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ECR Minerals PLC (LON:ECR)

ECR Minerals PLC (LON:ECR)


Share Price
0.80 p
Change
-0.025 (-3.03 %)
Market Cap
£2.77 m
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ECR Minerals PLC RNS Release

Sampling Programme Results Bailieston Gold Project Australia


Sampling Programme Results Bailieston Gold Project Australia

28 September 2018

ECR MINERALS plc

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

SAMPLING PROGRAMME RESULTS - BAILIESTON GOLD PROJECT AUSTRALIA

ECR Minerals plc (LON:ECR) the precious metals exploration and development company is pleased to announce the assay results of the first batch of rock chip sampling undertaken at the Company’s HR3 project at Bailieston (the “Project”) in Victoria, Australia.

Further information in respect of this sampling programme was provided in the Company’s 14 September 2018 announcement, further details of which can be found in the following link:

https://polaris.brighterir.com/public/ecr_minerals/news/rns/story/xlm86pr

Highlights:

  • 76 rock chip samples submitted to the laboratory with assays confirming 22 samples contained gold mineralisation with gold grades ranging from 0.5 g/t to 67.4 g/t (2.17 ounces per ton);
  • Because some of the samples returned high grades, resampling was conducted for 14 mineralised samples in line with QA/QC procedures with repeat analysis demonstrating consistent results and gold grades ranging from 1.4 g/t to 75.5 g/t (2.4 ounces per ton);
  • The samples provide evidence of gold at surface across five target areas, albeit at an early stage of exploration, and demonstrate the potential prospectivity of the Company’s exploration ground, in addition to the existing gold mineralised key targets at Creswick and Blue Moon. But at this stage there is no indication it is economic;
  • These results compare to previous sampling of quartz veins plus the surrounding sedimentary rocks host rocks that tested the hypothesis that low-grade mineralisation may be found in the wall rock. The earlier results showed that the samples containing quartz veins were consistently higher, reaching 23 g/t Au. Further information in respect of historical sampling is provided below;
  • Further assay results are awaited in respect of the second group of 74 rock chip sample assays and those results will be announced to the market when received.

Craig Brown, Chief Executive Officer of ECR Minerals plc, commented:I am extremely pleased to announce the results of the first batch of rock chip sample assays from the latest programme at Bailieston.

Whilst still early stage, the results complement the positive exploration progress at Blue Moon and the recognition of the potentially large gold system at Creswick announced 25/09/2018. Overall we are building a suite of mineralised targets in our Victoria projects and this is strongly supporting the conviction of the Company’s technical team as to the potential of the area covered by the Company’s licence tenements. Although at this stage there can be no guarantee that the gold is economically extractable.

Further announcements are anticipated in the near term in respect of the balancing Bailieston sampling programme and across the Victoria, Australia interests.”

Further information in respect of the Project Area and Historical Sampling

The Bailieston project area contains multiple reefs, including the Bryon, Scoulars and Maori Reefs that were drilled by the Company in 2017 (results provided in an announcement on 24 July 2017 ). These three reefs and adjacent reefs were sampled. From historic reporting and the Company mapping, these reefs are fault-hosted. Where observed, faults are up to 70 cm wide and contain quartz veins to 15 cm parallel to the faults and stockwork quartz within the fault zone and in the hanging wall and footwall sandstones and shales adjacent to the faults. However, due to the varying quality of the exposure in the open workings, it is not always possible to ascertain if the sampled material is from within the fault or in the hanging wall or footwall.

151 rock chip and mullock samples have been previously taken in the project area, although not all were undertaken by the Company and therefore not all the results can be verified. In the 1980’s Gold Mines of Kalgoorlie collected 16 samples with results reaching 2.1 g/t. A comprehensive sampling program in 2014 contained results reaching 23 g/t.

A summary of the sources of historical sampling is provided below:

  • 15 samples by Metals Exploration Ltd (later Gold mines of Kalgoorlie). Reported in the EL1616 Annual Technical Report September 1986;
  • 49 samples by Sierra Minerals, EL4719 Sept 2006 ATR;
  • 6 samples by Flitegold Ply Ltd (later Currawong Resources, later Mercator Gold), EL5433 Sept 2013 ATR;
  • 62 samples by Flitegold Ply Ltd (later Currawong Resources, later Mercator Gold), EL5433 Sept 2014 ATR plus an additional sample that was not submitted;
  • 1 sample by Flitegold Ply Ltd (later Currawong Resources, later Mercator Gold), EL5433 Sept 2015 ATR;
  • 13 samples by Flitegold Ply Ltd (and reported by Mercator Gold), EL5433 Sept 2016 ATR including the best assay of all the sampling of 23 g/t.

The Company’s own sampling program included testing of quartz veins plus the surrounding sedimentary host rocks. The samples containing the quartz veins were consistently higher grade. The results from this work is shown in Figure 9.5 of a Competent Persons Report to the Company announced on 20th April 2016. However, Figure 9.5 does not distinguish between the samples that have quartz from those that do not and was assayed by three differing laboratories. The current round of sampling therefore aims to gain a consistent set of samples, assayed by only one laboratory.

Mineralised Sample Table

SampleID   Easting (m)   Northing (m)   Au   Au(R)
LX0764 326,524 5,931,330 67.4 75.5
LX0770 326,707 5,931,382 20.8 22.5
LX0767 326,706 5,931,382 18.4 18.5
LX0765 326,520 5,931,319 13.9 15.2
LX0766 326,516 5,931,320 13 15
LX0758 326,479 5,931,407 8.33  
LX0759 326,477 5,931,407 7.38 7
LX0757 326,487 5,931,405 6.81 7.96
LX0756 326,483 5,931,397 3.18 3.27
LX0769 326,691 5,931,344 2.31 2.38
LX0816 326,775 5,931,017 1.78 1.62
LX0745 326,317 5,931,411 1.4  
LX0793 326,466 5,931,245 1.36 1.53
LX0800 326,553 5,931,211 1.31 1.56
LX0782 326,441 5,931,342 1.21 1.36
LX0805 326,650 5,931,101 1.18  
LX0794 326,462 5,931,245 1.15  
LX0768 326,658 5,931,316 0.97  
LX0788 326,427 5,931,281 0.72  
LX0747 326,362 5,931,402 0.64  
LX0778 326,627 5,931,615 0.53  
LX0750 326,360 5,931,399 0.5  

Table 1. Assay results of 22 samples greater than 0.5 g/t Au from the 76 rock chip samples submitted (MGA 94 Zone 55)

Tested by: On Site Laboratory Services (ISO 9001 Registered), Bendigo, Australia

COMPETENT PERSON STATEMENT

The information in this announcement that relates to Exploration Results is based on information compiled by Dr Rodney Boucher of Linex Pty Ltd. Linex Pty Ltd provides geological services to Mercator Gold Australia Pty Ltd, including the services of Dr Boucher, who has a PhD in geology, is a Member and RPGeo of the Australian Institute of Geoscientists and is a Member of the Australian Institute of Mining and Metallurgy. Dr Boucher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Boucher consents to the inclusion in the announcement of the material based on his information in the form and context in which it appears.

ABOUT ECR MINERALS PLC

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.

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]

Website: www.ecrminerals.com
 
WH Ireland Ltd Tel: +44 (0)161 832 2174
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Katy Mitchell/James Sinclair-Ford
 
Optiva Securities Ltd Tel: +44 (0)203 137 1902
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Graeme Dickson
 
SI Capital Ltd Tel: +44 (0)1483 413500
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Nick Emerson

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.

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