Last checked at 20 Nov 2020 07:00
ECR MINERALS plc(“ECR Minerals”, “ECR” or the “Company”)
VICTORIA GOLDFIELDS OPERATIONAL UPDATE
ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on Australia, is pleased to provide the following update on its activities in Victoria, Australia, which are carried out through the Company’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
HIGHLIGHTS
MGA has taken delivery of its new Cortech CSD1300G diamond drill rig and a new operational base is being established in Bendigo, Victoria.All necessary permissions are in place for drilling at the HR3 prospect within the Bailieston project area, where drilling operations will commence as soon as the drill rig is ready.Soil geochemistry and geological mapping completed at the Cherry Tree prospect in the Baillieston project area.Craig Brown, Chief Executive Officer of ECR commented:
“With the arrival of the ECR owned drill rig in Victoria we are now in a position to accelerate our exploration work and significantly, drilling of key targets. Our initial target HR3 is already permitted for drilling and therefore we anticipate an expeditious start to operations.
Alongside the new drill rig we have also been undertaking a range of operational work including the soil geochemistry and mapping at Cherry Tree, the results of which have provided valuable information to guide our ongoing exploration.
I look forward to providing further information from Victoria in the near term as our operational activities continue.”
DRILL RIG AND NEW OPERATIONAL BASEFurther to the Company’s announcement dated 14 September 2020, the new drill rig has been delivered and is now being set up for work under the supervision of MGA’s highly experienced drilling manager Graeme Noble.
MGA is establishing a new operational facility in Bendigo, Victoria, where the rig will be based. The facility includes more than 1,000 square metres of shed, office and storage space. MGA intends to carry out cutting and sampling of diamond drill core on site as well as using the facility for maintenance and storage of the new drill rig and other equipment. The facility is within easy driving distance of both the Bailieston and Creswick projects.
DRILLING PLANS - BAILIESTON HISTORIC RESERVE #3 (HR3)All necessary permissions are in place for drilling at the HR3 prospect, which comprises at least four closely-spaced lines of reef, including the Byron, Dan Genders, Scoulars and Maori Reefs, plus numerous cross-structures. This provides a number of drill-ready targets, and it is planned that drilling will commence at HR3 as soon as the new drill rig has been made ready for operations.
RESULTS OF GEOCHEMISTRY AND FIELD MAPPING AT CHERRY TREEThe Cherry Tree prospect lies on the Bailieston Trend within Historic Reserve #4 (HR4) and is located 1.5 kilometres south of HR3 (Fig. 1). The workings at Cherry Tree continue to the south to the Cherry Tree South workings. Cherry Tree and Cherry Tree South are separated by an alluvial gully. Some 30 large and numerous small shafts were sunk by the historic miners at Cherry Tree. The main zone of workings at Cherry Tree is surrounded by alluvial cover and there may be some scope for shallow extensions under the cover.
Cherry Tree geochemistry and field mapping results:Fig. 1 – https://mercatorgold.com.au/images/2020/Cherry_Tree_map.jpg Fig. 2 – https://mercatorgold.com.au/images/2020/Cherry_Tree_model.jpg
Detailed portable XRF (pXRF) geochemical sampling was conducted to better define the surface expression of the mineralisation and to seek extension to shoots. Some 920 readings were taken, on average 10 metres apart but sometimes as close as 2 metres to attempt to follow and define trends.
The Cherry Tree workings mostly lie on the westerly limb of a N-S elongate anticlinal dome (Fig. 2). The pXRF results show numerous zones of anomalism, mostly close to the historic workings. The anomalism increases towards the top of the dome and towards the northwest. The increasing anomalism towards the northwest is lost under cover indicating there may be some potential for remanent mineralisation at shallow depths. Overall, the programme has provided MGA with new insight into the controls on mineralisation at Cherry Tree, which is relevant to the selection of drill targets at Cherry Tree itself and potentially to other parts of the Bailieston Trend including HR3.
Review of Announcement by Qualified PersonThis announcement has been reviewed by Dr Rodney Boucher of Linex Pty Ltd. Linex Pty Ltd provides geological services to Mercator Gold Australia Pty Ltd, including the services of Dr Boucher, who has a PhD in geology, is a Member and RPGeo of the Australian Institute of Geoscientists and is a Member of the Australasian Institute of Mining and Metallurgy. Dr Boucher is a Qualified Person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
MARKET ABUSE REGULATIONS (EU) No. 596/2014The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc |
| Tel: +44 (0)20 7929 1010 |
David Tang, Non-Executive Chairman |
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Craig Brown, Director & CEO |
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Email: info@ecrminerals.com |
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Website: www.ecrminerals.com |
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WH Ireland Ltd |
| Tel: +44 (0)161 832 2174 |
Nominated Adviser |
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Katy Mitchell/James Sinclair-Ford |
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SI Capital Ltd |
| Tel: +44 (0)1483 413500 |
Broker |
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Nick Emerson |
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ABOUT ECR MINERALS PLCECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX), ECR has the right to receive up to A$2 million in payments subject to future resource estimation or production at those projects.
ECR has earned a 25% 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, and holds a royalty on the SLM gold project in La Rioja Province, Argentina.
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