logo-loader
viewECR Minerals PLC

Update – Timor Gold Project - Australia

--(BUSINESS WIRE)--LONDON 

15 July 2019

ECR MINERALS plc

(“ECR Minerals”, “ECR” or the “Company”)

Update – -Timor Gold ProjectAustralia

(LON:ECR), the precious metals exploration and development company, is pleased to provide an update in respect of exploration activities at the (the “Project”) in . is one of five projects held by ECR in the Victorian Goldfields region.ECR Minerals plcTimor Gold ProjectThe Timor Gold ProjectVictoria, Australia

The Company has now commenced the rock chip sampling programme which will include the sampling of rock dumps from old gold workings on the licence area. The sampling will be undertaken along the two fault zones and the objective will be to establish the style of gold mineralisation present.

In total 91 samples have been collected from Timor and submitted to the laboratory for assay testing.

The Company has noted a recent gold prospecting documentary that was filmed in the Victorian Goldfields, close to some of the Company's licence areas.Australia

During the documentary the team working near Dunolly, approximately 5 km from the boundary of the Timor gold licence area discovered a 2.2kg gold nugget in an old alluvial channel with an estimated value of circa .$200,000

Whilst this discovery has not been independently verified by the Company and there is no guarantee that any more such nuggets will be found in the area, the directors are very encouraged by the discovery which they believe validates their ongoing belief in the untapped potential of the primary mineralisation in the area; the nuggets have to have a local, primary source.

While gold nuggets are not the ECR objective in discovering a new economic primary gold deposit at Timor, they do form an added occasional bonus to the overall economics, especially when they form part of a rich high grade ore shoot.

A map showing the approximate location of the discovery in relation to the Company's licence areas may be viewed through the following link on the Company’s website:

https://www.ecrminerals.com/images/2019/image-1.png

“I am pleased to confirm that the rock dump sampling from old workings is now underway at the and look forward to the findings from this work., Chief Executive Officer commented:Craig BrownTimor Gold Project

We are aware of many prospectors searching for gold in and around the Company’s licence areas, and that includes the Timor gold project. This is interesting and demonstrates the potential of our ground.

However, it is worth noting that should ECR make a discovery within its licence areas, it would be seeking to implement a significant commercial gold production operation which has a different scale to that seen in local prospecting and for which extensive preparatory planning and execution would be needed.

I look forward to providing further market updates in respect of Timor and our other gold fields interests, including Creswick where significant work is underway at present testing whole of reverse circulation sample bags for gold.”Victoria

Background to the :Timor Gold Project

Timor Gold project is located in and held under exploration licence EL006278;Victoria Australia

Historical records demonstrate that the Maryborough goldfield has produced over 640,000 ounces of gold from hard-rock and alluvial sources, with 220,000 ounces mined from hard-rock operations at an average grade of 14g/t gold. (See references below).

Two major fault zones have been identified on the Project, namely the (“SMFZ”) and the (“LMFZ”), which are responsible for the majority of the hard-rock gold production.Shaw-McFarlane Fault ZoneLeviathan-Mariners Fault Zone

The SMFZ has been shown to have consistently produced high grade gold mines along its length with Shaw’s Reef, McFarlane’s Reef and Havelock having recorded production at average grades ranging from 22g/t gold to 217 g/t gold with certain operations having been impacted by metallurgical challenges. (See references below.)Monte Christo

Opportunities exist within the SMFZ to identify and process gold mineralisation at potentially very high grade by applying modern processing techniques to resolve processing challenges that limited production many years ago.

The LMFZ hosts a large number of variably sized reefs that occur within the fault zone. These reefs are associated with diorite dykes and generally offer larger gold targets, albeit at lower grade compared to the SMFZ and historical mining records demonstrate that mining activities were often to relatively shallow depths.

Most of the LMFZ is under shallow alluvial cover which produced a considerable amount of gold in the early days of the Maryborough gold rush of the 1850s.

Both the SMFZ and the LMFZ have potential for modern open cut and underground mining techniques, because of the scale of the deposits present.

A program of reconnaissance rock dump sampling from the old workings is to be undertaken initially, along the two fault zones, to establish the style of gold mineralization.

Subject to the findings from the sampling programme this may be followed by a grid-based GPS pXRF survey for antimony and arsenic as pathfinders to gold mineralization where outcrop or shallow cover exists.

Thereafter a scout Rotary Air Blast (“RAB”) drilling program on the best developed targets may be undertaken.

Further information to follow as each step of the exploration programme is implemented and the results interpreted.

COMPETENT PERSON STATEMENT

This announcement has been reviewed by Neil Motton BAppSc (Hons), MAusIMM (CP), FSEG, a geological consultant to the Company’s wholly owned subsidiary with more than 30 years of professional experience. is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.Mercator Gold Australia Pty LtdMr Motton

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.Regulatory Information Service

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

ABOUTECR MINERALS PLC

ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central and the in the , .Mercator Gold Australia Pty LimitedWindidda Gold ProjectVictoria, AustraliaYilgarn RegionWestern Australia

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.the PhilippinesDecember 2015

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.La RiojaArgentina

References:

HOWITT, A.M., 1913. The Maryborough goldfield. 11. , , 76 pp.Geological Survey of Victoria MemoirDepartment of MinesVictoria

Whitelaw, H.S., 1899, Antimony Ores in . .VictoriaGeological Survey of Victoria Special Report

ANON., Undated. Leviathan Gold Mines, Maryborough. Map showing areas, locations of shafts, reefs, alluvial leads composite level plans for mines, etc. Plan No 1757/B/1.Mining Lease

ANON, 1888, Lands held under Leases for Gold Mining, Shaw’s & Mariner’s Reef, Maryborough. Register for Mining Registrar for March, 1888.

ECR Minerals plc

Source:ECR Minerals plc

ECR Minerals plc

 

Tel: +44 (0)20 7929 1010

, Non-Executive ChairmanDavid Tang

, Director & CEOCraig Brown

Email:

[email protected]

Website:www.ecrminerals.com

 

WH Ireland Ltd

Tel: +44 (0)161 832 2174

Nominated Adviser

/Katy MitchellJames Sinclair-Ford

 

SI Capital Ltd

 

Tel: +44 (0)1483 413500

 

Broker

 

 

 

Nick Emerson

 

 

 

 

 

 

Quick facts: ECR Minerals PLC

Price: 1.3801

Market: AIM
Market Cap: £7.62 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

ECR Minerals' Craig Brown updates on talks with potential partners for key...

ECR Minerals PLC's (LON:ECR) Craig Brown tells Proactive London's Andrew Scott they're in active discussions with potential partners on its Bailieston and Creswick projects in Victoria, Australia. ECR's recently sold licences comprising the Avoca, Moormbool and Timor gold exploration projects...

6 days, 23 hours ago