08:34 Wed 20 Sep 2017
Planned Gold Exploration in Victoria, Australia - Replacement
--(BUSINESS WIRE)--
The issuer advises that the following replaces the
Planned Gold Ecploration in announcement released at
today.
The headline has been corrected to Planned Gold Exploration in
All other details remain unchanged.
The full corrected version is shown below.
AIM: ECR
US OTC: MTGDY
(“ECR Minerals”, “ECR” or the “Company”)
PLANNED GOLD EXPLORATION IN
- The directors of are
pleased to announce an update upon its four gold exploration projects
located in .:
Successful Transfer of Avoca Licence
Following receipt of the transfer of the Avoca licence to ECR’s wholly
owned Australian subsidiary , the
Company’s four gold projects (Avoca, Baillieston, Timor and Moormbool)
in are now 100% owned by ECR.
Planned Exploration Programme
The company is also pleased to announce the following details of
drilling and exploration plans across its portfolio of
licences. Company objectives will be to deliver a high-quality low-cost
exploration programme to test extensions to known mineralisation and to
generate additional targets for more comprehensive programmes. The
ultimate aim is to find and evaluate a mineral resource suitable for
mining.
Avoca ( EL5387)
Having previously been mined with a significant amount of gold production from both alluvial and hardrock high grade sources, ECR considers the Avoca project is highly prospective for hard rock structurally controlled gold deposits.
The hard rock historic mines within the Avoca licence include the high grade:
At Avoca a 520m programme of reverse circulation (RC) drilling at the Monte Christo prospect is planned, as well as trenching at the Excelsior prospect to try and identify extensions to known mineralisation.
Several of the prospects within the Avoca licence are considered to be
suitable exploration targets. As such, work programs have been prepared
and submitted for government approval and are pending for Pyrenees Reef,
Excelsior, and Bung Bong. When this is approved, ECR will
need to get additional approvals including from and for
cultural heritage assessment prior to doing any work.
Further information on the Avoca and Bailieston projects can be found in
ECR’s announcement dated . The Avoca projects are also
prospective for alluvial gold; however, ECR is concentrating on the hard
rock potential.
Bailieston (EL5433)
The Bailieston area has historically been active for underground gold
mining in the late 19 and early 20 centuries.
Whilst most of these mines were relatively small, the target was only
high grade mineralisation and not a larger low grade pervasive style of
mineralisation that is shown to be present through the recent Bailieston
open cut. For example, between 1880 and 1906, 8698 tons were mined from
the Byron Shaft with 4416 oz gold produced at an average recovered grade
of 15.5g/t Au. The Byron Shaft was worked down to 91 meters with other
small shafts in the vicinity, but the low grade identified by ECR has
not been worked. ECR considers the to remain highly
prospective.thth
At Bailieston, ECR is planning a further 500m of drilling. This is
planned to be diamond drilling to follow-up on the results of the 592m
RC drilling programme completed earlier this year (refer to
Release ).
ECR also intends to carry out trenching and/or soil sampling at the Black Cat hard rock prospect with a view to understanding the prospects better and potentially selecting targets for drilling. A work plan for Black Cat prospect has already been approved as a part of the Bailieston overall work plan.
Moormbool (EL006278)
The Moormbool licence covers an area linking the Redcastle and Graytown goldfields east of a large regional fault. Due to pervasive alluvial cover, the licence area is largely unexplored. The licence is centred approximately 10km northeast of the high-grade Costerfield gold-antimony mine operated by Mandalay Resources.
ECR considers the Moormbool project a wildcat project with a single target being based on a geophysical anomaly. The planned work comprises analysis of public domain geophysical data and a programme of soil sampling to an early test on this geophysical anomaly and help vector further exploration.
Further information on the Moormbool licence can be found in ECR’s
announcement dated .
Timor (EL006280)
There are a significant number of historic alluvial and hard rock mines within the Timor tenement. Timor was a major centre of gold production from alluvials with more then 650,000 tonnes of gravels mined for a total recorded production of more than 670,000 oz gold. In addition to the alluvial production, the hard rock production was also significant, with perhaps the most significant of the hard rock mines being the Leviathin group of mines. Historical production from the Leviathin group of mines is understood to have exceeded 67,500oz gold from 181,000 tonnes of ore, equating to a recovered grade of approximately 11.5g/t gold.
The planned work comprises of analysis of public domain geophysical data, literature review, geological mapping and a programme of 600 soil samples across the Leviathan trend. It is expected that this work will enable the selection of targets for drilling.
Further information on the Timor licence can be found in ECR’s
announcement dated .
, CEO of ECR, commented:
“We observe a continuing resurgence of exploration activity in ,
one of the world’s most prolific gold producing regions, and ECR is
pleased to be playing a part in this. We intend to continue our prudent
approach to exploration expenditure working to maximise the value of
ECR’s current projects whilst continually reviewing new projects and
opportunities.”
ABOUT ECR
ECR is a mineral exploration and development company. ECR’s wholly owned
Australian subsidiary Mercator Gold Australia has acquired 100%
ownership of the Avoca, Bailieston, Moormbool and Timor gold projects in
.
ECR has earned a 25% interest in the Danglay epithermal gold project, an
advanced exploration project located in a prolific gold and copper
mining district in the north of . An NI43-101 technical
report was completed in respect of the Danglay project in ,
and is available for download from ECR’s website.
ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership
of the SLM gold project in , . Exploration at SLM has
focused on identifying small tonnage mesothermal gold deposits which may
be suitable for relatively near-term production.
Qualified Person
Information disclosed in this announcement has been reviewed and
verified by ECR's qualified person, , Executive Director and
Chief Operating Officer of the Company and a Competent Person within the
meaning of Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves' (the JORC Code) and for the purposes
of the AIM Rules.
holds a BSc (Hons) in Geology from and an
MSc in Resource Evaluation from the . He is a
Fellow and Chartered Professional (Geology) of the (AusIMM) and a Member of the (JORC).
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 (RIS), this inside
information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such statements may be subject to numerous 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 because of new information, future events or for any other reason.
View source version on :businesswire.comhttp://www.businesswire.com/news/home/20170919006779/en/
Source:
- Pyrenees Reefs - 16,199 tons mined for 16,602 oz Au to 130 meters at an average recovered grade of 32g/t Au, worked from 1860 to 1912
- Excelsior Reef - 13,200 tons mined for 9260 oz Au to 100 meters at an average recovered grade of 22g/t Au, worked from 1909 to 1915
- Monte Christo Reefs – 2,795 tons mined for 937 oz Au to 30 meters at an average recovered grade of 10.3g/t Au, worked from 1872 to 1877
Tel: +44 (0)20 7929 1010 | |||
, Non-Executive Chairman | |||
, Director & CEO , Director & COO | |||
Email: | |||
Website:www.ecrminerals.com | |||
Nominated Adviser | Tel: +44 (0)161 832 2174 | ||
Tel: +44 (0)203 137 1902 | |||
Broker | |||
FlowComms | Tel: +44 (0)7891 677 441 | ||
Investor Relations | |||
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