Last checked at 5 Feb 2024 09:55
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
Preliminary findings from Creswick drilling
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide the following preliminary update of its drilling programme at the Davey Road site in its Creswick tenement. Drilling was undertaken in December 2023.
HIGHLIGHTS
? Seven successful holes were drilled and there is extensive evidence of anomalous gold with the best result being 23.39 g/t Au over 1 metre.
? The best sample still has 4.7 g/t Au in the tailings of the initial results which is typical of coarse gold that ECR expects in this location.
? Around 30 additional bulk samples from the 20-30kg 'leftovers' from the preliminary drilling results have been concentrated in a dry blower. Panning of this material has consistently shown visible gold and these samples are being sent for laboratory testing.
? Variation in the preliminary results indicates a likely dipping vein (i.e. the gold mineralisation is not in a vertical structure) but the further analysis being undertaken is expected to assist with the geological interpretation.
The full results of this bulk sample testing are expected to be completed shortly.
Alongside this, the second phase of the Company's drilling programme in Creswick (at Kuboid Hill) is ongoing and further announcements will be made in due course.
Details of current drilling and significant intercepts > 0.5g/t
Hole ID | Total depth (metres) | Significant intercepts | Visible gold in bulk samples between interval (metres) (awaiting assay results) |
CDYRC001 | 66 | 1m @ 2.53 g/t Au from 6m 1m @ 2.42 g/t Au from 37m 1m @ 0.79 g/t Au from 38m 1m @ 0.53 g/t Au from 29m 1m @ 0.50 g/t Au from 30m | 0-1 5-7 30-31 36-39 |
CDYRC002 | 84 | No significant intercepts to date but pending bulk sample analysis | |
CDYRC003 | 84 | No significant intercepts to date but pending bulk sample analysis | |
CDYRC004 | 84 | No significant intercepts to date but pending bulk sample analysis | 54-56 |
CDYRC005 | 54 | 1m @ 23.39 g/t Au from 14m 1m @ 1.01 g/t Au from 15m | 13-16 |
CDYRC006 | 84 | No significant intercepts to date but pending bulk sample analysis | |
CDYRC007 | 66 | No significant intercepts to date but pending bulk sample analysis | 12-13 |
Mike Whitlow Chief Operating Officer said: "This is an encouraging start to our examination of Davey Road. Based on ECR's work historically in this region, our expectation was that any gold would be both course and confined within narrow veins. These preliminary results support this assumption and consequently analysis of the bulk samples is a necessary step before we have a full picture of the geology. There is plenty so far to be pleased with but these results are indicative only and we look forward to gaining a better understanding of the location once full testing is complete."
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Technical Director of Exploration at ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc | Tel: +44 (0) 20 7929 1010 | |||
David Tang, Non-Executive Chairman Nick Tulloch, Managing Director Andrew Scott, Director | ||||
Email: info@ecrminerals.com | ||||
Website: www.ecrminerals.com | ||||
WH Ireland Ltd |
| Tel: +44 (0) 207 220 1666 | ||
Nominated Adviser Katy Mitchell / Andrew de Andrade | ||||
SI Capital Ltd | Tel: +44 (0) 1483 413500 | |||
Broker | ||||
Nick Emerson | ||||
Novum Securities Limited | Tel: +44 (0) 20 7399 9425 | |||
Broker Jon Belliss | ||||
Brand Communications | Tel: +44 (0) 7976 431608 | |||
Public & Investor Relations | ||||
Alan Green | ||||
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR's wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd ("MGA") has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight active exploration tenements and two in application (Ballarat and Tambo).
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd ("LUX"), which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.
ECR holds a 90% 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, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.