Bung Bong Gold Prospect - Drilling Successfully Completed, Structural Architecture Indicates Bulk Tonnage Potential
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
BUNG BONG GOLD PROSPECT - DRILLING SUCCESSFULLY COMPLETED, STRUCTURAL ARCHITECTURE INDICATES BULK TONNAGE POTENTIAL
LONDON: 3 MAY 2018 - ECR Minerals plc is pleased to announce that drilling has been completed at the Bung Bong gold prospect in Central Victoria, Australia.
The activity at Bung Bong forms part of a larger diamond drilling programme across a number of gold prospects in Central Victoria, all of which are 100% owned by the Company's wholly owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
Drilling activities will commence shortly at the Monte Christo prospect, and will move thereafter to the Blue Moon, Black Cat and Byron prospects in the Bailieston tenement area. Both Bung Bong and Monte Christo are part of the Avoca tenement area.
Drilling completed at the Bung Bong prospect
Five holes have been drilled at Bung Bong and have successfully tested the structural architecture of the prospect. Regularly-spaced faults have been logged in the drill core, in line with the style of faulting observed in the nearby road cutting. Quartz veins developed and partitioned by these episodically moving faults, as well as veins running along the fault, have been observed in sufficient volumes to indicate bulk tonnage potential.
A drill cross section can be viewed at the following link: https://bit.ly/2rhgozF
The commencement of drilling at Bung Bong was announced on 13 April 2018, and further information regarding the prospect is contained in that announcement. All drill cores from Bung Bong are being prepared for assay, and ECR looks forward to reporting the assay results in the near future.
Planned drilling at the Monte Christo prospect
The drilling at Monte Christo will test quartz reef structures beneath historical workings. The workings at Monte Christo extend over a strike length of approximately 1,000m, punctuated by alluvial cover. A soil geochemistry survey completed by MGA earlier this year using a portable XRF to delineate proxy minerals associated with gold, (notably arsenic (As)), confirmed the presence of three lines of workings at Monte Christo, and revealed anomalous zones along trends near to areas of extensive historical mining activities.
A prospect map illustrating these results may be viewed at the following link: https://bit.ly/2w4gIrt
Two drill holes are planned at Monte Christo to test the gold-bearing reefs for their structural configuration, width and gold endowment.
Craig Brown, CEO of ECR, commented:
“Following a period of comprehensive geochemical and geophysical analysis across our four Victorian gold tenements, ECR is executing its plan to drill-test multiple high-priority gold prospects. It bears noting that all four of the tenements are located in areas of extensive historical mining, and in the case of Bailieston, close to mines that are significant gold producers today.
The near-term objective of ECR’s work at Bung Bong, Monte Christo and the pipeline of other prospects mentioned above is to identify those at which the geology may justify follow-up reverse circulation (RC) drilling, which would have the aim of delineating a maiden mineral resource estimate in respect of one or more deposits. We are excited that the first-pass drilling at Bung Bong is now complete and whilst we look forward to receiving assay results shortly, we are shifting our drilling operations to the Monte Christo prospect.”
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, 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 the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015, 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 La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits, which may be suitable for relatively near-term production.
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|
|Craig Brown, Director & CEO|
Email: [email protected]
|WH Ireland Ltd||Tel: +44 (0)161 832 2174|
|Katy Mitchell/James Sinclair-Ford|
|Optiva Securities Ltd||Tel: +44 (0)203 137 1902|
|FlowComms||Tel: +44 (0)7891 677 441|
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.
ECR Minerals plc