Last checked at 21 Jul 2015 07:00
ECR MINERALS plc(“ECR Minerals”, “ECR” or the “Company”)
AIM: ECRUS OTC: MTGDY
FURTHER POSITIVE TRENCHING RESULTS FROMITOGON GOLD PROJECT, PHILIPPINES
LONDON: 21 JULY 2015 - The directors of ECR Minerals plc (the “Directors”) are pleased to announce further positive results from trenching and test pitting at the Itogon epithermal gold project, northern Philippines. Mineralised intervals from the trenching and test pitting are presented in tables 1 and 2 below, which comprise the complete results of the trenching and test pitting programme. The results from trenches TR01, TR03, TR03A, TR04, TR06, TR12, TR13 and all test pits have not previously been reported. Additional results have also been reported in respect of TR05.
Stephen Clayson, Chief Executive Officer of ECR, commented:
“We are pleased to report more strong results from trenching at Itogon, and to present the complete assay results of the programme in the tables below. As previously announced, the results reflect the presence of a widespread supergene enriched oxide gold blanket occurring from surface in the main prospect area at Itogon. It is also apparent from the previously announced results of drilling by ECR that deeper level exploration targets exist below the supergene blanket.
Fieldwork in connection with the planned NI43-101 technical report is expected to commence this week, and will focus on integrating all available data into a geological model which will underpin the planned initial NI43-101 compliant resource and determine the direction of future exploration.”
A set of maps pertaining to the exploration results reported today may be viewed at: http://www.ecrminerals.com/itogon-drill-holes-trenching-test-pitting-july2015
| TABLE 1: | ||||
| WEIGHTED AVERAGE GRADE OF ALL SAMPLES | ||||
| ECR TRENCHING PROGRAMME 2015 | ||||
| ITOGON GOLD PROJECT, PHILIPPINES | ||||
| Trench | Width | Average Grade | ||
| (m) | (g/t gold) | |||
| Trench 01 | 18 | 0.05 | ||
| Trench 02 | 10 | 1.39 | ||
| Trench 03 | 18 | 0.55 | ||
| Trench 03A | 8 | 1.63 | ||
| Trench 04 | 67 | 1.13 | ||
| Trench 05 | 72 | 1.28 | ||
| Trench 06 | 27 | 1.01 | ||
| Trench 07 | 47 | 0.36 | ||
| Trench 07A | 8 | 0.94 | ||
| Trench 08 | 27 | 0.29 | ||
| Trench 09 | 97.6 | 2.57 | ||
| Trench 12 | 20 | 1.54 | ||
| Trench 13 | 11 | 4.36 | ||
| Total | 430.60 | 1.38 | ||
| TABLE 2: | ||||||||||
| MINERALISED INTERVALS (0.3g/t gold lower cut-off, maximum 1m internal waste) | ||||||||||
| ECR TRENCHING PROGRAMME 2015, ITOGON GOLD PROJECT, PHILIPPINES | ||||||||||
| Trench ID | From | To | Width | Average Grade | Including | |||||
| (m) | (g/t Au) | |||||||||
| TR02 | 0 | 10 | 10 | 1.39 | 4m at 1.73 g/t from 0m, 2m at 1.67 g/t from 8m | |||||
| Trench ID | From | To | Width | Average Grade | Including | |||||
| (m) | (g/t Au) | |||||||||
| TR03 | 0 | 18 | 18 | 0.55 | ||||||
| Trench ID | From | To | Width | Average Grade | Including | |||||
| (m) | (g/t Au) | |||||||||
| TR03A | 0 | 8 | 8 | 1.63 | 1m at 2.50 g/t from 0m, 1m at 3.45 g/t from 1m, 1m at 2.02 g/t from 3m, 1m at 1.22 g/t from 4m, 1m at 1.17 g/t from 5m, 1m at 1.11 g/t from 6m, 1m at 1.10 g/t from 7m | |||||
| Trench ID | From | To | Width | Average Grade | Including | |||||
| (m) | (g/t Au) | |||||||||
| TR04 | 1 | 67 | 66 | 1.15 | 1m at 1.22 g/t from 1m; 1m at 2.84 g/t from 2m; 1m at 2.27 g/t from 3m; 1m at 3.61 g/t from 4m; 1m at 1.66 g/t from 5m; 1m at 4.65 g/t from 6m; 1m at 3.90 g/t from 7m; 1m at 3.00 g/t from 8m; 1m at 1.64 g/t from 9m; 4m at 1.25 g/t from 19m; 4m at 1.63 g/t from 23m; 4m at 1.93 g/t from 27m; 4m at 1.23 g/t from 31m; 1m at 1.11 g/t from 56m; 1m at 1.12 g/t from 60m | |||||
| Trench ID | From | To | Width | Average Grade | Including | |||||
| (m) | (g/t Au) | |||||||||
| TR05 | 0 | 69 | 69 | 1.33 | 4m at 1.39 g/t from 4m; 4m at 1.40 g/t from 20m; 4m at 1.33 g/t from 24m; 4m at 1.50 g/t from 28m; 5m at 1.83 g/t from 36m; 1m at 1.22 g/t from 41m; 1m at 1.76 g/t from 42m; 1m at 3.83 g/t from 43m; 1m at 4.62 g/t from 44m; 1m at 1.57 g/t from 45m; 1m at 1.11 g/t from 46m; 1m at 4.32 g/t from 48m; 1m at 2.18 g/t from 49m; 1m at 1.32 g/t from 50m; 1m at 2.01 g/t from 51m; 1m at 2.07 g/t from 57m; 1m at 1.47 g/t from 58m; 1m at 1.65 g/t from 59m; 1m at 1.29 g/t from 61m; 1m at 1.79 g/t from 63m; 1m at 3.79 g/t from 64m; 1m at 3.27 g/t from 66m | |||||
| Trench ID | From | To | Width | Average Grade | Including | |||||
| (m) | (g/t Au) | |||||||||
| TR06 | 0 | 27 | 27 | 1.01 | 1m at 1.29 g/t from 7m; 2m at 1.28 g/t from 15m; 2m at 1.22 g/t from 17m; 2m at 2.06 g/t from 19m; 4m at 1.87 g/t from 23m | |||||
| Trench ID | From | To | Width | Average Grade | Including | |||||
| (m) | (g/t Au) | |||||||||
| TR07 | 5 | 6 | 1 | 0.45 | ||||||
| 17 | 20 | 3 | 0.77 | |||||||
| 25 | 28 | 3 | 0.71 | 1m at 1.44 g/t from 25m | ||||||
| 31 | 35 | 4 | 0.77 | 1m at 1.80 g/t from 33m | ||||||
| 37 | 38 | 1 | 0.39 | |||||||
| 43 | 47 | 4 | 0.90 | |||||||
| Trench ID | From | To | Width | Average Grade | Including | |||||
| (m) | (g/t Au) | |||||||||
| TR07A | 0 | 8 | 8 | 0.94 | 4m at 1.74 g/t from 4m | |||||
| Trench ID | From | To | Width | Average Grade | Including | |||||
| (m) | (g/t Au) | |||||||||
| TR08 | 2 | 10 | 8 | 0.48 | 1m at 1.11 g/t from 9m | |||||
| 12 | 15 | 3 | 0.43 | |||||||
| 24 | 26 | 2 | 0.47 | |||||||
| Trench ID | From | To | Width | Average Grade | Including | |||||
| (m) | (g/t Au) | |||||||||
| TR09 | 1 | 61 | 60 | 2.43 | 1m at 5.33 g/t from 2m; 1m at 2.34 g/t from 7m; 1m at 16.74 g/t from 10m; 1m at 1.14 g/t from 13m; 1m at 2.44 g/t from 18m; 1m at 1.18 g/t from 21m; 1m at 1.21 g/t from 25m; 1m at 42.29 g/t from 28m; 1m at 8.78 g/t from 29m; 1m at 1.32 g/t from 31m; 1m at 4.51 g/t from 34m; 1m at 5.11 g/t from 40m; 1m at 1.24 g/t from 41m; 1m at 2.32 g/t from 47m; 1m at 1.60 g/t from 48; 1m at 1.23 g/t from 49m; 1m at 2.27 g/t from 52m; 4m at 6.81 g/t from 53m | |||||
| TR09 | 69 | 97.6 | 28.6 | 3.61 | 2m at 1.23 g/t from 77m; 1m at 1.15 g/t from 79; 1m at 2.78 from 81m; 1m at 79.67 g/t from 84m; 2.6m at 1.07 g/t from 95m | |||||
| Trench ID | From | To | Width | Average Grade | Including | |||||
| (m) | (g/t Au) | |||||||||
| TR12 | 0 | 30 | 30 | 1.54 | 4m at 1.27 g/t from 0m; 4m at 1.69 g/t from 4m; 4m at 1.78 g/t from 12m; 4m at 1.76 g/t from 16m; 4m at 2.54 g/t from 20m; 1m at 1.63 g/t from 24m; 1m at 1.28 g/t from 25m | |||||
| Trench ID | From | To | Width | Average Grade | Including | |||||
| (m) | (g/t Au) | |||||||||
| TR13 | 0 | 9 | 9 | 3.53 | 1m at 6.02 g/t from 0m; 1m at 5.66 g/t from 1m; 1m at 1.39 g/t from 2m; 1m at 2.41 g/t from 3m; 1m at 5.81 g/t from 5m; 1m at 1.75 g/t from 6m; 1m at 7.46 g/t from 7m | |||||
| Test Pit ID | From | To | Width | Average Grade | Including | |||||
| (m) | (g/t Au) | |||||||||
| TR01 TP03 | 0 | 1 | 1 | 0.46 | ||||||
| TR02 TP01 | 0 | 1 | 1 | 0.86 | 1.44 g/t from lower sample | |||||
| TR02 TP02 | 0 | 1 | 1 | 0.56 | ||||||
| TR02 TP03 | 0 | 1 | 1 | 1.06 | 1.24 g/t from upper sample | |||||
| TR03 TP01 | 0 | 1 | 1 | 0.46 | ||||||
| TR03 TP02 | 0 | 1 | 1 | 1.38 | 1.84 g/t from lower sample | |||||
| TR04 TP01 | 0 | 1 | 1 | 0.32 | ||||||
| TR04 TP02 | 0 | 1 | 1 | 2.23 | 2.61 g/t from upper sample and 1.86 g/t from lower sample | |||||
| TR06 TP02 | 0 | 1 | 1 | 1.40 | 1.41 g/t from upper sample and 1.39 g/t from lower sample | |||||
NB:
Mineralised intervals from trenches presented in Table 2 were calculated as weighted averages using a lower cut-off grade of 0.30 g/t gold and a maximum of 1m internal dilution. The grade of each single sample which exceeded 1.00 g/t gold has been reported separately. Test pits were sampled by two separate 1m channel samples with a minimum 1m difference in elevation. No top cut has been applied in calculating the mineralised intervals in tables 1 and 2, and all widths given are apparent width.
QA/QC
A secure chain of custody was maintained in the transport and storage of all samples, which were shipped to and analysed by Intertek Testing Services Philippines, Inc. (“Intertek”), an internationally accredited independent analytical laboratory in Metro Manila. Sampling was carried out under geological supervision. Upon arrival at Intertek samples were sorted, dried (if necessary), crushed, split and pulverised. The method of analysis for gold was fire assay (50g charge) with AAS finish.
QA/QC measures including the use of certified standards were implemented by ECR and separately by Intertek in relation to the analysis of the samples. The assay data reported is considered acceptable in the context of these measures. Assay values have been expressed in this news release as g/t gold but are received from Intertek expressed as ppm gold. For the purposes hereof ppm gold and g/t can be considered equivalent.
The contents of this announcement have been reviewed by Dr Chris Wilson PhD, FAusIMM (CP), FSEG, a geologist with the consultancy Exploration Alliance, which has been engaged by ECR in connection with the Itogon project.
ABOUT ECR
ECR is a mineral exploration and development company with the right to earn a 50% interest in the Itogon epithermal gold project in the Philippines. Itogon is an advanced exploration project located in a prolific 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. 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 |
| William (Bill) Howell, 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 | |
| Emma Earl/Jo Turner | |
| Daniel Stewart & Company plc | Tel: +44 (0)20 7776 6550 |
| Broker | |
| Martin Lampshire |
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.
GLOSSARY
| AAS: | atomic absorption spectroscopy | |||
| assay: | a test performed on a sample of ores or minerals to determine the amount of valuable metals contained | |||
| NI43-101: | Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects | |||
| epithermal: | mineralisation produced by near surface hydrothermal fluids related to igneous activity; originally defined as having formed in the range 50-300°C | |||
| g: | grams | |||
| g/t: | grams per tonne | |||
| m: | metre | |||
| oxidation: | a chemical reaction caused by exposure to oxygen that results in a change in the chemical composition of a mineral | |||
| oxide gold blanket: | said of gold that has been liberated from sulphides during the process of oxidation to form a surficial, sub-horizontal to horizontal zone or ‘blanket’ | |||
| ppm: | parts per million | |||
| supergene enrichment: | said of a mineral deposit formed at or just below the Earth’s surface, generally through downward percolation of rainwater, resulting in liberation of gold through oxidation of sulphides, and its concentration and enrichment within a given horizon | |||
| t: | tonne | |||
| test pit: | a pit dug through the upper parts of the soil profile or overburden to expose bedrock veins and structures | |||
| trench: | a long, narrow excavation dug through the upper parts of the soil profile or overburden to expose bedrock veins and structures | |||
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