Last checked at 26 Sep 2014 11:07
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
AIM: ECR
US OTC: MTGDY
POSITIVE RESULTS FROM PHASE 4 CHANNEL SAMPLING
AT ITOGON GOLD PROJECT, PHILIPPINES
LONDON: 26 SEPTEMBER 2014 - ECR Minerals plc is pleased to announce positive assay results from phase 4 channel sampling at the Itogon epithermal gold project in Benguet Province, northern Philippines.
HIGHLIGHTS
* Intercepts from phase 4 channel sampling at Itogon include, at surface, 28m averaging 3.11g/t gold (channel MP-52), 20m averaging 1.15g/t gold (channel MP-54) and 12m averaging 2.08g/t gold (channel MP-69)
* Reconnaissance mapping and sampling is to planned to commence during October 2014 on ridges to the north-east and south-west of the main prospect area
* Drilling is expected to recommence at Itogon during Q4 2014 (as previously announced)
Stephen Clayson, Chief Executive Officer of ECR, commented:
“The results of channel sampling at Itogon continue to indicate a significant epithermal vein system with widespread surface expressions, and it is our belief that continued exploration will prove very rewarding.
During the course of the year so far ECR has mapped and channel sampled numerous outcrops which do not appear to have been identified historically, including, with reference to the maps that accompany this news release, those represented by mapping points MP-20 to 21 and MP-38 to 40, the discovery of which has increased the known extent of mineralisation in the main prospect area.
Phase 4 channel sampling focused primarily on the westernmost identified vein zones in the central part of the main prospect area. As with prior phases, a number of impressively consistent mineralised intercepts were obtained, as detailed in Table 1 below.
Reconnaissance mapping and sampling is planned to commence during October 2014 on the ridges situated immediately to the north-east and south-west of and running sub-parallel with the ridge comprising the main prospect area, and is intended to identify any further surface expressions of the main epithermal system along with any other mineralisation of interest.”
| Table 1: Phase 4 Channel Sampling Itogon Gold Project, Philippines Apparent Widths and Average Grades | |||||||||
| Mapping Point | From m | To m | Apparent Width m | Average Grade g/t Au | |||||
| Surface channel samples | |||||||||
| MP-50 | 0.0 | 8.0 | 8.0 | 0.08 | |||||
| MP-51 | 0.0 | 8.0 | 8.0 | 1.56 | |||||
| inc. | 0.0 | 2.0 | 2.0 | 1.63 | |||||
| inc. | 2.0 | 4.0 | 2.0 | 2.26 | |||||
| inc. | 4.0 | 6.0 | 2.0 | 1.16 | |||||
| inc. | 6.0 | 8.0 | 2.0 | 1.18 | |||||
| MP-52 | 0.0 | 28.0 | 28.0 | 3.11 | |||||
| inc. | 0.0 | 2.0 | 2.0 | 2.34 | |||||
| inc. | 2.0 | 4.0 | 2.0 | 6.02 | |||||
| inc. | 4.0 | 6.0 | 2.0 | 1.05 | |||||
| inc. | 8.0 | 10.0 | 2.0 | 1.98 | |||||
| inc. | 10.0 | 12.0 | 2.0 | 1.03 | |||||
| inc. | 14.0 | 16.0 | 2.0 | 1.04 | |||||
| inc. | 16.0 | 18.0 | 2.0 | 4.86 | |||||
| inc. | 18.0 | 20.0 | 2.0 | 4.07 | |||||
| inc. | 20.0 | 22.0 | 2.0 | 6.01 | |||||
| inc. | 22.0 | 24.0 | 2.0 | 3.08 | |||||
| inc. | 24.0 | 26.0 | 2.0 | 2.45 | |||||
| inc. | 26.0 | 28.0 | 2.0 | 8.40 | |||||
| MP-53 | 0.0 | 4.0 | 4.0 | 0.26 | |||||
| MP-54 | 0.0 | 20.0 | 20.0 | 1.15 | |||||
| inc. | 0.0 | 2.0 | 2.0 | 1.51 | |||||
| inc. | 12.0 | 14.0 | 2.0 | 4.84 | |||||
| MP-55 | 0.0 | 38.0 | 38.0 | 0.24 | |||||
| MP-56 | 0.0 | 1.5 | 1.5 | 2.32 | |||||
| MP-57 | 0.0 | 1.5 | 1.5 | 7.82 | |||||
| MP-58 | 0.0 | 1.5 | 1.5 | 0.18 | |||||
| MP-59 | 0.0 | 11.0 | 11.0 | 0.45 | |||||
| MP-60 | 0.0 | 1.7 | 1.7 | 0.82 | |||||
| MP-61 | 0.0 | 4.0 | 4.0 | 0.32 | |||||
| MP-62 | 0.0 | 6.0 | 6.0 | 1.85 | |||||
| inc. | 2.0 | 4.0 | 2.0 | 1.24 | |||||
| inc. | 4.0 | 6.0 | 2.0 | 3.56 | |||||
| MP-63 | 0.0 | 2.0 | 2.0 | 0.37 | |||||
| MP-64 | 0.0 | 2.0 | 2.0 | 0.15 | |||||
| MP-65 | 0.0 | 2.0 | 2.0 | 0.60 | |||||
| MP-66 | 0.0 | 2.0 | 2.0 | 0.33 | |||||
| MP-67 | 0.0 | 2.0 | 2.0 | 1.81 | |||||
| MP-68 | 0.0 | 1.5 | 1.5 | 4.72 | |||||
| MP-69 | 0.0 | 12.0 | 12.0 | 2.08 | |||||
| inc. | 0.0 | 2.0 | 2.0 | 2.45 | |||||
| inc. | 2.0 | 4.0 | 2.0 | 2.08 | |||||
| inc. | 6.0 | 8.0 | 2.0 | 3.22 | |||||
| inc. | 8.0 | 10.0 | 2.0 | 3.28 | |||||
A set of maps relating to the sampling results disclosed in this news release may be viewed at: http://www.ecrminerals.com/Itogon-channel-sampling-phases-1to4
The maps are for illustration only and should not be relied upon for technical purposes.
Geological mapping highlighted altered, mineralised and/or intensely oxidised occurrences for channel sampling, in some cases following trenching.
Where channels comprised multiple samples, Table 1 discloses the weighted average gold grade for the length of each channel and the grades of any individual samples which exceeded 1 g/t gold. No top or lower cut-off has been applied in calculating weighted averages.
Phase 4 channel sampling at the Itogon project comprised a total of 80 samples (excluding QA/QC samples), each representing a channel length of between 1.3m and 2.0m, and representing an aggregate channel length of 156.7m. Intercepts are given as apparent widths.
Assay values have been expressed in this news release as g/t (grams per tonne) gold but are received from the laboratory expressed as ppm (parts per million) gold. For the purposes hereof ppm gold and g/t can be considered equivalent.
QA/QC
Sampling was carried out under geological supervision. 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. Upon arrival at Intertek samples were sorted, dried, crushed, split, and a fraction was pulverised. The method of analysis for gold was fire assay (50g charge) with AAS finish.
QA/QC measures including the use of blanks and 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.
Review by Competent Person
The contents of this announcement have been reviewed by Andrew Tunningley MAusIMM (CP), a geologist with the consultancy Exploration Alliance, which has been engaged by ECR in connection with the Itogon project.
About the Itogon Project
Exploration by ECR to date, including reverse circulation (RC) drilling completed in April 2014, indicates that gold mineralisation in the main prospect area at the Itogon project is hosted by generally north-west trending, south-west dipping to subvertical epithermal veins, with a subordinate set of generally north-east trending veins. ECR’s drilling has confirmed mineralisation over a strike length of 400m and a vertical extent of 250m, open along strike and down dip. The width of the overall mineralised zone at surface, demonstrated by channel sampling, is up to 250m (notwithstanding sections between vein zones which may be unmineralised).
The epithermal veins are composed of grey and white, saccharoidal and vuggy quartz with associated clay, calcite, pyrite, galena, sphalerite, chalcopyrite, and vein breccia, hosted by moderately to strongly oxidised and argillised medium grained diorite. Individual veins rarely exceed 1m wide and tend to occur as approximately 0.2m wide, closely spaced, sheeted veins within the altered zones. Establishing the continuity of the vein zones between intercepts at surface, in underground workings and by drilling is an important exploration objective.
The highest gold grades are typically associated with multiple narrow, 1-2m wide occurrences of sheeted quartz veins and quartz vein breccia, with a mineralised selvedge grading approximately 0.30g/t gold or higher associated with these structures.
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 on the island of Luzon in the north of the Philippines.
ECR has a 100% interest in the Sierra de las Minas 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 holds a substantial minority stake in THEMAC Resources Group Ltd (TSX-V: MAC), which is focused on the development of the Copper Flat copper-molybdenum-gold-silver porphyry project in New Mexico, USA.
FOR FURTHER INFORMATION PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
Paul Johnson, Non-Executive Chairman
Stephen Clayson, Director & Chief Executive Officer
Richard (Dick) Watts, Technical Director
Email: info@ecrminerals.com
Website: www.ecrminerals.com
Daniel Stewart & Company plc Tel: +44 (0)20 7776 6550
Emma Earl/Harrison Clarke (Nominated Adviser)
Colin Rowbury (Broker)
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
adit: an opening driven horizontally into the side of a mountain or hill for providing access to a mineral deposit
alteration: the chemical response of rocks to hydrothermal solutions causing mineralogical change
argillic alteration: clay rich assemblages dominated by low temperature clays such as kaolinite, smectite, and interlayered illite-smectite; these are formed by low temperature (
assay: a test performed on a sample of ores or minerals to determine the amount of valuable metals contained
Au: gold
breccia: coarse (usually >2 mm) fragmental rock, consisting of generally angular clasts of one or more lithologies; a complexly veined rock can have a brecciated appearance (if veins are multi-generational and/or branching), but it is important to differentiate between the two; veins are generally linear or sinuous, whereas a breccia matrix is highly irregular
channel sampling: a sample composed of pieces of rock that have been cut out of a small trench or channel
chlorite: a group of platy, monoclinic, usually greenish minerals; associated with and resembling the micas; widely distributed as alteration products of ferromagnesian minerals
epidote: a green monoclinic mineral
drussy: pertaining to an insoluble residue or encrustation of quartz crystal
epithermal: mineralisation produced by near surface hydrothermal fluids related to igneous activity; originally defined as having formed in the range 50-300°C
fault: a break in the Earth’s crust caused by tectonic forces which have moved the rock on one side with respect to the other
footwall: the rock on the underside of a vein or ore structure
g: grams
galena: a grey metallic mineral; has a perfect cubic cleavage; soft and very heavy; principal ore of lead
g/t: grams per tonne
hanging wall: the rock on the upper side of a vein or ore deposit
hematite: a common iron mineral; occurs in rhombohedral crystals, in reniform masses or fibrous aggregate; deep red earthy forms; an alteration product in hydrothermal systems
illite: a general name for a group of mica like clay minerals that are widely distributed in argillic altered rocks
kg: kilogram
km: kilometre
m: metre
massive: said of rocks of any origin that are more or less homogenous in texture or fabric; also said of a mineral deposit especially of sulphides, characterized by great concentration of ore in one place as opposed to a disseminated or vein type deposit
MDL: method detection limit
outcrop: an exposure of rock or mineral deposit that can be seen on surface, that is, not covered by soil or water
oxidation: a chemical reaction caused by exposure to oxygen which results in a change in the chemical composition of a mineral
portal: the entry to an underground or sub surface access such as an adit, decline or tunnel
ppm: parts per million
propylitic alteration: chlorite-epidote-calcite alteration assemblage
RL: reduced level; calculated elevation in relation to a particular datum
saccharoidal: granular aggregates of equant crystals having the appearance of sugar in hand specimen
selvedge: the area of the point of contact between a vein and the surrounding rock
silicification: a hydrothermal alteration assemblage dominated by silica
smectite: mineral commonly found in argillic altered rocks
sphalerite: a yellow, brown, or black, isometric mineral with a perfect dodecahedral cleavage and a resinous to adamantine lustre; widely distributed ore of zinc; commonly associated with galena in epithermal veins
stringer: a narrow vein or irregular filament of a mineral or minerals traversing a rock mass usually of limited strike and dip compared to a vein
trenching: cutting of a narrow, shallow ditch across a mineral showing or deposit to obtain channel or other samples or to observe geology
t: tonne
vein: material which was chemically deposited by fluids within a rock fracture; veins exhibit a range of textures and minerals, depending primarily on the temperature, depth, and composition of the fluid and host rock; may also contain a small amount (
vein breccia: rock consisting predominantly of vein fragments (
vug: open cavity within a rock, usually in a vein or breccia cement, which is lined by euhedral prismatic crystals that project into the cavity
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