Last checked at 13 Nov 2014 11:26
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
AIM: ECR
US OTC: MTGDY
UPDATE ON SLM GOLD PROJECT, ARGENTINA
LONDON: 13 NOVEMBER 2014 - ECR Minerals plc is pleased to provide the following update on activities at the SLM gold project in Argentina. The SLM project area is 100% held by ECR’s wholly owned Argentine subsidiary Ochre Mining SA (“Ochre”).
Further to ECR’s announcement of 2 September 2014, assay results from channel, dump, float and rock chip sampling are disclosed in Tables 1 and 2 below. The sampling encompassed the three main prospects within the SLM project area: El Abra, Maestro Agüero and JV-14. Detailed geological mapping of each prospect is continuing and is expected to be complete by the end of 2014.
Highlights from channel sampling at the Maestro Agüero prospect (apparent widths) include 1.60m at 28.44g/t gold (with 0.20m at 62.5g/t gold) and 6.10m at 3.77g/t gold (with 1.10m at 4.86g/t gold). Assays from sampling at the El Abra and JV-14 prospects include 37.80g/t gold (float from El Abra) and 44.90g/t gold (rock chip from JV-14).
A map relating to the sampling results disclosed in this news release may be viewed at:
http://www.ecrminerals.com/q3-2014-ochre-samples-maestro-aguero
The map is for illustration only and should not be relied upon for technical purposes.
Stephen Clayson, Chief Executive Officer of ECR, commented:
“Since activities on the ground in the SLM project area recommenced in January 2014 our understanding of the project has improved significantly. Assay results from sampling which took place during the third quarter of this year are disclosed in the tables below, and are within the range of our expectations. Completion of the current detailed geological mapping exercise later this year will assist in the interpretation of this sampling data and that from prior phases of work, and will help determine the appropriate path forward for SLM in 2015.”
| Table 1: Q3 2014 Channel Sampling Maestro Agüero Prospect SLM Gold Project, Argentina Ochre Mining SA | |||||||||||||
| Field Name | Sample ID | From (m) | To (m) | Apparent Width (m) | Gold (g/t) | Description | |||||||
| MACS001 | 34750 | 0.00 | 1.50 | 1.50 | 3.60 | Vein | |||||||
| MACS002 | 34751 | 0.00 | 1.00 | 1.00 | 5.73 | Vein | |||||||
| MACS003-A | 34753 | 0.00 | 1.10 | 1.10 | 5.94 | Vein | |||||||
| MACS003-B | 34754 | 0.00 | 1.50 | 1.50 | 0.22 | Stockwork | |||||||
| MACS003-C1 | 34755 | 0.00 | 1.15 | 1.15 | 0.06 | Stockwork | |||||||
| MACS003-C2 | 34756 | 1.15 | 3.15 | 2.00 | 0.8 | Stockwork | |||||||
| MACS003-C3 | 34757 | 3.15 | 5.15 | 2.00 | 1.04 | Stockwork | |||||||
| MACS003-C4 | 34758 | 5.15 | 7.15 | 2.00 | 0.42 | Stockwork | |||||||
| MACS003-C5 | 34759 | 7.15 | 7.80 | 0.65 | 0.10 | Stockwork | |||||||
| Weighted avg. | 7.80 | 0.59 | |||||||||||
| MACS003-D1 | 34762 | 0.00 | 0.50 | 0.50 | 1.62 | Vein | |||||||
| MACS003-D2 | 34763 | 0.50 | 1.10 | 0.60 | 0.10 | Selvedge | |||||||
| Weighted avg. | 1.10 | 0.79 | |||||||||||
| MACS004-A | 34764 | 0.00 | 1.00 | 1.00 | 6.58 | Vein | |||||||
| MACS004-B1 | 34765 | 0.00 | 1.00 | 1.00 | 4.89 | Vein | |||||||
| MACS004-B2 | 34766 | 1.00 | 2.00 | 1.00 | 0.25 | Vein | |||||||
| Weighted avg. | 2.00 | 2.57 | |||||||||||
| MACS004-C1 | 34767 | 0.00 | 1.00 | 1.00 | 0.13 | Stockwork | |||||||
| MACS004-C2 | 34768 | 1.00 | 2.00 | 1.00 | 0.03 | Stockwork | |||||||
| MACS004-C3 | 34769 | 2.00 | 3.00 | 1.00 | 0.03 | Stockwork | |||||||
| MACS004-C4 | 34770 | 3.00 | 4.00 | 1.00 | 0.18 | Stockwork | |||||||
| MACS004-C5 | 34771 | 4.00 | 5.20 | 1.20 | 0.00 | Stockwork | |||||||
| Weighted avg. | 5.20 | 0.00 | |||||||||||
| MACS005-A | 34773 | 0.00 | 1.00 | 1.00 | 0.15 | Vein | |||||||
| MACS005-B | 34774 | 1.00 | 2.00 | 1.00 | 1.14 | Vein | |||||||
| MACS005-C | 34775 | 2.00 | 3.00 | 1.00 | 2.16 | Vein | |||||||
| MACS005-D | 34776 | 3.00 | 4.00 | 1.00 | 11.30 | Vein | |||||||
| MACS005-E | 34777 | 4.00 | 5.00 | 1.00 | 2.90 | Vein | |||||||
| MACS005-F | 34778 | 5.00 | 6.10 | 1.10 | 4.86 | Vein | |||||||
| Weighted avg. | 6.10 | 3.77 | |||||||||||
| MACS006 | 34779 | 0.00 | 2.00 | 2.00 | 3.88 | Vein | |||||||
| MACS007 | 34780 | 0.00 | 1.30 | 1.30 | 2.73 | Vein | |||||||
| MACS008 | 34781 | 0.00 | 1.00 | 1.00 | 0.26 | Vein | |||||||
| MACS009-A | 34783 | 0.00 | 1.00 | 1.00 | 0.09 | Vein | |||||||
| MACS009-B | 34784 | 1.00 | 2.00 | 1.00 | 0.04 | Vein | |||||||
| MACS009-C | 34785 | 2.00 | 2.70 | 0.70 | 0.47 | Vein | |||||||
| Weighted avg. | 2.70 | 0.17 | |||||||||||
| MACS0010-A | 34786 | 0.00 | 1.40 | 1.40 | 7.52 | Other alteration | |||||||
| MACS0010-B | 34787 | 1.40 | 3.40 | 2.00 | 0.77 | Other alteration | |||||||
| MACS0010-C | 34788 | 3.40 | 5.40 | 2.00 | 0.05 | Other alteration | |||||||
| Weighted avg. | 5.40 | 2.25 | |||||||||||
| MACS0011-A | 34790 | 0.00 | 0.50 | 0.50 | 1.72 | Vein | |||||||
| MACS0011-B | 34791 | 0.50 | 1.05 | 0.55 | 1.27 | Vein | |||||||
| Weighted avg. | 1.05 | 1.49 | |||||||||||
| MACS012 | 34792 | 0.00 | 1.20 | 1.20 | 10.8 | Vein | |||||||
| MACS013 | 34793 | 0.00 | 1.00 | 1.00 | 2.12 | Vein, other alteration | |||||||
| MACS014-A | 34794 | 0.00 | 0.50 | 0.50 | 12.5 | Selvedge | |||||||
| MACS014-B | 34795 | 0.50 | 1.00 | 0.50 | 4.24 | Vein | |||||||
| MACS014-C | 34796 | 1.00 | 1.50 | 0.50 | 0.37 | Selvedge | |||||||
| Weighted avg. | 1.50 | 5.70 | |||||||||||
| MACS015-A | 34797 | 0.00 | 0.50 | 0.50 | 0.28 | Other alteration | |||||||
| MACS015-B | 34798 | 0.50 | 1.00 | 0.50 | 13.9 | Vein | |||||||
| Weighted avg. | 1.00 | 7.10 | |||||||||||
| MACS016-A | 34799 | 0.00 | 0.30 | 0.30 | 0.20 | Other alteration | |||||||
| MACS016-B | 34800 | 0.30 | 0.50 | 0.20 | 0.04 | Vein | |||||||
| Weighted avg. | 0.50 | 0.13 | |||||||||||
| MACS017-A | 34802 | 0.00 | 0.60 | 0.60 | 0.01 | Selvedge, other alteration | |||||||
| MACS017-B | 34803 | 0.60 | 1.00 | 0.40 | 0.01 | Vein | |||||||
| Weighted avg. | 1.00 | 0.01 | |||||||||||
| MACS018 | 34804 | 0.00 | 1.00 | 1.00 | 0.27 | Vein | |||||||
| MACS019-A | 34805 | 0.00 | 0.50 | 0.50 | 5.26 | Vein | |||||||
| MACS019-B | 34806 | 0.50 | 1.50 | 1.00 | 1.10 | Vein | |||||||
| Weighted avg. | 1.50 | 2.49 | |||||||||||
| MACS021 | 34807 | 0.00 | 1.00 | 1.00 | 22.50 | Vein | |||||||
| MACS022 | 34808 | 0.00 | 1.00 | 1.00 | 5.13 | Vein | |||||||
| MACS023-A1 | 34809 | 0.00 | 1.00 | 1.00 | 24.00 | Vein | |||||||
| MACS023-A2 | 34810 | 1.00 | 1.20 | 0.20 | 62.50 | Vein | |||||||
| MACS023-B | 34811 | 1.20 | 1.60 | 0.40 | 22.50 | Selvedge, other alteration | |||||||
| Weighted avg. | 1.60 | 28.44 | |||||||||||
| Table 2: Q3 2014 Dump Select, Float and Rock Chip Samples SLM Gold Project, Argentina Ochre Mining SA | |||||
| Sample ID | Description | Gold (g/t) | |||
| El Abra prospect | |||||
| 34813 | Float | 0.10 | |||
| 34814 | Dump select | 0.02 | |||
| 34815 | Float | 37.80 | |||
| 34816 | Dump select | 8.24 | |||
| 34817 | Float | 0.08 | |||
| 14818 | Dump select | 0.04 | |||
| 34819 | Float | 0.10 | |||
| 34820 | Dump select | 0.04 | |||
| 34822 | Dump select | 0.01 | |||
| 34823 | Float | 7.86 | |||
| 34824 | Dump select | 3.53 | |||
| 34825 | Float | 0.11 | |||
| 34826 | Dump select | 0.98 | |||
| 34827 | Float | 1.80 | |||
| 34828 | Dump select | 9.40 | |||
| 34829 | Dump select | 4.01 | |||
| 34830 | Dump select | 3.56 | |||
| 34831 | Dump select | 0.38 | |||
| 34832 | Dump select | 5.38 | |||
| 34833 | Dump select | 13.10 | |||
| 34834 | Dump select | 5.42 | |||
| 34835 | Dump select | 0.35 | |||
| JV-14 | |||||
| 34738 | Rock chip - vein | 44.90 | |||
| 34739 | Dump select | 6.71 | |||
| 34740 | Rock chip - vein | 7.19 | |||
| 34741 | Dump select | 0.16 | |||
| 34742 | Dump select | 12.70 | |||
| 34743 | Dump select | 8.52 | |||
| 34744 | Dump select | 0.16 | |||
| 34745 | Dump select | 0.14 | |||
| 34746 | Rock chip - selvedge | 2.80 | |||
| 34747 | Rock chip - vein | 0.01 | |||
| Maestro Agüero | |||||
| 34749 | Dump select | 4.26 | |||
| 34752 | Dump select | 7.52 | |||
| 34761 | Dump select | 11.50 | |||
| 34789 | Dump select | 4.19 | |||
Assay values have been expressed in this news release as g/t (grams per tonne) gold however some values were received from the laboratory as ppm (parts per million) gold. For the purposes hereof ppm and g/t can be considered equivalent.
The content of this news release has been reviewed by Richard Watts B.Eng. Mining, Fellow of the South African Institute of Mining & Metallurgy, a director of the Company with more than 40 years of experience in the mining industry.
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 Acme Analytical Laboratories in Santiago, Chile, an internationally accredited analytical laboratory. A quality control system using blanks, duplicates and standards is in use at the laboratory. The assay data reported is considered acceptable in the context of these measures.
Upon arrival at the laboratory the samples were dried, crushed, and split, and a fraction was pulverised. The method of analysis for gold was fire assay (50g charge) with AAS finish. A re-assay with gravimetric finish was carried out where results exceeded the laboratory’s upper detection limit for AAS finish (10ppm gold).
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 Sierra de las Minas gold project in 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/David Coffman (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), ECR 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
alteration: the chemical response of rocks to hydrothermal solutions causing mineralogical change
assay: a test performed on a sample of ores or minerals to determine the amount of valuable metals contained
channel sampling: a sample composed of pieces of rock that have been cut out of a small trench or channel
g: grams
g/t: grams per tonne
m: metre
mesothermal: mesothermal gold deposits are formed from hot water that precipitates gold under high temperatures and pressure, generally at great depths in the earth’s crust
outcrop: an exposure of rock or mineral deposit that can be seen on surface, that is, not covered by soil or water
ppm: parts per million
selvedge: the area of the point of contact between a vein and the surrounding rock
stockwork: a metalliferous deposit characterized by the impregnation of the mass of rock with many small veins or nests irregularly grouped
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 (
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