maestro Agüero Prospect
SLM Gold Project, Argentina
Ochre Mining SA
Field Name Sample ID From To Apparent Width Gold (g/t) Description
(m) (m) (m)
MACS001 34750 0.00 1.50 1.50 3.60 Vein
MACS002 34751 0.00 1.00 1.00 5.73 Vein
MACS003-A 34753 0.00 1.10 1.10 5.94 Vein
MACS003-B 34754 0.00 1.50 1.50 0.22 Stockwork
MACS003-C1 34755 0.00 1.15 1.15 0.06 Stockwork
MACS003-C2 34756 1.15 3.15 2.00 0.8 Stockwork
MACS003-C3 34757 3.15 5.15 2.00 1.04 Stockwork
MACS003-C4 34758 5.15 7.15 2.00 0.42 Stockwork
MACS003-C5 34759 7.15 7.80 0.65 0.10 Stockwork
Weighted avg. 7.80 0.59
MACS003-D1 34762 0.00 0.50 0.50 1.62 Vein
MACS003-D2 34763 0.50 1.10 0.60 0.10 Selvedge
Weighted avg. 1.10 0.79
MACS004-A 34764 0.00 1.00 1.00 6.58 Vein
MACS004-B1 34765 0.00 1.00 1.00 4.89 Vein
MACS004-B2 34766 1.00 2.00 1.00 0.25 Vein
Weighted avg. 2.00 2.57
MACS004-C1 34767 0.00 1.00 1.00 0.13 Stockwork
MACS004-C2 34768 1.00 2.00 1.00 0.03 Stockwork
MACS004-C3 34769 2.00 3.00 1.00 0.03 Stockwork
MACS004-C4 34770 3.00 4.00 1.00 0.18 Stockwork
MACS004-C5 34771 4.00 5.20 1.20 0.00 Stockwork
Weighted avg. 5.20 0.00
MACS005-A 34773 0.00 1.00 1.00 0.15 Vein
MACS005-B 34774 1.00 2.00 1.00 1.14 Vein
MACS005-C 34775 2.00 3.00 1.00 2.16 Vein
MACS005-D 34776 3.00 4.00 1.00 11.30 Vein
MACS005-E 34777 4.00 5.00 1.00 2.90 Vein
MACS005-F 34778 5.00 6.10 1.10 4.86 Vein
Weighted avg. 6.10 3.77
MACS006 34779 0.00 2.00 2.00 3.88 Vein
MACS007 34780 0.00 1.30 1.30 2.73 Vein
MACS008 34781 0.00 1.00 1.00 0.26 Vein
MACS009-A 34783 0.00 1.00 1.00 0.09 Vein
MACS009-B 34784 1.00 2.00 1.00 0.04 Vein
MACS009-C 34785 2.00 2.70 0.70 0.47 Vein
Weighted avg. 2.70 0.17
MACS0010-A 34786 0.00 1.40 1.40 7.52 Other alteration
MACS0010-B 34787 1.40 3.40 2.00 0.77 Other alteration
MACS0010-C 34788 3.40 5.40 2.00 0.05 Other alteration
Weighted avg. 5.40 2.25
MACS0011-A 34790 0.00 0.50 0.50 1.72 Vein
MACS0011-B 34791 0.50 1.05 0.55 1.27 Vein
Weighted avg. 1.05 1.49
MACS012 34792 0.00 1.20 1.20 10.8 Vein
MACS013 34793 0.00 1.00 1.00 2.12 Vein, other alteration
MACS014-A 34794 0.00 0.50 0.50 12.5 Selvedge
MACS014-B 34795 0.50 1.00 0.50 4.24 Vein
MACS014-C 34796 1.00 1.50 0.50 0.37 Selvedge
Weighted avg. 1.50 5.70
MACS015-A 34797 0.00 0.50 0.50 0.28 Other alteration
MACS015-B 34798 0.50 1.00 0.50 13.9 Vein
Weighted avg. 1.00 7.10
MACS016-A 34799 0.00 0.30 0.30 0.20 Other alteration
MACS016-B 34800 0.30 0.50 0.20 0.04 Vein
Weighted avg. 0.50 0.13
MACS017-A 34802 0.00 0.60 0.60 0.01 Selvedge, other alteration
MACS017-B 34803 0.60 1.00 0.40 0.01 Vein
Weighted avg. 1.00 0.01
MACS018 34804 0.00 1.00 1.00 0.27 Vein
MACS019-A 34805 0.00 0.50 0.50 5.26 Vein
MACS019-B 34806 0.50 1.50 1.00 1.10 Vein
Weighted avg. 1.50 2.49
MACS021 34807 0.00 1.00 1.00 22.50 Vein
MACS022 34808 0.00 1.00 1.00 5.13 Vein
MACS023-A1 34809 0.00 1.00 1.00 24.00 Vein
MACS023-A2 34810 1.00 1.20 0.20 62.50 Vein
MACS023-B 34811 1.20 1.60 0.40 22.50 Selvedge, other alteration
Weighted avg. 1.60 28.44
Table 2: Q3 2014 Dump Select, Float and
Rock Chip Samples
SLM Gold Project, Argentina
Ochre Mining SA
Sample ID Description Gold (g/t)
El Abra prospect
34813 Float 0.10
34814 Dump select 0.02
34815 Float 37.80
34816 Dump select 8.24
34817 Float 0.08
14818 Dump select 0.04
34819 Float 0.10
34820 Dump select 0.04
34822 Dump select 0.01
34823 Float 7.86
34824 Dump select 3.53
34825 Float 0.11
34826 Dump select 0.98
34827 Float 1.80
34828 Dump select 9.40
34829 Dump select 4.01
34830 Dump select 3.56
34831 Dump select 0.38
34832 Dump select 5.38
34833 Dump select 13.10
34834 Dump select 5.42
34835 Dump select 0.35
JV-14
34738 Rock chip - vein 44.90
34739 Dump select 6.71
34740 Rock chip - vein 7.19
34741 Dump select 0.16
34742 Dump select 12.70
34743 Dump select 8.52
34744 Dump select 0.16
34745 Dump select 0.14
34746 Rock chip - selvedge 2.80
34747 Rock chip - vein 0.01
Maestro Agüero
34749 Dump select 4.26
34752 Dump select 7.52
34761 Dump select 11.50
34789 Dump select 4.19
Assay values have been expressed in this news release as g/t (grams per tonne)
gold however some values were received from the laboratory as ppm (parts per
million) gold. For the purposes hereof ppm and g/t can be considered equivalent.
The content of this news release has been reviewed by Richard Watts B.Eng.
Mining, Fellow of the South African Institute of Mining & Metallurgy, a director
of the Company with more than 40 years of experience in the mining industry.
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 Acme Analytical Laboratories in Santiago, Chile, an
internationally accredited analytical laboratory. A quality control system using
blanks, duplicates and standards is in use at the laboratory. The assay data
reported is considered acceptable in the context of these measures.
Upon arrival at the laboratory the samples were dried, crushed, and split, and a
fraction was pulverised. The method of analysis for gold was fire assay (50g
charge) with AAS finish. A re-assay with gravimetric finish was carried out
where results exceeded the laboratory`s upper detection limit for AAS finish
(10ppm gold).
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 Sierra de las Minas gold project in 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 holds a substantial minority stake in THEMAC Resources Group Ltd (TSX-V:
MAC), which is focused on the development of the Copper Flat
copper-molybdenum-gold-silver porphyry project in New Mexico, USA.
FOR FURTHER INFORMATION PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
Paul Johnson, Non-Executive Chairman
Stephen Clayson, Director & Chief Executive Officer
Richard (Dick) Watts, Technical Director
Email: info@ecrminerals.com
Website: www.ecrminerals.com
Daniel Stewart & Company plc Tel: +44 (0)20 7776 6550
Emma Earl/David Coffman (Nominated Adviser)
Colin Rowbury (Broker)
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), ECR
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
alteration: the chemical response of rocks to hydrothermal solutions causing
mineralogical change
assay: a test performed on a sample of ores or minerals to determine the amount
of valuable metals contained
channel sampling: a sample composed of pieces of rock that have been cut out of
a small trench or channel
g: grams
g/t: grams per tonne
m: metre
mesothermal: mesothermal gold deposits are formed from hot water that
precipitates gold under high temperatures and pressure, generally at great
depths in the earth`s crust
outcrop: an exposure of rock or mineral deposit that can be seen on surface,
that is, not covered by soil or water
ppm: parts per million
selvedge: the area of the point of contact between a vein and the surrounding
rock
stockwork: a metalliferous deposit characterized by the impregnation of the mass
of rock with many small veins or nests irregularly grouped
t: tonne
vein: material which was chemically deposited by fluids within a rock fracture;
veins exhibit a range of textures and minerals, depending primarily on the
temperature, depth, and composition of the fluid and host rock; may also contain
a small amount (<10%) of entrained host rock and/or vein clasts
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