Last checked at 12 Feb 2021 12:09
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
DRILLING UPDATE – VICTORIA GOLDFIELDS, AUSTRALIA
ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on Australia
is pleased to announce a drilling update from the HR3 area (“HR3”) of the Company’s 100% owned Bailieston Project in the Victoria Goldfields, Australia.
Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “I am pleased to announce the completion of our first diamond drill hole utilising the Company’s in-house drilling equipment, which is a notable event for the Company.
The hole was completed efficiently and safely and we are now pushing on with further drilling with the commencement of the second hole. We intend to continue drilling across various target areas within ECR license areas in the coming weeks and months.
The presence of a 5.3 metre wide reef (drilled thickness) with visible gold in the first drill hole core is a positive development and we look forward to receipt of assay results from the laboratory as soon as possible.”
HIGHLIGHTS:
This first diamond drill hole at HR3 was undertaken utilising the Company’s recently acquired drill rig and has reach a total depth of 300 metres. The drill rig has now commenced a second hole in the same location. The hole intersected the Byron Main Reef at 110 m and the information from this hole will allow us to establish the structural architecture and controls for the obvious gold mineralisation in this reef (and adjacent reefs) and in the wider HR3 prospect. The Byron Main Reef is 5.3 m wide (drilled thickness, true thickness unknown) and is milky, vuggy quartz with laminated margins. 1.3 m of core was lost drilling through the reef.
The current exploration drill programme was originally announced on 12 January 2021 and this announcement may be viewed through the following link:
https://polaris.brighterir.com/public/ecr_minerals_plc/news/rns/story/wvp81vw
The drill core from the first hole was transferred to the Company’s processing shed in Bendigo, Australia where the core was cut and analysed following which samples have been delivered to the laboratory today for assay analysis. The samples will be processed by the Gekko’s Assay Laboratory facilities in Ballarat, Australia and the assay results are expected in the coming weeks.
https://www.gekkos.com/en/solutions/lab-testwork/assay-lab
Preliminary core inspection has identified visible gold in the core and the Company has been utilising a portable x-ray fluorescence (“pXRF”) as part of the preliminary examination process. The pXRF has confirmed the gold content of a small speck seen in the core at 111.0 m.
https://www.ecrminerals.com/images/2021/BH3DD001_Byron_Main_Reef.pdf
Review of Announcement by Qualified Person
This announcement has been reviewed 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 Australasian Institute of Mining and Metallurgy. Dr Boucher is a Qualified Person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
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 |
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David Tang, Non-Executive Chairman |
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Craig Brown, Director & CEO |
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Email: info@ecrminerals.com |
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Website: www.ecrminerals.com |
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WH Ireland Ltd |
| Tel: +44 (0)161 832 2174 |
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Nominated Adviser |
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Katy Mitchell/James Sinclair-Ford |
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SI Capital Ltd |
| Tel: +44 (0)1483 413500 |
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Broker |
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Nick Emerson |
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ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia. ECR is currently drilling high priority targets on the Bailieston gold project using the Company’s own diamond drill rig. ECR has an experienced exploration team with significant local knowledge in the Victoria Goldfields.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX), ECR has the right to receive up to A$2 million in payments subject to future resource estimation or production at those projects.
ECR has earned a 25% interest in the Danglay gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, and holds a royalty on the SLM gold project in La Rioja Province, Argentina.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210212005235/en/
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