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Erris Resources PLC - Fieldwork Resuming at The Loch Tay Project

RNS Number : 4304R
Erris Resources PLC
30 June 2020
 

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.

 

Erris Resources plc / EPIC: ERIS.L / Market: AIM / Sector: Mining

30 June 2020

Erris Resources plc

("Erris Resources" or the "Company")

 

Fieldwork Resuming at The Loch Tay Project, Scotland

 

Erris Resources, the European focused mineral exploration company, is pleased to announce that it will resume fieldwork at the Loch Tay gold project (the "Loch Tay Project" or the "Project") in Scotland starting in July 2020.

 

Highlights

·    Fieldwork to resume at the expanded Lead Trial prospect where the Company recently announced that it had sampled high-grade gold in boulders and subcrop

·    GreenOre Gold and Erris Resources have agreed to extend the option period by 98 days due to lost time caused by the Covid-19 restrictions

·    New audio-visual presentation introducing the Loch Tay Project is available on the Company's website

 

Erris Resources CEO, David Hall commented "We are pleased to be resuming fieldwork at the Loch Tay Project to follow up on the encouraging initial results and assess the Project for economic potential. As we hope to put the Covid-19 crisis behind us, local investment and a domestic and responsible supply of minerals have never been so important; Erris Resources hopes that it can add to the value of the new Scottish gold industry in the years ahead. We look forward to keeping our shareholders and stakeholders well-informed and in line with this, the first of many audio-visual presentations is now available on our website."

 

Details

Fieldwork will resume in July 2020 at the expanded Lead Trial prospect where high-grade gold was recently discovered in boulders and subcrop to the east of the Lead Trial historic workings. The work will focus on identifying the source of the mineralised boulders and will consist of mapping, prospecting, and soil sampling. Fieldwork in Scotland was put on hold on 25th March 2020 in line with government restrictions, but desk-based work continued. Data compilation focusing on geochemistry, structure and metal zonation utilising Company and available data from the British Geological Survey and academic papers, has been carried out to better understand the geology of the Project area and identify new targets. The Company's geologists look forward to ground truthing new targets within the licence area and expanding the mineralised footprint at the Lead Trial prospect with the aim of identifying drill targets for future drill testing.

 

Erris Resources and GreenOre Gold have agreed to extend the 4-year option earn-in-period by 98 days so that the Company has not lost significant time as a result of the Covid-19 restrictions on non-essential work introduced by the Scottish and UK governments. This will allow the Company to achieve the milestones within the modified 4-year period under the existing agreement.

 

In line with its strategy to ensure shareholders and stakeholders are kept well-informed, Erris Resources has produced an audio-visual presentation introducing the Loch Tay Project.  This presentation, and future updates, can be found on the Company's website media page, www.errisresources.com/media, as well as its new YouTube channel,  www.youtube.com/channel/UCy9loqtWwRkg0bnGUsjvkKg, and on its Twitter page, https://twitter.com/ErrisResources.


Outlook

At the end of June 2020, the Company held approximately €1.3 million in cash and maintains a disciplined approach to expenditure on its 100%-owned projects. The Board and Management continue to review projects in low risk jurisdictions internationally that fit its investment criteria in order to identify potential new assets for the Company. Like many companies, Erris Resources has been impacted by the Covid-19 pandemic and has taken all necessary steps to protect the well-being of its staff, stakeholders and local communities while reducing costs. As it resumes activities, the Company will continue to work under recommended guidelines to maximise the safety of its staff, stakeholders, and local communities from the threat of Covid-19.

 

*ENDS*

 For further information visit www.errisresources.com or contact:

 

David Hall/Aiden Lavelle

Erris Resources plc

+353 (0) 94 902 8481

David Hart/Liz Kirchner

Allenby Capital (Nominated Adviser)

+44 (0) 20 3328 5656

Zoe Alexander/Andy Thacker

Turner Pope Investments (TPI) Ltd

+44 (0) 20 3657 0050

Isabel de Salis/Beth Melluish

St Brides Partners (Financial PR)

+44 (0) 20 7236 1177

 

Notes

Erris Resources plc (EPIC: ERIS.L) is an AIM quoted, European focused, discovery driven consulting and exploration company, supported by the Canadian mining major, Osisko Gold Royalties, which has a 15.13% interest in the Company. The Company has a portfolio of gold projects in Scotland, Sweden and Norway and zinc and base metals assets in Ireland, which it is looking to further build on. Led by a highly qualified team with extensive corporate and sector experience, Erris's strategy is to create shareholder value through commercial discovery of base or precious metal assets in proven mineral districts and in favourable European jurisdictions. 


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Price: 7.1

Market: LSE
Market Cap: £2.76 m
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