ECR Minerals Regulatory News (ECR)

11 Oct 2018 07:00

ECR MINERALS plc

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

BAILIESTON GOLD PROJECT AUSTRALIA – ADDITIONAL SAMPLING RESULTS

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

The Company released the results from the first batch of sampling in its market announcement of 28 September 2018 further details of which can be found in the following link:

https://polaris.brighterir.com/public/ecr_minerals/news/rns/story/xlme9gr

Highlights:

Assay results from a further 75 rock chip samples over the ‘Bailieston’ project confirm gold mineralisation, with assays from 29 samples ranging from 0.56 g/t Au to 22.9 g/t Au; Sampling has been extended south to the historic Cherry Tree reefs (HR4), where 53 rock chip samples out of the 75 samples have been taken. Results from 22 of these samples show the presence of gold mineralisation, assays ranging from 0.56 g/t Au to 8.15 g/t Au; Repeat assay analysis on 12 selected higher-grade samples returned similar results, demonstrating some consistency in respect to the nature of the gold mineralization; The assay for one sample (LX0819) which contained a speck of visible gold at sub-crop was not highlighted in the results (0.18 g/t Au), showing gold mineralisation in part can be coarse, therefore not reporting in the fire assay results.

Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “I am pleased to report the second batch of sampling data which, as with the first batch, has produced high grade gold in rock chip samples including samples taken from the Cherry Tree reefs.

The Company’s technical team are incorporating the findings into our project database and we are working on the next stage exploration programme to further examine the extent of gold mineralisation across the areas sampled.

In addition, the Company awaits the results of rock chip sampling undertaken at Creswick, where on 25 September 2018 the Company announced that exploration mapping had revealed a large gold system. The results from Creswick will be released to the market in the near term.”

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 Au. A comprehensive sampling program in 2014 contained results reaching 23 g/t Au.

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

Sample ID	Easting	Northing	Au (ppm)	Au_R (ppm)
LX0832	326756	5931071	22.9	22.6
LX0822	326667	5931246	17.1	17
LX0821	326565	5931299	12.8	11.5
LX0842	326779	5929949	8.15	8.8
LX0857	326719	5929831	4.38
LX0831	326748	5931076	4.22	4.17
LX0850	326729	5929888	4.11	4.21
LX0833	326764	5931089	3.59	3.43
LX0853	326733	5929870	2.7
LX0873	326801	5929793	2.48	2.29
LX0855	326760	5929873	2.41
LX0871	326797	5929793	2.3	2.13
LX0883	326816	5929836	2.06	2.23
LX0884	326703	5929753	1.76
LX0869	326785	5929792	1.55
LX0860	326720	5929799	1.54	1.43
LX0827	326700	5931243	1.39
LX0863	326757	5929808	1.12
LX0852	326695	5929886	1.1
LX0872	326797	5929792	1.04
LX0843	326774	5929951	0.99	1.06
LX0888	326663	5929650	0.92
LX0851	326715	5929862	0.76
LX0885	326687	5929700	0.72
LX0858	326708	5929835	0.68
LX0865	326762	5929810	0.58
LX0826	326639	5931235	0.56
LX0868	326777	5929810	0.56
LX0886	326686	5929700	0.56

NOTE:

1. All sample locations reported MGA 94 Zone 55.

2. Analysis by On Site Laboratory Services (ISO 9001 Registered), Bendigo, Australia.

3. Au_R (ppm): Repeat analysis of original sample

Table 1. Assay results of 29 samples greater than 0.5 g/t Au from the 75 rock chip samples submitted. Repeat analysis results for selected samples also shown.

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: info@ecrminerals.com
Website: www.ecrminerals.com
WH Ireland Ltd				Tel: +44 (0)161 832 2174
Nominated Adviser
Katy Mitchell/James Sinclair-Ford
SI Capital Ltd				Tel: +44 (0)1483 413500
Broker
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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