Last checked at 22 Dec 2014 10:39
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
AIM: ECR
US OTC: MTGDY
DRILLING TO COMMENCE AT ITOGON GOLD PROJECT IN JANUARY 2015
LONDON: 22 DECEMBER 2014 - ECR Minerals plc is pleased to announce that a programme of diamond drilling will commence on or about 15 January 2015 at the Itogon gold project in Benguet Province, northern Philippines. ECR is the operator of Itogon and has the right to earn a 50% interest in the project.
The drilling programme has been designed in view of the results of the reverse circulation (RC) drilling completed at Itogon by ECR’s contractors in April 2014, and with the benefit of the extensive surface and underground mapping and sampling that has taken place at the project since the earlier phase of drilling.
The programme is primarily intended to provide information as to the orientation of the interpreted mineralised structures, the extent of near surface supergene enriched zones, and the continuity of certain zones of mineralisation intercepted by the RC holes.
Particular objectives of the seven diamond holes planned are summarised below. All the holes will be drilled at -60 degrees declination on an azimuth of 45 degrees.
Plan 001: target depth 200m, to be collared SW of ERC008
To follow up the near surface high grade intercept in ERC008 (16m at 17.14g/t gold from 1m, with 2m at 119.53 g/t gold from 8-10m); to test for other mineralised structures at depth.
Plan 008: target depth 110m, to be collared SW of ERC003
To follow up intercepts in ERC003 including 14m at 0.66g/t gold from surface and 11m at 1.46g/t gold from 88m (with 2m at 4.55g/t gold from 95m).
Plan 012: target depth 170m, to be collared SW of ERC006
To follow up the wide low grade intercept in ERC006 (33m at 1.13g/t gold from 86m); to test for other mineralised structures at depth.
Plan 015: target depth 150m, to be collared SW of ERC004
To test a mineralised zone on the western edge of the main prospect area which has yet to be drilled and to follow up the high grade intercept at depth in ERC004 (2m at 9.43g/t gold from 64m).
Plan 025: target depth 130m, to be collared NE of ERC002
To follow up the wide intercepts at depth in ERC002 (15m at 3.29g/t gold from 82m, with 2m at 18.25g/t from 92m; and 17m at 1.57g/t gold from 101m, with 3m at 5.45g/t gold from 103m).
Plan 031: target depth 130m, to be collared NE of ERC005
To follow up the high grade intercept of 7m at 5.33g/t gold from 138m (with 2m at 15.00g/t gold from 138m) in ERC005.
Plan 032: target depth 100m, to be collared NE of ERC006
To follow up the wide low grade intercept in ERC006 (33m at 1.13g/t gold from 86m); to test for other mineralised structures at depth.
The above holes total 990m of drilling based on their target depths. Holes judged to have met their geological objectives may be terminated early, and if sufficient budgeted metres remain, an additional hole may be drilled.
A map showing the locations of the RC drill holes drilled in April 2014 may be viewed at:
http://www.ecrminerals.com/itogon-project-phase1-drilling-map
This map was originally published on 29 May 2014.
Drilling results contained in this news release are extracted from the Company’s new release dated 29 May 2014 and should be read in conjunction therewith. All widths given in this news release are apparent width.
Stephen Clayson, Chief Executive Officer of ECR, commented:
“ECR’s second phase of drilling at the Itogon project will be a crucial one. The results of the first phase were encouraging but, but as would be expected of a first pass programme, left a number of geological questions unanswered. It is hoped that this second phase will enable a geological interpretation for the main prospect area at Itogon to be set out with confidence. That interpretation would then guide decisions regarding further work.
The second phase had been planned to commence during the final quarter of 2014, but additional time to consider the exploration data generated by ECR to date was deemed necessary before the programme could be finalised. Management and technical personnel also devoted considerable time to the review of potential new projects during Q4 2014.”
ABOUT ECR
ECR is a mineral exploration and development company with, among other interests, the right to earn a 50% interest in the Itogon gold project in the Philippines. Itogon is an advanced exploration project located in a gold and copper mining district in the north of the Philippines.
ECR has a 100% interest in the SLM gold project in La Rioja Province, Argentina, the exploration strategy for which is to delineate multiple medium to high grade, low tonnage deposits suitable for advancement to production on a relatively low capital, near term basis.
ECR continues to review potential new investments on a highly selective basis, with a concentration on precious, base and strategic metals projects in Asia and South America.
FOR FURTHER INFORMATION PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
Paul Johnson, Non-Executive Chairman
Stephen Clayson, Director & CEO
Richard (Dick) Watts, Technical Director
Email: info@ecrminerals.com
Website: www.ecrminerals.com
Cairn Financial Advisers LLP Tel: +44 (0)207 148 7900
Nominated Adviser
Jo Turner/Liam Murray
Daniel Stewart & Company plc Tel: +44 (0)20 7776 6550
Broker
Colin Rowbury
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such statements may be subject to a number of 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 as a result of new information, future events or for any other reason.
Copyright Business Wire 2014