REG-ECR Minerals plc Visible Gold Identified at HR3. Progress of Drilling Continues into the Maori Anticline Target
14/03/2022 07:15
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Visible Gold Identified at HR3. Progress of Drilling Continues into the Maori
Anticline Target
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
Visible Gold Identified at HR3. Progress of Drilling Continues into the Maori
Anticline Target
ECR Minerals plc (LON: ECR), the gold exploration and development company
focussed on gold exploration in Australia, is pleased to announce a current
update on drilling at HR3 including results and geological interpretation
completed for BH3DD012, current drilling activities and future drilling plans
within EL5433.
ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433) and
contains the gold prospects known as HR3, Cherry Tree, Blue Moon and Black
Cat. The projects are operated under ECR Minerals plc Australian wholly owned
subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
ECR Chairman David Tang commented: ““A significant amount of work has gone
into the drilling programme at HR3, and I am delighted to note that following
on from the results at hole BH3DD019, we continue to see encouraging and
consistent gold grades in BH3DD012 and visible gold in BH3DD034. Importantly
we continue to build on our understanding of the Maori Anticline and the
regional gold trend ahead of an infill drilling programme.”
“I know Adam and his team are excited by the potential at the Blue Moon
prospect, and I look forward to reporting back to you once work commences
there.”
"Finally, regarding our search for a new CEO, I am pleased to report we have
shortlisted three candidates and we will provide updates to the market in due
course, as required.”
HIGHLIGHTS:
* Diamond drill hole BH3DD012 was drilled 100m south and parallel to the
previously announced hole (BH3DD019). Five mineralised zones have been
identified and correlated to the Maori Anticline.
* The best intercepts within each of the five mineralised zones include 0.8m @
3.81 g/t Au (Zone 1); 0.5m @ 3.87 g/t Au (Zone 2); 0.5m @ 4.26 g/t Au (Zone
3); 0.6m @ 2.25 g/t Au (Zone 4) and 1m @ 0.51 g/t Au (Zone 5).
* Drilling and sampling of holes BH3DD032, BH3DD033, BH3DD034 and BH3DD035 are
currently in progress to follow up best gold intercepts found in BH3DD019.
Visible gold has been identified in BH3DD034 at 149.5m downhole.
This announcement is written to reference to the following three figures:
Fig 1: BH3DD012 geological section:
https://www.ecrminerals.com/images/2022/fig1_BH3DD012.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig1_BH3DD012.png&esheet=52594662&newsitemid=20220314005246&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig1_BH3DD012.png&index=1&md5=6e475a84538c15e5bddb78a35479f982)
Fig 2: Location and plan of recent drilling with current status, HR3:
https://www.ecrminerals.com/images/2022/fig2_Current_drillplan_HR3.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig2_Current_drillplan_HR3.png&esheet=52594662&newsitemid=20220314005246&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig2_Current_drillplan_HR3.png&index=2&md5=2f8c641fed72278e2529a991fb9a4ac0)
Fig 3: BH3DD034 visible gold
https://www.ecrminerals.com/images/2022/fig3_BH3DD034_vg.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig3_BH3DD034_vg.png&esheet=52594662&newsitemid=20220314005246&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig3_BH3DD034_vg.png&index=3&md5=e3d584ce66db1a1002c3cdff03bec89b)
OVERVIEW OF BH3DD012
On 30 February 2022, ECR announced that a series of four holes (BH3DD012,
BH3DD014, BH3DD020 and BH3DD021) had been drilled perpendicular to the trend
of reef lines within the HR3 Goldfield to aid interpretation of the main
faults and folding with known mineralisation. The Company has now received
gold results for hole BH3DD012.
BH3DD012 was collared in 100m to the south and drilled parallel to adjacent
hole BH3DD019. Geological interpretation is now revealing the main rock-type
groupings and the style of mineralised veins that are associated with the
Maori Anticline. MGA’s geology team has correlated the veins identified in
BH3DD012 to hole BH3DD019, giving further understanding to the structural
architecture of the HR3 Goldfield.
Five zones of mineralisation have been identified from hole BH3DD012. (Fig 1)
Zone 1 features a quartz stockwork zone hosted within a massive brittle
sandstone rock unit that has a drilled thicknes of 2.7 metres. Best intercepts
were 0.8m @ 3.81 g/t Au (from 57.3m) and 0.7m @ 3.32 g/t Au (from 59.3m)
Zone 2 can be linked to the Scoulers Reef structure represented by orthogonal
veining within a sheared zone. Mineralisation is broad at a drilled width of
9.3 metres. Two of the highest intercepts included 1m @ 3.75 g/t Au (from 72m)
and 0.5m @ 3.87 g/t Au (from 73.8m)
Zone 3 is represented by narrow bedding-laminated sulphidic veins at a drilled
depth of 175.5m which returned 0.5m @ 4.26 g/t Au. The veins are hosted with a
planar-laminated siltstone which correlates well to the same lithology in hole
BH3DD019. Given this good correlation, it is highly probable Zone 3 veins
match to the best intercept of 0.5m @ 9.5 g/t Au in BH3DD019 at 99.9m.
Zone 4 consists of a fault with linking stockwork quartz veining. Best result
was 0.6m @ 2.25 g/t Au (from 191m drilled depth).
Zone 5 is a minor occurrence of bedded laminated carbonate veining at 255.6m
drilled depth. Traces of stibnite (antimony sulphide) were identified in
adjacent veining. This zone has only elevated gold, the best result being 1m @
0.51 g/t Au (from 255.6m).
BH3DD012 was drilled to a depth of 302.1m. The dip angle of bedding,
sedimentary depositional indicators (called younging) have located the hinge
zone of the Maori Anticline at an approximate depth of 220m down the drill
hole. The geology team is currently interpreting the projection of this hinge
to the earlier drilling (BH3DD009) near surface.
Table 1. Summary of drill intercepts containing reportable levels of gold
greater than 0.1 g/t Au for BH3DD012 (*highlights in bold). Mineralised
‘Zones’ shown in Fig 1.
BH3DD012
From To Grade (g/t Au) Interval (m) Zone
38 39 0.18 1
41 41.5 0.11 0.5
41.5 42.5 0.41 1
44.5 45.5 0.18 1
48.5 49.5 0.14 1
49.5 50 0.62 0.5
50 50.5 1.54 0.5
50.5 51 0.8 0.5
51 52 0.74 1
52 53 0.33 1
53.7 54.2 1.16 0.5
54.2 54.5 1.38 0.3
54.5 55.5 0.15 1
55.5 56.5 0.28 1
56.5 57.3 0.53 0.8
57.3 58.1 3.81 0.8 ZONE 1
58.1 58.9 1.25 0.8 ZONE 1
58.9 59.3 0.32 0.4 ZONE 1
59.3 60 3.32 0.7 ZONE 1
65 66 0.16 1
66 67 0.82 1
67 68 1.22 1 ZONE 2 (Scoulers Reef)
68 69 1.77 1 ZONE 2 (Scoulers Reef)
69 70 2.28 1 ZONE 2 (Scoulers Reef)
70 71 1.32 1 ZONE 2 (Scoulers Reef)
71 72 1.39 1 ZONE 2 (Scoulers Reef)
72 73 3.75 1 ZONE 2 (Scoulers Reef)
73 73.8 1.24 0.8 ZONE 2 (Scoulers Reef)
73.8 74.3 3.87 0.5 ZONE 2 (Scoulers Reef)
74.3 74.8 1.14 0.5 ZONE 2 (Scoulers Reef)
74.8 75.3 0.73 0.5 ZONE 2 (Scoulers Reef)
75.3 76.3 0.45 1 ZONE 2 (Scoulers Reef)
76.3 76.9 0.15 0.6
76.9 77.4 0.31 0.5
77.4 78 1.02 0.6
78 79 0.98 1
79.5 80 0.28 0.5
80 81 0.24 1
81 81.7 0.74 0.7
81.7 82.3 1.06 0.6
82.3 83 0.77 0.7
126.8 127.3 0.26 0.5
128 129 0.13 1
133.25 134 0.14 0.75
134 135 0.24 1
136 137 0.29 1
138 139 0.19 1
139 140 0.24 1
144 145 0.13 1
145 146 0.17 1
151.1 151.9 0.15 0.8
151.9 152.3 0.13 0.4
175 175.5 0.13 0.5
175.5 176 4.26 0.5 ZONE 3
176 177 0.21 1
183.3 183.8 0.18 0.5
187.3 188.3 0.13 1
189.2 190 0.11 0.8
190 190.3 0.11 0.3
190.3 191 0.16 0.7
191 191.6 2.25 0.6 ZONE 4
191.6 192.2 0.82 0.6
192.2 193 0.7 0.8
193 194 0.38 1
213.5 214 0.17 0.5
215 216 0.18 1
219 220 0.69 1
241.3 242 0.2 0.7
242 242.7 0.27 0.7
248 248.5 0.13 0.5
248.5 249.1 0.14 0.6
249.1 249.8 0.28 0.7
250.5 251 0.14 0.5
251.7 252 0.14 0.3
252 252.8 0.24 0.8
252.8 253.8 0.11 1
253.8 254.6 0.22 0.8
254.6 255.6 0.23 1
255.6 256.6 0.51 1 ZONE 5
256.6 257.6 0.33 1
BH3DD034-VISIBLE GOLD IDENTIFIED
Drilling of BH3DD019 showed narrow arsenic-stibnite veining emanating from the
Maori Anticline. ECR is currently following up these targets by drilling four
additional supporting holes (BH3DD032, BH3DD033, BH3DD034 and BH3DD035). Hole
BH3DD033 and BH3DD034 has been completed, now awaiting sampling. BH3DD034 has
drilled through a narrow-laminated vein 50mm wide showing a visible speck of
coarse gold around 1mm in diameter (Fig 3). This is a typical example of a
narrow ‘nuggetty’ vein and shows the low probability of drilling such
mineralisation. The vein is supported by a broad halo of hydrothermal
sulphide. This hole is in the process of being geologically logged in detail
and sampled and further updates will be provided in due course.
FUTURE PLANS
ECR is now starting to see the benefits of utilising its own diamond drill rig
operated by an ‘in house’ drill team. The team have been drilling an
average of c.35m of good quality core per day, reducing the drill meterage
rate compared to contracting out the work.
Since the beginning of 2022, the Company has drilled holes into the northern
limits of the Maori Reef and drilled two initial holes under the southernmost
soil anomaly underneath the Hard-Up Reef. The geological team is also eagerly
awaiting outstanding assay results for drilling completed into the Maori and
Hard-Up Reef intersection, which will tie in with the results of this
announcement.
Upon completion of the complimentary holes to BH3DD019, we plan to move the
drill rig up on the low ridgeline to begin initial drilling into the Scoulers
Reef and under the other soil anomalies identified along this ridge. Locations
of the planned drilling along with recent drilling is shown in Fig 3.
Ultimately, we expect that the outcome of the diamond drilling will provide a
detailed understanding of the relationship of veining to structures and the
possible control on gold deposition within the veins. This is all preparation
work for infill RC drilling at a later date.
Additionally, planning is well under way to follow up the RC drilling
completed in 2019 over the nearby “Blue Moon” prospect, also on EL5433.
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
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
Blytheweigh Tel: +44 (0) 207 138 3204
Public Relations
Tim Blythe
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 (EL5433) and Creswick (EL6148)
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 holds 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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