Last checked at 6 Jul 2015 07:00
ECR MINERALS plc(“ECR Minerals”, “ECR” or the “Company”)
AIM: ECRUS OTC: MTGDY
POSITIVE TRENCHING RESULTS FROMITOGON GOLD PROJECT, PHILIPPINES
LONDON: 6 JULY 2015 - The directors of ECR Minerals plc (the “Directors”) are pleased to announce positive results from trenching at the Itogon epithermal gold project, northern Philippines. The trenching was completed during May and June 2015 and comprised 13 trenches totalling 430.6m. Mineralised intervals from the trenching are presented in Table 1 below.
In addition, 12 test pits were excavated in areas too steep or otherwise inaccessible for trenching. Further assay results in respect of various trenches and all test pits are pending.
HIGHLIGHTS
* Mineralised intervals from trenching (apparent width) include:
60m at 2.43 g/t gold in TR09 (includes interval of 42m at 2.54 g/t gold announced 18 June 2015)28.6m at 3.61 g/t gold in TR09 (separate and additional to the interval above)18m at 1.71 g/t gold in TR0559m at 1.32 g/t gold in TR0510m at 1.39 g/t gold in TR02
* Very high grades encountered in TR09 including:
1m at 16.74 g/t gold from 10m1m at 42.29 g/t gold from 28m1m at 79.67 g/t gold from 84m
Stephen Clayson, Chief Executive Officer of ECR, commented:
“These encouraging results provide further positive indications as to the potential of the supergene enriched oxide gold blanket which occurs from surface in the main prospect area at Itogon, and we look forward to receiving and reporting the remainder of the assay results from the trenching and test pitting programme.
Work at the project during July 2015 is expected to focus on formulating a cohesive geological model for the purposes of the planned resource estimate and accompanying NI43-101 technical report. The Directors anticipate that this report will be completed during September 2015.
This work will include efforts to better understand the controls on the very high grade mineralisation encountered in TR09 and in earlier phases of sampling, as well as in the reverse circulation drilling carried out in 2014.”
| TABLE 1: MINERALISED INTERVALS | |||||
| 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) | ||||
| TR05 | 0 | 59 | 59 | 1.32 | 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 |
| 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 79m; 1m at 2.78 g/t from 81m; 1m at 79.67 g/t from 84m; 2.6m at 1.07 g/t from 95m |
NB:
Mineralised intervals were calculated as weighted averages using a cut-off grade of 0.30 g/t gold and a maximum of 1m internal dilution. As a result certain reported intervals contain discrete higher grade intervals that are separated by lower grade mineralisation. In these cases the grade of each single sample which exceeded 1.00 g/t gold has been reported separately. No top cut has been applied in calculating mineralised intervals. All widths given in this announcement are apparent width.
A map pertaining to the exploration results reported today may be viewed at: http://www.ecrminerals.com/itogon-drill-holes-trenching-test-pitting
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, 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 1010William (Bill) Howell, Non-Executive ChairmanStephen Clayson, Director & CEORichard (Dick) Watts, Technical Director
Email: info@ecrminerals.comWebsite: www.ecrminerals.com
Cairn Financial Advisers LLP Tel: +44 (0)207 148 7900Nominated AdviserEmma Earl/Jo Turner
Daniel Stewart & Company plc Tel: +44 (0)20 7776 6550BrokerMartin 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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